Vancouver, British Columbia--(Newsfile Corp. - November 19, 2018) - Millennial Lithium Corp. (TSXV: ML) (FSE: A3N2) (OTCQB: MLNLF) ("Millennial" or the "Company") is pleased to report positive drilling and analytical results from the latest exploration well at its Pastos Grandes Project in Salta, Argentina. Exploration well PGMW18-19 intersected, and bottomed, in a robust lithium-bearing brine zone which yielded 566 mg/l Li, 5,733 mg/l K and 3,385 mg/l Mg from 366m to the bottom of the hole at 602m for an intersection thickness of 236m.
Millennial President and CEO, Farhad Abasov, commented: "We are very encouraged to see that additional drilling on the eastern portion of the REMSA license at Pastos Grandes salar has intersected robust lithium values and very suitable chemistry for development via solar evaporation and conventional processing. The Pastos Grandes Project continues to deliver positive news on all fronts and this new analytical data will be fed into the ongoing resource block model estimate which is scheduled for completion by the end of Q4 2018. Exploration drilling as well as the development of 2 of 4 additional pumping wells, pilot pond test work, a pilot-scale process training center design and infrastructure expansion continue on site as the Company moves towards completion of its Feasibility Study."
Exploration well PGMW18-19 was drilled to a depth of 602m and terminated in brine-bearing sand. This hole is located in the northeastern portion of the contiguous REMSA license, approximately 1,000m east of PGMW18-12, and confirms the extension of the lithium-bearing brines to the eastern portion of the REMSA license. Additional drilling at well PGMW18-20 is underway approximately 1,000m southeast of well PGMW18-19 to delineate further extensions to the east.
Exploration well PGMW18-19 was sampled using a double packer system which is designed to isolate sample intervals. Fifteen brine samples were collected from between depths of 366m to 602m (236m interval). This area was found to be dominated by fine sand with variable amounts of halite and local clay seams. This 236m interval returned an average composition of 566 mg/l Li, 5,733 mg/l K, 3,385 mg/l Mg and 9,075 mg/l SO4 to yield the following ratios: Mg/Li is 6.0, K/Li is 10.2 and SO4/Li is 16.3. The well bottomed in a sand-halite unit which shows enrichment in lithium and a reduction in Mg and SO4 with respect to the shallower sand unit (see Table 1). The bottom interval from 528m yielded an average composition of 604 mg/l Li, lower Mg/Li of 5.3 as well as a lower SO4/Li ratio of 12.8 over 74m.
Table 1 Summary of PGMW18-19 results.
|HOLE ID||FROM (m)||TO (m)||THICKNESS (m)||Li (mg/l)||K/Li||Mg/Li||SO4/Li|
Sampling was conducted in accordance with CIM guidelines for brine resource evaluation, with an appropriate chain of custody and QA/QC program in place for ensuring veracity, accuracy and precision of the analytical results.
The primary analytical laboratory for the data used in this program is the SGS Laboratory in Buenos Aires, Argentina. SGS is accredited to ISO 9001:2008 and ISO14001:2004 for their geochemical and environmental labs for the preparation and analysis of numerous sample types, including brines.
This news release has been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of the Company and a Qualified Person as that term is defined in National Instrument 43-101.
To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email firstname.lastname@example.org.
MILLENNIAL LITHIUM CORP.
President and CEO, Director
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This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.