Apr 13 2017
Millennial Lithium Corp. ("Millennial" or the "Company") is pleased to report favorable results from a geophysical survey at their Cauchari East Project in the Cauchari-Olaroz basin of Jujuy Province, Argentina. Results of the survey show continuity of known lithium-bearing brine aquifers into and likely throughout Millennial's property. The 100% owned Cauchari East Project covers an area of 2,990 hectares on the eastern side of the Cauchari-Olaroz Salar, adjacent to the Orocobre/Advantage Cauchari Project and the Lithium Americas/SQM advanced-stage Cauchari-Olaroz Project.
In March, Millennial engaged Tecnología y Recursos (TyR), a Salta-based geophysics consulting group, to conduct a 10 station Vertical Electrical Sounding (VES) survey over Cauchari East. The survey identified a sharp contrast between high resistivity upper zones and low resistivity (conductive) lower zones. Low electrical resistivity in this type of survey can be indicative of brine-bearing sediments. Technical reports from adjacent properties controlled by Lithium America's Corp., confirm that the brine-bearing aquifer is related to a low resistivity horizon. These horizons under Cauchari East are likely the continuation of the known brine-bearing aquifers of the Olaroz and Cauchari basins.
Measurements taken from most survey stations demonstrate good potential for continuous lithium brine mineralization. A north-south profile over the northern property block identifies a continuous 72 to 105 metre thick conductive layer extending from productive aquifers of the present-day Olaroz salar. As that layer extends into the southern block of Cauchari East, it thickens beyond the capacity of the VES survey to detect the lower resistive zone. An east-west profile in the southern block further supports continuity with the Cauchari basin aquifers. In addition, the profile identifies what appears to be a structurally confined sub-basin containing the deep conductive zone continuous with the north-south profile. The complete report can be found on the company's website.
"The results of the Cauchari East geophysics affirm that lithium brine-bearing aquifers beneath the present day Cauchari-Olaroz salars are related to an older, larger salar footprint. From the data we conclude that the aquifers extend beneath more recent alluvial cover. These results clearly justify an investment in a drill program at Cauchari East," stated Iain Scarr, Chief Operations Officer.
Permitting for a drill program is underway and the required public consultations and Jujuy Government approvals are anticipated to be completed in the second quarter of 2017.
Millennial also reports it has made the 2nd payment, totaling $500,000 USD and 500,000 common shares, to acquire its 100-per-cent interest in the Pastos Grandes project. This property, which is part of Millennial's larger land holdings, consists of 1,200 hectares of prospective lithium brine exploitation concessions in the Pastos Grandes Salar in Salta, Argentina.
This news release has been reviewed by Iain Scarr, AIPG CPG., COO of the Company and a qualified person as that term is defined in National Instrument 43-101.
MILLENNIAL LITHIUM CORP.
Graham Harris, Chairman
Source: http://www.millenniallithium.com/