REG - CleanTech Lithium - Drilling Update at Laguna Verde

Cleantech LithiumAnnouncement

22/01/2024 07:00

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RNS Number : 3733A  CleanTech Lithium PLC  22 January 2024

22(nd) January 2024

 

CleanTech Lithium PLC ("CleanTech Lithium" or "CTL" or the "Company")

Drilling Update at Laguna Verde

CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration
and development company advancing lithium projects in Chile, confirms the
drilling of the second well has started in the recently commenced drilling
programme at Laguna Verde.

Two drill rigs are now operating simultaneously with the first well already
reaching a depth of 300 metres and samples being collected for analysis. The
drilling programme at Laguna Verde aims to convert resources into reserves, to
upgrade the existing JORC resource estimate of 1.8 million tonnes of lithium
carbonate equivalent (LCE) and further establish the commercial opportunity
for CTL's brine-based lithium project.

Highlights:

·    First well LV07 started on 4(th) January and to date has reached 300
metres of the target 730 metres, the deepest target depth drilled at the
project

·    Second well LV11 started on 17(th) January with a targeted depth of
550 metres

·    Two drill rigs are now operating simultaneously and running 24 hours
a day to accelerate the drilling programme

·    The programme has been designed in collaboration with Montgomery
& Associates, a leading hydrogeology and resource evaluation consultancy

·    Results from the drilling and planned pump test and reinjection tests
will be reported to the market on an ongoing basis during 1H 2024

·    Generation of updated JORC reserve report is targeted for July 2024

·    A webinar with Executive Chairman, Steve Kesler and CEO, Aldo
Boitano, will be held on Wednesday 24(th) January at 6:00pm (GMT) - Please
register in advance here
(https://us02web.zoom.us/webinar/register/WN_q_-Vb3huTQetkmPHK9HFZA)

 

Aldo Boitano, Chief Executive Officer, CleanTech Lithium said: "After the
successful fundraise towards the end of 2023, we have started off the new year
with an active drilling programme to further advance our resource evaluation
at the Laguna Verde lithium project.

"We are happy with the progress made already by the team at Laguna Verde and
look forward to maintaining this momentum throughout the drilling programme.
With more wells planned in the first half of the year, the data collected will
be analysed on an ongoing basis and will feed into a JORC reserve report and
will update our existing resource estimate of 1.8 million tonnes of LCE. This
is yet another positive step towards increasing the commercial value of the
project before we engage with strategic partners looking for a reliable
supplier of lithium."

 

 Figure 1: LV11 drill rig in place - early January 2024

 Figure 2: Technical staff inspecting samples at LV11 - early January 2024

 

Re-cap on Resource Drill Programme

 Figure 3: Drill Plan Map Showing Previous and Planned Well Locations

At Laguna Verde there is an existing Measured and Indicated resources of 1.1
million tonnes LCE which makes up the majority of the total JORC compliant
resource estimate of 1.8 million tonnes LCE. The drill programme aims to
convert the Measured and Indicated component of the resource estimate into
Reserves. The existing resource is based on six wells completed in 2022 and
2023. A further five wells are planned to be completed in the first half of
2024, as shown in figure 3, which will contribute to a new JORC compliant
reserve report targeted for completion in July 2024. The Company has engaged
Montgomery & Associates (M&A), a leading hydrogeological consultant,
for the 2024 programme with technical staff from both CTL and M&A running
a 24-hour operation at the project site.

Company webinar

To discuss the drilling programme and latest corporate activity, a webinar
with the Company will be held on Wednesday 24(th) January at 6:00pm (GMT) -
Please register here to receive the link to the webinar
(https://us02web.zoom.us/webinar/register/WN_q_-Vb3huTQetkmPHK9HFZA) and
investors are welcome to submit questions in advance to daniel@fox-davies.com
who will be hosting the webinar.

 

 **ENDS**

For further information contact:

 CleanTech Lithium PLC
 Aldo Boitano/Gordon Stein                     Jersey office: +44 (0) 1534 668 321

                                               Chile office: +562-32239222
                                               Or via Celicourt
 Celicourt Communications                      +44 (0) 20 7770 6424
 Felicity Winkles/Philip Dennis/Ali AlQahtani  cleantech@celicourt.uk

 Dr. Reuter Investor Relations                 +49 69 1532 5857

 Dr. Eva Reuter

 Harbor Access - North America                 +1 475 477 9401

 Jonathan Paterson/Lisa Micali

 Porter Novelli - Chile                        +569 95348744

 Ernesto Escobar                               Ernesto@publicoporternovelli.cl

 Beaumont Cornish Limited

 (Nominated Adviser)                           +44 (0) 207 628 3396

 Roland Cornish/Asia Szusciak

 Fox-Davies Capital Limited                    +44 (0) 20 3884 8450

 (Joint Broker)

 Daniel Fox-Davies                             daniel@fox-davies.com (mailto:daniel@fox-davies.com)

 Canaccord Genuity Limited                     +44 (0) 207 523 4680

 (Joint Broker)

 James Asensio

CleanTech Lithium PLC

 

Aldo Boitano/Gordon Stein

Jersey office: +44 (0) 1534 668 321

Chile office: +562-32239222

 

Or via Celicourt

 

Celicourt Communications

+44 (0) 20 7770 6424

 

Felicity Winkles/Philip Dennis/Ali AlQahtani

cleantech@celicourt.uk

 

 

Dr. Reuter Investor Relations

Dr. Eva Reuter

 

Harbor Access - North America

Jonathan Paterson/Lisa Micali

 

Porter Novelli - Chile

Ernesto Escobar

 

Beaumont Cornish Limited

(Nominated Adviser)

Roland Cornish/Asia Szusciak

 

+49 69 1532 5857

 

 

+1 475 477 9401

 

 

+569 95348744

Ernesto@publicoporternovelli.cl

 

 

+44 (0) 207 628 3396

 

 

Fox-Davies Capital Limited

(Joint Broker)

Daniel Fox-Davies

Canaccord Genuity Limited

(Joint Broker)

James Asensio

 

+44 (0) 20 3884 8450

 

daniel@fox-davies.com (mailto:daniel@fox-davies.com)

+44 (0) 207 523 4680

 

 

 

 

 

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

Notes

 

About CleanTech Lithium

CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and
development company advancing sustainable lithium projects in Chile for the
clean energy transition. Committed to net-zero, CleanTech Lithium's mission is
to produce material quantities of battery grade using sustainable Direct
Lithium Extraction technology, powered by renewable energy, the Company plan
to be the leading supplier of 'green' lithium to the EV and battery
manufacturing market.

CleanTech Lithium has four lithium projects - Laguna Verde, Francisco Basin,
Llamara and Salar de Atacama - located in the lithium triangle, the world's
centre for battery grade lithium production. The two major projects: Laguna
Verde and Francisco Basin are situated within basins controlled by the
Company, which affords significant potential development and operational
advantages. All four projects have direct access to existing infrastructure
and renewable power.

CleanTech Lithium is committed to using renewable power for processing and
reducing the environmental impact of its lithium production by utilising
Direct Lithium Extraction. Direct Lithium Extraction is a transformative
technology which removes lithium from brine, with higher recoveries and
purities. The method offers short development lead times, low upfront capex,
with no extensive site construction and no evaporation pond development so
there is no water depletion from the aquifer. www.ctlithium.com
(http://www.ctlithium.com/)

 

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