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   Gold/Mining/EnergyRare Earth Elements and Exotic Metals

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To: LoneClone who wrote (15827)4/18/2019 1:44:03 PM
From: LoneClone
   of 17057
Millennial Lithium Announces Approximately 100 Percent Increase to 4,200,000 Tonnes in Measured and Indicated Lithium Resources at Pastos Grandes

Vancouver, British Columbia--(Newsfile Corp. - April 17, 2019) - Millennial Lithium Corp. (TSXV: ML) (the "Company"), is pleased to report an updated lithium ("Li") and potassium ("K") resource statement for its Pastos Grandes brine project in Salta province of Argentina. The NI 43-101 resource statement, detailed in Table 1 below, includes 4,120,000 tonnes of lithium carbonate ("Li2CO3") equivalent (LCE) and 15,342,000 tonnes of potash ("KCl") equivalent in the Measured and Indicated Resource categories, with an additional 798,000 tonnes of LCE and 2,973,000 tonnes KCl in the Inferred Resource category. Compared to resource estimates completed by Montgomery & Associates in its previous report titled Measured, Indicated and Inferred Lithium and Potassium Resource Estimate Pastos Grandes Project Salta Province, Argentina and dated December 22, 2017, the updated resources represent an almost 100% increase in the Measured and Indicated LCE tonnage (2017 value of 2,131,000 tonnes LCE).

Farhad Abasov, President and CEO of Millennial Lithium, commented on the updated resources for the Pastos Grandes Project: "We are very excited to see from calculations by our hydrogeological consultants Montgomery & Associates, an approximately 100% increase in the Measured and Indicated lithium resources estimate over the 2017 Measured and Indicated Li resources. This sizable increase in our resource positions Millennial as one of the most prospective lithium brine projects in the world with the potential for a significant lithium operation. The Company now has significant Measured and Indicated lithium resources which, on the completion of ongoing studies, have the potential to be converted to Probable and Possible reserves in support of our Feasibility Study on the Company's planned lithium carbonate processing operation. Our development work continues with the Feasibility Study and the construction of the pilot processing plant, both slated for completion in Q2."

Table 1. Updated Pastos Grandes Brine Resource Statement

Phase II Resource
Brine Volume
Avg. Li
In situ Li (tonnes)*Li2CO3

Avg. K
In situ K
KCl Equivalent (tonnes)*

*Cut-off Grade = 300mg/L Lithium
*Tonnages are rounded to the nearest thousand
The reader is cautioned that mineral resources are not mineral reserves and do not have demonstrated economic viability

The resource estimate was prepared in accordance with the guidelines of National Instrument 43-101 and uses best practice methods specific to brine resources, including a reliance on core drilling and sampling methods that yield depth-specific chemistry and effective (drainable) porosity measurements. The resource estimation was completed by independent qualified person Mr. Michael Rosko, M.Sc., C.P.G. of the international hydrogeology firm E.L. Montgomery and Associates (M&A).

The resource is defined over a 45 square kilometer footprint using results from rotary and core drilling and depth-specific packer sampling. In addition, the brine was also sampled during long-term (21 days) and short-term pumping (72 hours) tests. The new measured, indicated, and inferred resource was derived from geological and grade/width block models derived from 15,135 metres of core and rotary drilling. The average spacing between core holes is less than 1 km. Geophysical surveys were used to assist with location and anticipated depths for the core holes, but also to identify potential fresh water and to extend the inferred resource. Over most of the basin, the brine resource occurs to within 1 metre of surface and its thickness is defined by the extent of drilling. The maximum depth drilled was 641 metres near the center of the mining concessions, bottoming in a sandy aquifer. The deepest brine sample was obtained at a depth of 641 metres and had a Li concentration of 495 milligrams per litre.

The chemistry of the Pastos Grandes brine is judged to be very favourable. Brine density and the ratios of magnesium and sulfate to lithium are:

  • Density of the brine ranges between 1.20 and 1.22 g/cm3
  • Average Magnesium/Lithium ratio: 6.2
  • Average Sulphate/Lithium ratio: 19.3
Based on the geologic model, approximately 76% of the brine volume in this resource is hosted by predominantly silty and sandy units and 21% by mixed halite. The balance is hosted in gravel or clay dominated units.

