One World Lithium Inc announced that diamond drill hole (DDH-4) has reached a depth of 518 metres (1,700 feet) at its Salar del Diablo lithium brine project in Mexico.
In a statement, the Vancouver-based company said that one zone was sampled between 331 and 381 metres and another sample between 460 and 518 metres, which are sampling intervals of 50 and 58 metres for a total interval of 106 metres or 348 feet.
Samples from DDH-4 are being prepared at an ALS laboratory in Hermosillo, Mexico. Samples from previous drill holes DDH-1, -2, and -3, as well as -4, will be prepared for assaying at the ALS Vancouver lab.
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OWL told investors that the operator of Salar del Diablo, Mike Rosko, had recommended DDH-4 be drilled 34 kilometres south of DDH-2 and 16 kilometres north of DDH-3.
Additionally, the casing was left in DDH-3 in case the company decides to drill to depth.
Mike Rosko also said the location of DDH-3 and DDH-4 were recommended as historic and current evidence of hydrothermal activity are evident and is often a source of lithium in the Lithium Triangle Countries Argentina and Chile.
CEO Doug Fulcher told shareholders that the company is looking forward to resuming drilling in the first quarter of 2022 “if the results warrant.”
Separately, OWL said it has granted incentive stock options to two consultants to purchase up to an aggregate of 1.1 million shares of the company. The options are priced at $0.095 and exercisable before October 1, 2023, vesting from time to time.
Salar del Diablo covers 103,450 hectares in the State of Baja California, Mexico. OWL currently owns a 60% property interest and on completion of the program, it will have earned an additional 20% property interest and has an option to purchase a further 10% for a 90% property interest.
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