LiCo Energy Metals (LIC.V) significantly advanced efforts at the Purickuta Lithium Project located in the Salar de Atacama, Chile, when the company announced today that it was finalizing plans for a comprehensive exploration program at the project.
According to the news release, Phase One of the program will be comprised of the preparation of digital maps, completion of surface mapping and sampling near surface brine locations to a depth of +/- 1.5 metres utilizing an excavator.
Phase Two quotations have been received for both a NanoTEM geophysical survey, an early-time, Transient EM (TEM) method developed by Zonge International in the 90’s to reveal conductive objects that are near to the surface.
Quotations were also received for a comprehensive engineering and hydrological study that includes 72-hour flow-testing, porosity measurements and calculation of potential reserve values.
A RFP for drilling quotes will be issued in the coming week.
Company Director and Head of the Technical Advisory Board, Dwayne Melrose, commented, “It is with great anticipation that we approach the start of our exploration program in the Salar de Atacama, famous for its Lithium production by our neighbors SQM and Albemarle. If all goes well, we are hopeful to have a commercially viable project. Several direct extraction technologies are now being developed which would be an ideal fit for our rate of production.”
LiCo holds an option to acquire up to 60% interest in the Purickuta Exploration concession, subject to regulatory approval.
Further updates on this transaction will be provided when available.
The Purickuta Project is located close to power, labour, communications, transportation and other infrastructure and lies within a few kilometres of Chilean Economic Development Agency’s property which is currently leased to Abermarle’s Rockwood Lithium Corp and SQM.
The aforementioned companies have a combined production of 62,000 tonnes of Lithium Carbonate Equivalent annually making up 100% of Chile’s current lithium output.
FULL DISCLOSURE: LiCo Energy Metals is an EQUITY.GURU client.