Lake Resources (ASX:LKE)#
Lake Resources (ASX:LKE) has provided an update on planned drilling at its Cauchari project now expected to commence in early October following positive discussions with local authorities. The programme is likely to consist of three holes, with a possible fourth, drilled to depths of 400m targeting extensions of the known high grade lithium bearing brines on adjacent leases.
These targets extend from the resources defined by Advantage Lithium (AAL CN) and Orocobre (ORE AU) as well as Lithium Americas (LAC CN) whose JV partner is soon to switch from SQM (SQM US) to Ganfeng Lithium) following the recently announced transaction.
We also highlight the recent concern over export taxes in Argentina following the decline of the Peso. This is primarily targeted at the agricultural sector and LKE have confirmed that they are not affected by these changes.
We reiterate our Speculative Buy recommendation.