Ultra Lithium Inc. (TSX-V:ULI, OTCQB:ULTXF) has given shareholders a glimpse into its drilling progress at the Laguna Verde lithium brine project in Argentina, the site of a recent discovery.
A geophysical study of the well indicated the presence of a continuous brine aquifer made up of “mainly classic” sediments from 13.9 metres (m) to 205m depth, with a marked hydrothermal presence towards the deeper section, according to a company statement.
The firm drilled the hole to a depth of 210m, with an initial diameter of 9 7/8 inches to carry out the studies.
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The hole remains open at depth, Ultra Lithium said.
According to the company, the temperature of the well shows an increase with depth that would not only correspond to the increase due to the geothermal gradient but also to a hydrothermal activity towards the bottom of the well.
Also, well conductivity generally shows an average reading of 79352.6 microS per centimetre. From approximately 198m, the company said it observed a strong decrease in the measurement (reaching a minimum of 38020 microS/cm), which also suggests hydrothermal activity.
Ultra Lithium also said that the resistivity curves show that before approximately 13.9m the formation water would be brackish, while below the formation water would be brine. Between 13.9m and 169.3m, the formation resistivity is quite homogeneous with an average value of 2.15 ohm.m, the firm said.
Further down, the formation resistivity decreases until it reaches an average value of 1.72 ohm.m, which Ultra Lithium said could be due to the fact that it corresponds to a washed area of the well and the measurement was attenuated for the same reason, or because this sector naturally has better porosity.
Four sub intervals were established within a larger single aquifer, out of which intervals 1 and 3 stand out for the best specific yield performance, the firm said.
New Lithium Triangle discovery
"The results of geophysical survey on the first drill hole showed all strong positive parameters of the Laguna Verde brine lithium project,” CEO Weiguo Lang told investors.
“The survey identified a single brine aquifer with multiple zones of varying porosities and permeabilities indicating potential for producing high volume of brine fluids from this well. We are getting ready for collecting clean brine samples through installation of pipes, cleaning up the hole and carrying out pumping tests as soon as possible.”
Lang said that the group expects the similar high-grade surface lithium results at depth, and said the company is planning to drill the next drill holes down to 400m or deeper.
The CEO added that the firm is “confident that the Laguna Verde Salar will be one of the major brand new discoveries of lithium bearing brine resources in the part of the world known as the Lithium Triangle.”
Vancouver-based Ultra Lithium holds a brine lithium property in Argentina, hard rock spodumene type lithium properties in northwestern Ontario, and a brine lithium property in the Big Smoky Valley, Nevada. The company also holds other gold and base metals properties in Argentina.
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