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C29 primed on brine

16 November 2022 09:25
ASX: C29

C29 Metals are prepared to imminently drill its newly acquired lithium salars, with approvals in hand for five holes and the contractor secured for a maiden campaign in the Argentinian end of South America’s Lithium Triangle.

And with newly unveiled Direct Lithium Extraction technology in hand, entering the lithium supply market might as close as two to three years away.

Demand for lithium seems to have no end in sight, and exploration is moving quickly on Pocitos, with three to four diamond holes planned to test areas interpreted as a large aquifer host to lithium charged brines and bring in a JORC estimate by mid-2023.

The Pocitos projects have a long-life and low-cost potential for battery grade lithium carbonate using Ekosolve technology, with direct extraction removing the need for solar evaporation and the associated capital.

The company said it was good fortune to have secured a contractor with extensive experience in the salars for its milestone maiden campaign.

“This intense program will allow us to validate the lithium brine potential of the Pocitos 7 project. It will also allow us to rapidly advance the project towards economic studies once we can confirm the viability of the DLE process,” executive director Mark Major said.

“Our aim is to consider as much of the technical work during the option period which will help support the robust business case already predicted — the Company is still very undervalued given the project’s value proposition, lithium demand and the potential to fast track the development using a viable DLE process.”

Drilling is poised to begin next month, with the highly prospective Pocitos 7 lined up as the first target.

C29’s Australian Stock Exchange-listed share price was trading at 29c today (9.17 am UTC+ 8 hours)

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