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C29 put the drill to the Lithium Triangle

19 January 2023 09:48
ASX: C29
C29 Pocitos 2 Online

C29 Metals are primed on lithium brine, having just fired up the rig over its Pocitos 7 lithium project in Argentina’s Salta province.

The maiden campaign is set to test the Pocitos 7 target with a minimum of two holes to establish the presence of brines and the aquifer profile, expected to provide data for the basis of an initial mineral resources estimate.

Pocitos 7 is located within South America’s famed lithium triangle, estimated to contain a whopping 75 per cent of the world’s total lithium supply, with significant lithium mining infrastructure in place for easy transport of refined lithium carbonate.

The company acquired Pocitos 7, alongside neighbouring Pocitos 9, in November last year, but with Direct Lithium Extraction technology in hand, it can potentially enter the lithium supply market within two to three years and take advantage of lithium’s ongoing boom.

The company said it was extremely pleased to have begun drilling.

“The Company has the opportunity to rapidly establish a meaningful resource at this Salar as part of a wider drive to create a significant lithium operation,” director Jeremy King said.

“Local lithium logistics and services infrastructure provide important foundations to enable such an outcome.”

C29’s Australian Stock Exchange-listed share price is currently trading at 20c (9.40 am UTC+ 8 hours).

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