Lithium One President and CEO Patrick Highsmith commented, "The drilling at Sal de Vida continues to demonstrate a stable and consistently mineralized brine. The results from hole 12 are the most significant to date and the hole is located near the center of the property. The brine chemistry is excellent in both the sand-dominated and salt-dominated aquifers; and the drilling outlines a potential resource area of more than 150 km(2) so far, with a lot more salar yet to be drilled. The company remains on track to release the first NI 43-101 compliant resource during the first quarter of 2011."
Summary of Drilling
Drill holes SVH10_10 through SVH10_12 are reported in Table 1 below. Analytical results show little variation in concentrations vertically through each individual hole and results continue to be high in lithium and potassium, with favourable magnesium-to-lithium and sulphate-to-lithium ratios.
For details of sample methodology, Quality Assurance and Quality Control procedures, and a description of the geological units being encountered, please refer to the November 10th news release. Porosity testing on core samples collected from each hole continues at Core Laboratories in Houston, Texas. Effective (or drainage) porosities range from approximately 2% to 17% in both the halite (common salt) dominated and silt dominated portions of the basin and from 2% to more than 30% in the sand dominated areas. Beginning this quarter, the Company will commence pumping tests to determine aquifer hydraulic conductivity (permeability). The hydrologists will identify specific hydrogeologic intervals and isolate and test those zones to obtain average hydraulic conductivities, which will then be used to populate the numerical groundwater flow model.
Lithium One Inc. is a Canadian-based explorer and developer of mineral properties with a specific focus on lithium. The Company has two major lithium projects funded through feasibility by earn-in partners: the brownfields Sal de Vida lithium brine project in Argentina partnered with KORES, LG International and GS Caltex; and the James Bay bulk tonnage spodumene project in Quebec, which is under MOU for an earn-in joint venture with Galaxy Resources Limited. The Sal de Vida option agreement also includes a provision for a project completion guarantee in regards to financing and an off-take agreement for up to 50% of the lithium production. The Company’s strategy is to draw upon its quality team and employ best-practice to develop its projects into leading suppliers of low-cost, high quality lithium products to the global battery market.