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BRISBANE, Australia, Feb. 1, 2019 /PRNewswire/ -- Orocobre Limited (ASX: ORE, TSX: ORL) ("Orocobre" or "the Company") is pleased to provide the following update on the completion of pumping test activities at the Cauchari JV property located in Jujuy Province, Argentina.
The exploration program is being managed by JV partner Advantage Lithium Corp. ("Advantage Lithium") (TSX Venture: AAL) (OTCQX: AVLIF) who hold 75% of Cauchari. Orocobre owns 33.5% of Advantage Lithium's issued capital and 25% directly in the joint venture.
Highlights:
Orocobre Managing Director and CEO Mr Martín Pérez de Solay commented, "The CAU07 test results confirm the excellent characteristics of the NW Sector for future brine production, both in terms of lithium concentration and pumping characteristics. The joint venture is currently conducting an update of the project resource estimate with results from the recently completed drilling, concurrently with preliminary design of production well fields for the project Feasibility Study. We look forward to providing this information to shareholders once it is completed."
CAU07 Pumping Test
The 30 day constant rate pumping test was completed on test production well CAU07 in the NW Sector in mid-January. The pumping test was carried out at a constant rate of 22 l/s with a drawdown of 40 m. Assays received for the 30 days of the test averaged 650 mg/l Li and 4,970 mg/l K, with a Mg/Li ratio of 2.2:1. The CAU07 pumping rate is limited by well construction constraints and higher pumping rates are expected in future production wells based on the observed aquifer conditions. Brine samples were collected at regular intervals during the test and showed no significant variation over the test, with concentrations of between 642 and 659 mg/l lithium.
Updated Resource Estimation and Preliminary Wellfield Design
An update to the project resource estimate is currently underway and incorporates all the information from the 26 exploration and test production wells that were drilled as part of the Phase II and Phase III exploration programs. During the Phase III program the resource area was extended to the south and in depth to a maximum of 617 m. These are some of the deepest holes drilled in the Cauchari-Olaroz basin to date. The Cauchari resource remains open at depth and to the south. By point of comparison the June 2018 resource estimate extended to only 300 m deep (with the exception of the deep sand intersections at that time).
For more information please contact:
Andrew Barber
Investor Relations Manager
Orocobre Limited
T: +61 7 3871 3985
M: +61 418 783 701
E: abarber@orocobre.com
W: www.orocobre.com.au
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Qualified Person's/Competent Person's Statement
The information in this report that relates to exploration reporting at the Cauchari JV project has been prepared by Mr Murray Brooker. Mr Brooker is a geologist and hydrogeologist and is a Member of the Australian Institute of Geoscientists. Mr Brooker is an employee of Hydrominex Geoscience Pty Ltd and is independent of Orocobre. Mr Brooker has sufficient relevant experience to qualify as a competent person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. He is also a "Qualified Person" as defined in NI 43-101. Mr Brooker consents to the inclusion in this announcement of this information in the form and context in which it appears.
About Orocobre Limited
Orocobre Limited (Orocobre) is a dynamic global lithium carbonate supplier and an established producer of boron. Orocobre is dual listed on the Australia and Toronto Stock Exchanges (ASX: ORE), (TSE: ORL). Orocobre's operations include its Olaroz Lithium Facility in Northern Argentina, Borax Argentina, an established Argentine boron minerals and refined chemicals producer and a 33.5% interest in Advantage Lithium. For further information, please visit www.orocobre.com.
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