Lake Resources signs deal to confirm mining leases in Argentina

2 March 2018 (Last Updated March 2nd, 2018 09:51)

Lithium exploration company Lake Resources has signed an agreement with Jujuy Province in Argentina to confirm the company’s tenure of mining leases in the region. 

Lithium exploration company Lake Resources has signed an agreement with Jujuy Province in Argentina to confirm the company’s tenure of mining leases in the region.

The tenure consists of 45,000ha of mining leases covering the company’s 100%-owned Olaroz-Cauchari lithium brine project and Paso lithium brine development.

The leases are near lithium brine production sites and development projects.

For Lake, the agreement paves the way to resume activity put on hold for two years for the want of approvals.

The company can now start work on advancing exploration efforts across these areas with preliminary work on environmental impact studies in a bid to fast-track drill access.

“This is one of the largest land holdings in one of the prime lithium brine basins of the world.”

Lake Resources managing director Steve Promnitz said: “This is one of the largest land holdings in one of the prime lithium brine basins of the world and it confirms Lake’s substantial scale versus its peers.

“The leases are in the same basin as Orocobre, SQM/Lithium Americas, Advantage Lithium and LSC Lithium, which have proven and indeed excellent lithium grades and are either in production or heading that way rapidly.”

Overall, the company’s combined lithium tenement package in Argentina stands at around 170,000ha.

Alongside these two projects, the company owns the Kachi lithium brine project covering about 52,000ha over the centre of a salt lake in the deepest part of a large basin in the country’s Catamarca Province.

Last month, Lake sourced additional rigs to expedite the ongoing drilling campaign at the Kachi project.