Orocobre Limited (ASX: ORE, TSX: ORL) (“Orocobre” or “the Company”) provides the following general update on 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.
— The Phase III infill drilling and resource conversion program is close
to completion in the NW Sector and continues in the deep sand unit in
the SE Sector. The program is currently on track to upgrade the current
Inferred Resource to Measured and Indicated Resources by early 2019
— Drilling of holes CAU22, CAU25, CAU27 and CAU19 recently completed in
the SE Sector
— Drilling of holes CAU28 and CAU29 completed to extend the NW Sector
resource area further south, increasing it by ~20%. Drilling identified
the presence of an extensive (>300 m thick) sequence of sand and gravel
in the southern continuation of the NW Sector
— Constant-rate pumping test completed in CAU11 to simulate long-term
production; CAU07 pumping test to begin within 2 weeks.
Managing Director & CEO Richard Seville