Patagonia Lithium (ASX:PL3) is conducting an 18km MT geophysics study to determine the resistivity, depth, and location of aquifers on concessions at the Formentera and Cilon Projects in Argentina.
This announcement comes after Patagonia received assay results from its sampling program carried out in the area in May 2023, with some of the salars assaying a ‘very high’ content of lithium.
Patagonia reports 28 samples were submitted to SGS Argentina, with 2 brine samples assayed at 1,008 parts per million (ppm) and 1,122ppm lithium. Additionally, 10 brine samples exceeded 75ppm, including 238ppm and 467ppm in the brines at holes 4 and 18, respectively.
Commenting on the results, Patagonia Lithium Executive Director Phil Thomas says: “The board is delighted with these sampling results. The extreme high levels of lithium in the brines from surface sampling demonstrate that there are high concentrations of lithium across a wide area near the surface on the concessions.”
“The extreme high levels of lithium in the brines from surface sampling demonstrate that there are high concentrations of lithium across a wide area near the surface on the concessions”
Patagonia’s share price has increased by 8.57% to $0.19 as of 2:18pm AEST on 2 June 2023.
The company also notes the ‘significance’ of the sampling gives a surface expression of where lithium is concentrating and where it is not.
Once the MT data is collated and interpreted, the company will have a ‘high’ confidence of where the drilling targets will intercept aquifers, containing conductive fluids, which may contain lithium.
Patagonia Lithium is an Australian public company that owns a 100% interest in Patagonia Lithium Argentina S.A., which is a private company registered in Argentina.
The Formentera Project is Patagonia’s flagship project and is prospective for lithium and borates. It is located in the municipality of Coranzuli in the Jujuy province.
Write to Aaliyah Rogan at Mining.com.au
Images: Patagonia Lithium Ltd