The total contained lithium and potassium values are based on measurements of effective (drainable) porosity distributed throughout the aquifer volume that defines this resource. This method of porosity determination is designed to estimate the portion of the total porosity that can theoretically be drained by pumping; however, these in situ estimates may differ from total extractable quantities. The porosity of the resource volume varies with geology but to date effective porosity has been predictable within distinct hydrostratigraphic units; the average for the entire saturated aquifer considered in the resource is approximately 11%.

Portions of the resource located in the clastic sediments at the margins of the salar have been demonstrated to have fresh and brackish water overlying brine. In these areas, fresh water inflow from the surface mixes with salt water in the basin; the resulting lower density fresh water and brackish fluid float on top of the more dense brine before entering the salar margins.

Resource Estimation Methodology

A total of 15,135 metres of drilling from 33 holes was evaluated for this resource estimate calculation. Other core holes and wells were drilled but were shallower. A total of 144 drainable porosity results and 311 depth-specific brine sample analyses were used in the computations, not including QA/QC samples or composite samples obtained during pumping tests. The average spacing of vertical samples for brine chemistry analysis was variable with an average of 25 metres for depth-specific brine samples. Of the 33 holes used for the resource analysis, all were terminated due to drill limitations (hydrogeologic basement was not encountered). The total thickness of the basin and the total thickness of saturated sediments are unknown. Based on drilling, additional brine-bearing aquifer material is likely to exist below 600 metres in the concession area.

The consultants chose to estimate the updated resource using Leapfrog Edge, a well-known 3-dimensional block modeling software tool. Hydrostratigraphic units have variable thickness and were determined by the consultants based on observed lithology and anticipated similar hydraulic properties.

The values for drainable porosity and grade (lithium and potassium values) for each hydrostratigraphic unit were derived from direct measured values from the well. The unit thicknesses combined with the areas yield a volume. The volumes combined with the drainable porosity values, representing the amount of fluid available from the formation yield the volume of brine. Applying the grade, represented as lithium carbonate and potassium chloride equivalents reported as weights by volume of brine then provides the estimated resource for each block, which are then summed.

The primary analytical laboratories for the data used in this resource are NORLAB in Jujuy, Argentina and SGS Laboratory in Buenos Aires, Argentina. Both laboratories are accredited to ISO 9001:2008 and ISO14001:2004 for their geochemical and environmental labs for the preparation and analysis of numerous sample types, including brines.

The porosity determinations were made by Core Laboratories of Houston, Texas and Geosystems Analysis (GSA) of Tucson, Arizona. Core Laboratories is a leading provider of proprietary and patented reservoir description, production enhancement and reservoir management services. Core Laboratories has demonstrated that its Quality Management System is in compliance with certification to ISO 9000:2008. The scope of this registration is: providing state of the art petrophysical and geological analysis and interpretation of core samples from rock. GSA has gained abundant experience since 1994 in methods used by Core Laboratories and has provided services to various other lithium projects located in Argentina and globally.

Qualified Person

The resource evaluation work was completed by Mr. Michael Rosko, M.Sc., C.P.G. of Montgomery and Associates Consultores Limitada ("M&A"). Mr. Rosko is a Registered Geologist (C.P.G.) in Arizona, California, and Texas, a Registered Member of the Society for Mining, Metallurgy and Exploration, and is a qualified person (QP) as that term is defined by NI 43-101. Mr. Rosko and hydrogeologists from M&A have been on site multiple times during the various phases of drilling and sampling operations. Mr. Rosko has extensive experience in salar environments and has been a QP on many lithium brine projects. Mr. Rosko and M&A are completely independent of Millennial Lithium. Mr. Rosko has reviewed and approved the content of this news release.

Program design and exploration support was provided by Mr. Iain Scarr, (B.Sc. - Geology, MBA, CPG) of Millennial Lithium. Mr. Scarr is a Certified Professional Geologist (CPG) with the American Association of Professional Geologists (AIPG) and a QP as defined in NI 43-101. Mr. Scarr has spent significant time on site at Pastos Grandes during all drilling and sampling operations and has extensive experience with lithium projects at other lithium bearing salars.

A Technical Report prepared under the guidelines of NI 43-101 standards describing the resource estimation will be filed on SEDAR within 45 days of this release.

