Millennial Lithium (ML.V) has released updated analytical results from the latest exploration well at Pastos Grandes, its large lithium brine project and property in Argentina’s Salta province. The hole reached a total depth of 564 meters, and not only did this include almost 382 meters containing 535 mg/t (with values ranging from 463mg/l to 623 mg/l throughout the hole), the hole also ended in brine-bearing formation.
In our initial report on Millennial Lithium almost a year ago, we were specifically focusing on the lithium grade and the magnesium:lithium ratio. We wrote:
The magnesium:lithium grade of the Pastos Grandes project also remains relatively low at 5.35-7.87 which is in line with the magnesium:lithium ratio of the Atacama region in Chile, but better than the Rincon and Uyuni zones where the ratio is definitely higher at almost 9 and 16.
With an average grade of 535 mg/l and a magnesium:lithium ratio of 5.6, the recent drill hole at Pastos Grandes performs in line with the expected magnesium:lithium ratio with a higher-than-expected average lithium grade. What’s also important is the depth. The first few drill holes were very shallow, and whilst previous holes have confirmed the presence of lithium brines up to a depth of 400 meters, it now looks like the mineralized zones are continuing at depth. That’s a very positive feature to build a resource estimate as it’s easier (and cheaper) to build volume at depth versus drilling out a surface area.
We had a chat with newly-appointed CEO Farhad Abasov last week, and with the drill results now rolling in, you can expect an in-depth review from us shortly.