SAN FRANCISCO, CA--(Marketwired - March 31, 2017) - Millennial Lithium Corp. (TSX VENTURE: ML) (OTCQB: MLNLF), which closed a private placement of nearly $6 million and is resuming drilling at Pastos Grandes in Argentina, has set its sights on producing lithium within three years as lithium demand is projected to skyrocket.
Included in this article is: Millennial Lithium Corp.
Millennial Lithium Corp.'s announcement on March 27 that it has closed a private placement of nearly $6 million and is commencing phase 2 drilling at Pastos Grandes in Argentina demonstrates that the company is moving ahead rapidly on the project. The company reported that "Montgomery and Associates has designed a program that includes 11 additional drill sites to define the resource...the holes will be drilled to 400 meters or deeper based on drilling conditions and brine content."
The company also stated that "all of the resource definition holes will be completed as monitoring wells. Selected sites will be drilled with larger bores suitable for construction of production scale wells, initial pumping tests, and for NI 43-101 resource compliance."
Kyle Stevenson, president of Millennial Lithium, told The Energy Report that the company is "focused on proving up a 43-101 resource at Pastos Grandes by the end of second quarter of this year. Once the 43-101 is completed we expect to have our Preliminary Economic Assessment done shortly after, by mid-summer. We are focused on being in production in three years."
Millennial Lithium is also moving rapidly to drill three other high-impact exploration projects, Cauchari East, Cruz and Pocitos West. Stevenson noted that "the Cauchari East Project is contiguous to Lithium Americas Cauchari Project and Orocobre's Olaroz Project. The Cruz Project is at the north end of the Pocitos Salar; recent geophysics show a large brine target extending to at least 250m."
The company announced on Mar. 30 that it has made the initial payment under its option to acquire 100% interest in the Pocitos West project, located in Argentina's Pocitos Salar. According to Millennial Lithium, "Pocitos West is adjacent to ground recently acquired by Pure Energy Minerals Ltd. and is strategically located in close proximity to known lithium resources including the Rincon Project located 32km to the north and the Sal De Vida Project 90km to the south."
Millennial Lithium's projects are all located in the "Lithium Triangle," the lithium-rich area where the countries of Argentina, Chile and Bolivia meet.
Continue reading this article: Millennial Lithium's Exploration Progressing Rapidly in the Lithium Triangle
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