One World Lithium Inc (CSE:OWLI) (OTCMKTS:OWRDF) released news today that it has completed its drill program at the Salar del Diablo lithium brine project in Mexico.
The company reported it drilled holes 1,3,6,9 and 11, with four holes intersecting aquifers that contain brine.
A fifth hole also intersected an aquifer that likely contains brine. In a statement, the company said the presence of multiple aquifers containing brine "indicate a potentially prospective area of over 20,000 hectares or 77 square miles on the northern third of the Salar del Diablo Property."
Shares of One World Lithium were on the rise Tuesday, up 5.7% at C$0.28 in Canadian trading.
"Despite a short drilling program of 19 days, the drilling results have been very successful and have helped to define additional prospective areas for further exploration and drilling this fall," said CEO Doug Fulcher. "In addition, several changes to the drilling process should improve the drilling efficiencies this fall. As well, the company expects to achieve increased drill hole depths. To that end, given the Salar del Diablo has never been drilled before, the operator and Layne Drilling have now learned how to drill substantially different geological conditions found in the valley."
One World Lithium currently has earned a 60% property interest with an option to acquire a further 30% property interest in the 103,430 hectares Salar del Diablo lithium brine project located in the State of California Baja Norte, Mexico.
One World Lithium also announced it has staked an additional 28,030 hectares, adjoining the existing northern claim block, which brings the firm's total claim block to 103,430 hectares or 399 square miles.
The firm noted that sediment and water samples have now been submitted to ALS Global labs in Hermosillo, Mexico and will be assayed for 41 elements including lithium, potassium, boron, and magnesium. The water samples will be analyzed for 35 elements, including lithium.
The company said it expects drill results out mid-to-late July 2019 and the firm expects further drilling permits and documentation during October, which will allow for an increased drilling program.
Contact Katie Lewis at [email protected]