Source - Alliance News

CleanTech Lithium PLC on Friday said it completed a resource drilling programme for three wells at its Laguna Verde lithium project in Chile, expecting laboratory results in the coming weeks.

It also provided an update for two other projects in the South American country.

The Chile-focused sustainable lithium exploration and development company noted the drilling programme completed in an operations update, saying it continues to progress its projects towards production of battery grade ’green’ lithium via direction lithium extraction.

It said a maiden pump test was underway for hydrogeological modelling at Laguna Verde, with an upgraded resource estimate expected during the second quarter of 2023. A pre-feasibility study is progressing and is expected to be completed by the end of 2023.

Regarding its Francisco Basin project, CleanTech Lithium said its resource drilling programme for three well was advanced, with an upgraded resource estimate now expected at the end of the second quarter of 2023. A scoping study will follow directly after, it said.

On the Llamara project, it said it has engaged a drilling contractor to undertake one exploration hole to a depth of 500 metres, with grading of the access road currently underway after a recent rainfall event.

The programme at Llamara is due to begin in April, with results expected during the second quarter, CleanTech Lithium said.

It also noted it currently understands that the Chilean government is set to prioritise direction lithium extraction projects for the development of future lithium projects within its borders.

‘As CleanTech Lithium’s momentum continues, moving from the exploration to development stage, we have seen a record level of technical and operational activity over the past few months with six wells being planned, drilled, completed, or tested simultaneously,’ said Chief Executive Officer Aldo Boitano.

‘Our high altitude ([over] 4,250 meters above sea level) drilling campaigns and extensive hydrogeology work at both Laguna Verde and Francisco Basin are well advanced and progress has also been made at our third prospective site, Llamara, where we will commence drilling in the coming weeks. We will announce the results of the campaigns once we have carried out the comprehensive review process, including JORC upgrades at both Laguna Verde and Francisco Basin projects.

‘As indicated by recent comments made by ministers and President [Gabriel] Boric, we fully support the government’s prioritisation of DLE for all new lithium projects in Chile due to the potential environmental and social benefits. This confirms the company is in a favourable position to deliver on its ambition to become a green supplier of lithium to the [electric vehicle] market.’

Shares in CleanTech Lithium were down 1.7% at 51.11 pence each in London on Friday afternoon.

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