CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) told investors it has begun drilling the second well of its campaign at the Laguna Verde lithium project in Chile.
Two rigs are now drilling at the site, the company highlighted.
The company noted that the programme’s first well has already achieved a depth of 300 meters, having got underway on 4 January, and is now targeting a depth of 730 meters. The latest well will, meanwhile, be drilled to 550 metres.
CleanTech Lithium noted that the drilling programme will include pump test and reinjection tests – the results of which will be reported periodically in the first half of 2024.
Data from the programme will feed into resource estimation work, which is expected to result in a new updated JORC-compliant estimate by July.
"We are happy with the progress made already by the team at Laguna Verde and look forward to maintaining this momentum throughout the drilling programme,” chief executive Aldo Boitano said in a statement.
“With more wells planned in the first half of the year, the data collected will be analysed on an ongoing basis and will feed into a JORC reserve report and will update our existing resource estimate of 1.8 million tonnes of LCE.
“This is yet another positive step towards increasing the commercial value of the project before we engage with strategic partners looking for a reliable supplier of lithium."