One World Lithium Inc (CSE:OWLI) (OTCQB:OWRDF) has announced that it will resume the Phase III drilling program at its flagship Salar del Diablo lithium property on April 15.
The news comes after the company recently closed an oversubscribed financing that raised proceeds of C$2.25 million.
OWL told shareholders that crews will mobilize to DDH-3 drill location at the beginning of April and, if results warrant, DDH-4 will be drilled in the same area.
READ: One World Lithium closes oversubscribed financing raising C$2.25 million primarily for Salar del Diablo advancement
Montgomery & Associates will continue to be the operator for the remainder of the Phase III program.
According to OWL, operator Mike Rosko of Montgomery & Associates has previously suggested that exploration be centred around the southern portion of the property, where there is evidence of historic and active hydrothermal activity. Hydrothermal activity can be a source of lithium, as evidenced in the famed Lithium Triangle in Chile and Argentina.
OWL told investors that the prospective hydrothermal activity could cover up to 20,000 hectares.
Layne Drilling will carry out the Phase III program using the same skidder mounted drill rig used on DDH-1 and DDH-2. The rig reached a total depth of 650 metres on DDH-1.
“Last year proved to be a very tough year for exploration companies to start and carry out their exploration programs,” OWL CEO Doug Fulcher said in a statement. “Now that we are funded, our company can complete Phase III drilling without operational concerns or further financing.”
Upon completion of the Phase III program, OWL will have earned an additional 20% property working interest from Energy Metals Discovery Group for an 80% property working interest.
Salar del Diablo is a 103,450 hectare (399 square miles) lithium brine project located in the State of Baja California, Mexico.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas