One World Lithium Inc. (OWL) announced that drilling of DDH-4 (diamond drill hole), as noted in the company’s news release of September 23, 2021, has commenced at its Salar Del Diablo Lithium Brine Project in Mexico.
The company said that DDH-4 reached a depth of 381 meters (1,250 feet) on October 2, 2021, with an expected total depth of 600 meters. The project field manager has taken samples from a 50 meter zone between 331 and 381 meters.
Drilling resumed late on October 3, 2021. If the results of DDH-4 warrant it, other boreholes will be drilled in the area, OWL added.
READ: One World Lithium starts diamond drilling at fourth hole at its Salar del Diablo lithium brine project
OWL said the operator, Mike Rosko of Montgomery & Associates noted that DDH-4 may intersect “historic and current hydrothermal activity is evident and may be a source of lithium, such as in the Lithium Triangle in Argentina & Chile".
The company pointed out that, as reported by Fastmarkets on September 26, 2021, the spot price of lithium carbonate continues to rise by 40.1% from the previous month average, going from US$14,630 to US$20,500 per metric ton. Thus, since September 2020, the spot price of lithium carbonate has risen from US$6,750 to US$20,500 per metric ton which is a 204% increase.
OWL also provided a clarification on its Critical Fluid Separation Technology. In the company’s news release on September 23, 2021, it had noted the proof of concept was delayed for its critical fluid separation technology. The company clarified that this delay has been nominal and said it will provide updates from time to time.
Contact the author at jon.hopkins@proactiveinvestors.com