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Brine time for C29

25 October 2022 09:39
Lithium salar in Argentina

With options now secured on two exploration licenses for highly prospective lithium salars, C29 Metals are advancing with innovation to secure a premium supply of battery grade metals from the Lithium Triangle of South America.

Both projects stand as drill-ready, the rig and local team are locked in to begin maiden reconnaissance of exploration wells — with the aim to rapidly establish a JORC-compliant resource.

Previous exploration indicated highly prospective layers of lithium-bearing brine potential and C29’s will work with Ekosolve techology, a long in the works direct extraction process demonstrating battery-grade extraction and high recoveries from similar sources.

Lithium production has to scale twenty times to meet demand by 2050 and brines are progressively viewed as vital to meet this generational challenge.

Recognising this rapid shift to an electrified world, the company said brine extraction could enable it to swiftly and economically enter a market undergoing unprecedented growth.

“The Pocitos projects provide a real, potentially rapid pathway to production for the company in a high growth market,” executive director Mark Major said.

“Most of the initial groundwork has been done, with the TEM geophysical surveys highlighting areas of prospectivity. Several neighboring properties have been undergoing reconnaissance and resource definition drilling, with excellent results reported; reinforcing our decision to pursue this opportunity.”

The required permits are in place for resource drilling as soon as December, with due diligence work expected to wrap up by the end of the option period.

 

Map of C29's projects and surrounding area

Project location relative to local infrastructure and known deposits.

 

C29’s Australian Stock Exchange-listed share price has risen 90 per cent today, currently selling at 28.5c (10.15 am UTC+ 8 hours).

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