Orocobre Limited announced an updated resource estimate for the Company’s Cauchari Joint Venture Project in Jujuy, Argentina based on the Phase II drilling results. The update, prepared by FloSolutions S.A.C, has increased the Inferred Resource to a volume of approximately 1,200 million cubic metres of brine at average grades of 450 mg/l lithium and 4,028 mg/l potassium for 3.0 Mt of Lithium Carbonate Equivalent (LCE) and will be the basis for a Scoping Study/Preliminary Economic Assessment (PEA) scheduled for completion in this quarter.
The exploration program is being managed by JV partner Advantage Lithium Corp. who hold 75% of Cauchari. Orocobre owns 29% of Advantage Lithium’s issued capital and 25% directly in the joint venture.
Advantage Lithium intends to submit a full technical report within 45 days of this filing, in accordance with the requirements of National Instrument 43-101 (NI 43-101) to support the conclusions presented here.
Richard Seville, Managing Director and Chief Executive Officer commented “We are very pleased with the results from the programme so far which has delivered a six times increase on the prior resource estimate. Three million tonnes LCE provides a solid basis for a Scoping Study/PEA and there is a significant exploration target from which we will build our resource base further. We will be completing the Scoping Study/PEA during this quarter and then will progressto a definitive Feasibility Study for a potential 20,000 tonnes per annum of Lithium Carbonate. I commend our partner and JV manager Advantage Lithium and its dedicated management team for delivering this quality programme in such a short period of time and we look forward to continue working with them on the Scoping Study/PEA.
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