VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jun 27, 2017) – Millennial Lithium Corp. (TSX VENTURE:ML)(FRANKFURT:A3N2)(OTCQB:MLNLF) (“Millennial” or the “Company”) is pleased to report positive analytical results from the latest exploration well at its wholly owned Pastos Grandes Project in Salta, Argentina. Exploration hole PGMW17-04b was drilled to a depth of 564 metres (m) and terminated in a brine-bearing formation. This hole, coupled with the results of holes PGMW16-01 and PGMW16-02 (see News Release dated Jan. 25, 2017), confirm the salar’s brine carrying capacity extends to much greater depths than encountered in previous exploration wells. Hole PGMW17-04b intersected a robust brine horizon averaging a lithium grade of 535 milligrams per litre (mg/L) from 93.5m to 475m.
Millennial CEO, Farhad Abasov, commented: “We are very pleased to see that drilling in the Pastos Grandes salar continues to encounter very thick lithium brine-bearing sequences. The average lithium content of hole PGMW17-04b is 535 mg/L over an impressive 381.5m which is significantly higher than the values encountered in previous drilling. Millennial currently has two drills turning and another arriving this week to further define the lithium-bearing brine in this region as it works toward a maiden resource estimate.”
Exploration well PGMW17-04b, drilled to a final depth of 564m, was sampled using a double packer system which is designed to isolate sample intervals. Twenty-seven brine samples were collected from depths of 93.5m to 475m, and yielded an average lithium grade of 535 mg/L with an average magnesium/lithium ratio of 5.6. Individual lithium grades from the hole range from a low of 463 mg/L to a high of 623 mg/L. Potassium values range from 4,906 mg/L to 6,148 mg/L and average 5,610 mg/L over the 381.5m intersection. Similar to magnesium, the sulphate/lithium ratio is also lower in this region, averaging 17.4 compared to an average of approximately 22.1 in holes PGMW16-01 and 02. Clastic sediments, primarily loose sand and increasingly gravel, form the majority of the lithium-bearing units and continue to the bottom of the hole. We anticipate the zone below 475m (the depth limit of pneumatic packer testing) to be consistent with the rest of the hole and we are undertaking bailer sampling to confirm.
The completion of well PGMW17-04b to a depth of 564m in a brine-bearing formation is encouraging for the delineation of a potential resource in the salar. Past drilling at Pastos Grandes confirmed the presence of lithium-rich brine to a depth of approximately 400m; the results of well PGMW17-04b suggest significant potential to expand the lithium resource below the 400m depth. Drilling continues throughout the property in preparation for the modeling of a maiden resource due late third quarter or early fourth quarter of 2017. Two holes are currently in progress and expected to be completed by the end of the month.
Sampling was conducted in accordance with CIM guidelines for brine resource evaluation, with an appropriate QA/QC program in place for ensuring accuracy and repeatability of the analytical results.
Alex Stewart Laboratories of Mendoza, Argentina and partner laboratory, Norlab S.R.L. of Palpala, Jujuy, are the primary analytical providers. The laboratories have extensive experience with lithium brine analyses and are certified under ISO 17025, and in Alex Stewart’s case, specifically for determination of lithium and potassium in liquid brines by use of ICP-OES.
This news release has been reviewed by Iain Scarr, Chief Operating Officer of the Company and a Qualified Person as that term is defined in National Instrument 43-101.
MILLENNIAL LITHIUM CORP.
Farhad Abasov, CEO, Director
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This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
Millennial Lithium Corp.