CleanTech Lithium PLC (AIM:CTL) said it has mobilised equipment on the Laguna Verde project in Chile for the completion of sampling of the four-well drill programme undertaken in the first half of this year.
The company is also commencing construction of access roads and a camp in preparation for drilling two new wells.
A JORC resource is expected for Laguna Verde in early 2023, with an additional update due in the second quarter following completion of the two new wells. In addition, the scoping study at Laguna Verde is nearing completion.
Meanwhile, at the Francisco Basin, where a scoping study is also underway, three more wells are planned. An upgrade of the resource at Francisco Basin is expected in the second quarter of 2023.
And at the Llamara project, a geophysics programme is likely to commence soon. This will help determine the location of an exploration hole to be drilled in the current quarter, once the licences have been granted.
On the processing side, the cooperation agreement with Beyond Lithium has been terminated in accordance with contract terms, after the first milestone of producing a 1kg sample of battery-grade lithium was passed.
The company has transitioned to working with SunResin as its primary processing partner. This will involve the award of 200,000 ordinary shares in Beyond Lithium in the near future, as per the terms of the agreement.
"We are delighted to move forward our fieldwork and resource drill programmes at all three of our projects,” said Aldo Boitano, chief executive of Cleantech Lithium in a statement.
“The recommencement of resource drilling at Laguna Verde and Francisco Basin is expected to result in increased and upgraded resource estimates for the two projects, while an exploration well, planned for the Llamara project in the current quarter, once the licences have been granted, will test the large potential of the project.
"We continue to maintain momentum on our other operational activities including the scoping studies, EIA and recently commenced hydrogeological studies, all through specialist contractors," he added.