Millennial Lithium Corp. entered into an option agreement to acquire 100% of the Cauchari East Expansion Project in Jujuy Province. The Cauchari East Expansion Project covers an area of 8,742 hectares and is contiguous to and consolidates Millennial’s wholly owned Cauchari East Project. Cauchari East is adjacent to Orocobre and Advantage Lithium’s Cauchari Project and the Lithium Americas/SQM advanced-stage Cauchari-Olaroz Project. With the addition of this project, Millennial’s land holdings at Cauchari East total 11,742 hectares.
Farhad Abasov, Millennial’s CEO commented, «The addition of the Cauchari East Expansion Project further expands Millennial’s land position on the eastern side of the Cauchari basin. With over 11,000 hectares, Cauchari East now covers enough ground to be considered a world class, stand-alone lithium exploration project.»
As announced on April 12, 2017, Millennial engaged Tecnología y Recursos (TyR), a Salta-based geophysics consulting group, to conduct a 10 station Vertical Electrical Sounding (VES) survey over the Cauchari East Project. The survey identified a sharp contrast between high resistivity upper zones and low resistivity (conductive) lower zones, which can be indicative of brine-bearing sediments. Technical reports from adjacent properties controlled by Orocobre and Lithium America’s Corp., confirm that the brine-bearing aquifer is related to a low resistivity horizon. These horizons under Cauchari East may be the continuation of the known brine-bearing aquifers of the Olaroz and Cauchari basins.
Measurements taken from most survey stations demonstrate good potential for continuous lithium brine mineralization. Permitting for a drill program is underway and the required public consultations and Jujuy Government approvals are anticipated to be completed in the third quarter of 2017.
