Millennial Lithium (ML.V) has expanded its drill program at Pastos Grandes to include a third drill site, which will speed up the company’s plans to define a resource estimate. The exploration drill program at the first two drill sites was completed, and the company seems to be quite happy with the preliminary results as both holes have encountered thick sequences of brine-bearing sediments.
The first two holes reached a depth of 355 meters and 400 meters respectively, and the company took packer samples over one meter intervals at varous depths. No assay results have been released just yet (but the company anticipates to be able to release these ‘shortly’), but the density results have already been published. With an average density of 1.2 kilo per liter, the density is exactly in line with the historic exploration results of Paris-listed Eramet (ERA).
What’s important here is that, just as we explained last summer, Millennial Lithium was able to drill holes approximately 2.5-3 times as deep as the Eramet holes, and these holes continued to encounter brine-bearing structures at depth. This could have a substantial positive impact on the total volume of the brine deposit, and we’re really looking forward to see the assay results. The two most important parameters to keep an eye on are the Lithium values (above 400 mg/Liter would be great), and the Magnesium:Lithium ratio which should be low (below 7 would be good).