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C29 Drill into Pocitos Brine

14 March 2023 06:56
ASX: C29

C29 Metals confirm Pocitos 7’s Lithium Brine potential with first assays from the Project’s maiden diamond drilling campaign showing lithium assays up to 142 ppm Li.

The maiden hole was completed to a depth of 420 metres early last month, with packer tests intercepting a deep aquifer between 370-400 metres which was then subjected to flow tests, reaching a maximum pumping rate of two thousand litres an hour.

Assays revealed an average grade of 130 ppm Li across all brine samples, consistent with C29’s peers operating across the Salar, with the Company believing the maximum assay of 142 ppm lithium indicates that lithium is concentrating at the 400m depth level.

Test work is also currently underway at the University of Melbourne for the cutting-edge Ekosovle direct lithium extraction technology that will allow C29 to get high-quality lithium to the market faster and possibly hit the market in two to three years’ time.

Pocitos 7 is situated in the Lithium Triangle of South America, and is one of the two licenses for lithium salars that C29 obtained in October of the previous year. This acquisition resulted in a 90% surge in the company’s share price on the ASX, as investors sought to invest in battery metals. The demand for lithium production is expected to increase twenty-fold by 2050, and brines are increasingly seen as essential to meeting this challenge.

The Company said it will continue to advance the Project with geophysics and drilling to a point where it can deliver an indicated and measured resource.

“We are very pleased with the results at our first hole at Pocitos 7 which has established the presence of lithium in meaningful concentrations. We look forward to receiving the Ekosolve pilot plant test work which we believe will demonstrate the potential viability of this Project,” Executive Director Jeremy King said.

C29 is now preparing a magnetotellurics geophysical survey to determine targets for further drilling, with the Company planning to conduct surveys at both Pocitos 7 and its neighbouring Pocitos 9.

C29’s Australian Stock Exchange-listed is currently selling at 21.5c (6.55 am UTC+ 8 hours).

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