On 9 October 2018, Dark Horse released a comprehensive market update covering each of its project and corporate interests. In the release, Dark Horse noted that it had received final assay results from its drilling programs undertaken at the Las Tapias Mine. Although evaluation work continues at site, the exploration results to date suggest that Las Tapias will be unable to support Dark Horse’s conceived modular spodumene concentrate operation as a stand‐alone supplier, and additional sources of spodumene will be required to justify its development.
Dark Horse noted that it is working with an Argentine mining and processing company who currently mine feldspar and quartz from pegmatites in the region for use in the local and export ceramics industries. Under a Cooperation Agreement being negotiated with the Argentinean company, Dark Horse will have exclusive access to the spodumene in the mining licences for mining, processing and sale of spodumene products under a future Tribute/Royalty Agreement.
In relation to its San Luis lithium projects, it was noted that geological reconnaissance continues at the El Totoral licence to delineate definitive drilling targets over a suite of the more prospective spodumene bearing pegmatites, which will then be implemented when environmental permits are received from the provincial government authorities.
Dark Horse is carrying out the legal due diligence on the San Jorge Lithium Brine Project and finalising the Exploration with Option to Purchase Agreement with the vendor in the 60-day designated timeframe. Dark Horse has prepared an aggressive exploration program to fully test the lithium potential of the salar, which would commence immediately following successful due diligence and contract execution.
Dark Horse is also in the process of planning spodumene-bearing implementing exploration programs for its suite of gold properties (Cachi and PROAR) via its Argentinean based geological team.
Dark Horse’s 100% owned subsidiary, Dark Horse Energy Holdings is continuing with its initial discussions on concentrated solar power opportunities. Dark Horse also noted that Lakes Oil NL (of which it currently holds approximately 32%) is set to appeal the recent decision of the Victorian Supreme Court.
The current value of DGR Global’s investment in Dark Horse Resources is approximately $2.3 million.