REG - CleanTech Lithium - Drilling Programme Commences at Laguna Verde

Cleantech LithiumAnnouncement

08/01/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240108:nRSH8646Ya&default-theme=true

RNS Number : 8646Y  CleanTech Lithium PLC  08 January 2024

8th January 2024

 

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

New Resource Drilling Programme Commences at Laguna Verde

CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) commences new
drilling programme at the Laguna Verde project and outlines planned activity.

Highlights:

·    Drill rig mobilisation and establishment of drillers camp and support
services now completed with the drilling of the first of five planned wells,
LV07 (see figure 1), having started on 4 January 2024

·    Drill programme to target upgrade of existing JORC resource and to
convert resources into reserves

·    Generation of a reserve estimate of lithium carbonate equivalent
(LCE) is to be included in the Project's pre-feasibility study and ultimately
the project´s production plan

·    CTL has engaged leading hydrogeology and resource estimation
consultant Montgomery & Associates for the resource drill programme and
JORC reserve report

·    The programme will include reinjection testing to further define the
brine extraction and reinjection model, as the Company continues to be a
leader in advancing a direct lithium extraction (DLE) based sustainable
lithium production model in Chile.

 

Aldo Boitano, Chief Executive Officer, CleanTech Lithium said: "We are excited
to start off the new year with another active drilling programme at our
flagship project, Laguna Verde. The aim of this drilling programme is to
upgrade the current JORC resource, converting resources into reserves. This
provides a key input into the pre-feasibility study and will inform the
environmental impact assessment, all of which will support CTL's conversations
with potential strategic partners.

We are working with a leading international consultant, Montgomery &
Associates, to deliver the resource drill programme which will include
reinjection testing.  The reinjection of spent brine is key to minimizing
aquifer depletion. Furthermore, we are expecting results from our DLE test
work and first eluate production from our pilot plant in the coming
weeks. We are looking forward to a busy and highly productive 2024."

 

 Figure 1: LV07 drill rig in place with work tent - early January 2024

 

Resource Drill Programme

At Laguna Verde a resource drill programme is planned to convert existing
Measured and Indicated resources of 1.1 million tonnes LCE into Reserves. The
existing JORC compliant total resource estimate of 1.8 million tonnes of
lithium carbonate equivalent (LCE) 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 2, which will contribute to a new JORC compliant
reserve report targeted for completion in July 2024. The Company has engaged
Montgomery & Associates, a leading hydrogeological consultant, for the
2024 programme.

 Figure 2: Drill Plan Map Showing Previous and Planned Well Locations

The drill programme will comprise four diamond drill holes and one wide
diameter reverse circulation well (LV09) which will be used for planned
extraction and reinjection tests. The data generated from this testing will be
used in the key hydrogeological models for the project, being the water
balance model for the basin and the groundwater flow model, that are used in
reserve estimation, feasibility studies, the Environmental Impact Assessment
(EIA), and ultimately the project's plan for production.

The drilling contractor has mobilised equipment, installed the drillers camp
and completed access roads for the planned new wells.

Figure 3: Mobilisation of Equipment and Drillers Camp - late December 2023

Drilling of the first planned well, LV07, started on 4 January. LV07 will be
targeting a depth of up to 700m based on the results of the gravity survey in
2023, which is the deepest target depth drilled at the project to date. Two
drill rigs will be used to accelerate the programme. Results from the drilling
and hydrogeological evaluations will be reported to the market on an ongoing
basis during 1H 2024.

Direct Lithium Extraction Process Test-work Update

The Company is nearing completion of important DLE test work which will be
reported to the market. Trials using the brine from the Company's projects
have been ongoing, utilising CTL's lab-scale DLE carousel unit in Copiapó as
well as at the facilities of the Company´s DLE process partners. These trials
provide information on key operating parameters that will be applied as the
Company ramps up the production of DLE eluate from its pilot plant, with first
eluate production expected in the coming weeks.

 **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/)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLUNOURSOUARAR