Source - LSE Regulatory
RNS Number : 3733A
CleanTech Lithium PLC
22 January 2024
 

22nd January 2024

 

CleanTech Lithium PLC ("CleanTech Lithium" or "CTL" or the "Company")

Drilling Update at Laguna Verde

CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration and development company advancing lithium projects in Chile, confirms the drilling of the second well has started in the recently commenced drilling programme at Laguna Verde.

Two drill rigs are now operating simultaneously with the first well already reaching a depth of 300 metres and samples being collected for analysis. The drilling programme at Laguna Verde aims to convert resources into reserves, to upgrade the existing JORC resource estimate of 1.8 million tonnes of lithium carbonate equivalent (LCE) and further establish the commercial opportunity for CTL's brine-based lithium project.

Highlights:

·    First well LV07 started on 4th January and to date has reached 300 metres of the target 730 metres, the deepest target depth drilled at the project

·    Second well LV11 started on 17th January with a targeted depth of 550 metres

·    Two drill rigs are now operating simultaneously and running 24 hours a day to accelerate the drilling programme

·    The programme has been designed in collaboration with Montgomery & Associates, a leading hydrogeology and resource evaluation consultancy

·    Results from the drilling and planned pump test and reinjection tests will be reported to the market on an ongoing basis during 1H 2024

·    Generation of updated JORC reserve report is targeted for July 2024

·    A webinar with Executive Chairman, Steve Kesler and CEO, Aldo Boitano, will be held on Wednesday 24th January at 6:00pm (GMT) - Please register in advance here

 

Aldo Boitano, Chief Executive Officer, CleanTech Lithium said: "After the successful fundraise towards the end of 2023, we have started off the new year with an active drilling programme to further advance our resource evaluation at the Laguna Verde lithium project.

"We are happy with the progress made already by the team at Laguna Verde and look forward to maintaining this momentum throughout the drilling programme. With more wells planned in the first half of the year, the data collected will be analysed on an ongoing basis and will feed into a JORC reserve report and will update our existing resource estimate of 1.8 million tonnes of LCE. This is yet another positive step towards increasing the commercial value of the project before we engage with strategic partners looking for a reliable supplier of lithium."

 

A yellow tent in a desert Description automatically generated

Figure 1: LV11 drill rig in place - early January 2024



Figure 2: Technical staff inspecting samples at LV11 - early January 2024

 


Re-cap on Resource Drill Programme

A map of a lake Description automatically generated

Figure 3: Drill Plan Map Showing Previous and Planned Well Locations

At Laguna Verde there is an existing Measured and Indicated resources of 1.1 million tonnes LCE which makes up the majority of the total JORC compliant resource estimate of 1.8 million tonnes LCE. The drill programme aims to convert the Measured and Indicated component of the resource estimate into Reserves. The existing resource is based on six wells completed in 2022 and 2023. A further five wells are planned to be completed in the first half of 2024, as shown in figure 3, which will contribute to a new JORC compliant reserve report targeted for completion in July 2024. The Company has engaged Montgomery & Associates (M&A), a leading hydrogeological consultant, for the 2024 programme with technical staff from both CTL and M&A running a 24-hour operation at the project site.

Company webinar

To discuss the drilling programme and latest corporate activity, a webinar with the Company will be held on Wednesday 24th January at 6:00pm (GMT) - Please register here to receive the link to the webinar and investors are welcome to submit questions in advance to daniel@fox-davies.com who will be hosting the webinar.

 

 

**ENDS**

For further information contact:

 

 

 

 


CleanTech Lithium PLC


 

Aldo Boitano/Gordon Stein

Jersey office: +44 (0) 1534 668 321

Chile office: +562-32239222

 


Or via Celicourt

 

Celicourt Communications         

+44 (0) 20 7770 6424

 

Felicity Winkles/Philip Dennis/Ali AlQahtani

cleantech@celicourt.uk

 

 

Dr. Reuter Investor Relations

Dr. Eva Reuter

 

Harbor Access - North America

Jonathan Paterson/Lisa Micali

 

Porter Novelli - Chile

Ernesto Escobar

 

Beaumont Cornish Limited

(Nominated Adviser)

Roland Cornish/Asia Szusciak

 

+49 69 1532 5857

 

 

+1 475 477 9401

 

 

+569 95348744

Ernesto@publicoporternovelli.cl

 

 

+44 (0) 207 628 3396

 

 

Fox-Davies Capital Limited

(Joint Broker)

Daniel Fox-Davies

Canaccord Genuity Limited

(Joint Broker)

James Asensio

 

+44 (0) 20 3884 8450

 

daniel@fox-davies.com

+44 (0) 207 523 4680

 

 

 

 

 

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

 

Notes

 

About CleanTech Lithium

CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing sustainable lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to produce material quantities of battery grade using sustainable Direct Lithium Extraction technology, powered by renewable energy, the Company plan to be the leading supplier of 'green' lithium to the EV and battery manufacturing market.

CleanTech Lithium has four lithium projects - Laguna Verde, Francisco Basin, Llamara and Salar de Atacama - located in the lithium triangle, the world's centre for battery grade lithium production. The two major projects: Laguna Verde and Francisco Basin are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have direct access to existing infrastructure and renewable power.

CleanTech Lithium is committed to using renewable power for processing and reducing the environmental impact of its lithium production by utilising Direct Lithium Extraction. Direct Lithium Extraction is a transformative technology which removes lithium from brine, with higher recoveries and purities. The method offers short development lead times, low upfront capex, with no extensive site construction and no evaporation pond development so there is no water depletion from the aquifer. www.ctlithium.com

 

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