To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email


"Farhad Abasov"

President and CEO, Director

1177 West Hastings Street
Suite. 2000
Vancouver, BC Canada V6E 2K3
Tel: (604) 662-8184
Fax: (604) 602-1606

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This document may contain "forward-looking information" within the meaning of Canadian securities legislation (hereinafter referred to as "forward-looking statements"). All statements, other than statements of historical fact, included herein including, without limitation statements relating to the Preliminary Economic Assessment, estimated capital and operating costs, productions rates, cash flows, rates of return, mine life or mineral resources, securing of debt for future project construction, purchase of future mine production, the timing for completion of an Feasibility Study and other matters related to the exploration and development of the Project, are forward-looking statements. These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management's expectations or beliefs regarding future events. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions, title disputes as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.

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To: LoneClone who wrote (15828)4/18/2019 1:48:21 PM
From: LoneClone
   of 17057
[Lithium/Borax] Orocobre Limited Quarterly Report of Operations for the Period Ended 31 March 2019

April 16, 2019 19:45 ET | Source: Orocobre Limited

BRISBANE, Australia, April 16, 2019 (GLOBE NEWSWIRE) --



  • Q3 FY19 production was 3,075 tonnes, the best March quarter achieved to date at Olaroz. Production was up 10% on the prior corresponding period (PCP) following pond preparation and a strategy of managing brine quality. Production for the year to date is 9,150 tonnes and Orocobre expects full year production to be approximately the same as FY18 which was 12,470 tonnes
  • Quarterly sales revenue was US$33.4 million, up 4% QoQ with a realised average price achieved of US$9,451/tonne on a free on board basis (FOB)3. March quarter product pricing was below that of the December quarter due to both direct and indirect impacts of China’s prolonged market softness. Sales volume for the quarter was up 17% QoQ to 3,530 tonnes
  • Gross cash margins (excluding export tax) of US$5,258/tonne were down 20% QoQ due to the lower average price received
  • Cash costs for the quarter (on cost of goods sold basis)4 were US$4,193/tonne, down 4% on PCP excluding the recently announced export tax of US$776/t.


  • Subsequent to the end of the quarter Orocobre, Toyota Tsusho Corporation (TTC) and Joint Venture (JV) boards approved the Final Investment Decision (FID) for the Naraha Lithium Hydroxide Plant to be built in Japan. Orocobre will hold a 75% economic interest in the project with operations to be managed by TTC
  • Construction of the Naraha Lithium Hydroxide Plant is expected to commence during H1 CY19 with commissioning to commence during H1 CY21
  • Construction of key items for the Stage 2 Expansion of the Olaroz Lithium Facility such as ponds, secondary liming plant, roads and camp upgrades have continued to advance


  • Overall sales volume in the March quarter was up 21% QoQ (+44% on PCP) to 13,041 tonnes which included a sale of 2,312 tonnes of low value mineral. Excluding these mineral sales the result is in line with Q2 FY19
  • Sales revenue was up 4% QoQ and average price received was up 3.5% QoQ adjusting for the low value mineral sale.


  • During the quarter Orocobre Managing Director and CEO Mr. Martín Pérez de Solay attended the Lithium Competitiveness Meeting ‘Mesa de Litio 2019’ – chaired by Argentine President Mauricio Macri. This Lithium Roundtable conference was to address productivity issues in the lithium industry and to determine what government assistance is required to remove bottlenecks affecting industry development. The conference was attended by Argentina’s Minister of Production and Labour, Dante Sica and the Governor of Jujuy, Gerardo Morales
  • Orocobre released the 2018 Sustainability Report during the quarter ( see ASX Release dated 22 March 2019)
  • As at 31 March 2019, Orocobre corporately had available cash of US$265.7 million after expenditure mainly related to expansion activities, Naraha Lithium Hydroxide Plant basic engineering, corporate expenses, Cauchari JV expenditure, Borax working capital and debt repayment which was partially offset by interest income. Including Sales de Jujuy and Borax cash and project debt, net group cash is US$192.9 million.
  • 1 All figures presented in this report are unaudited
    2 All figures 100% Olaroz Project basis
    3 Orocobre report price as “FOB” (Free On Board) which excludes additional insurance and freight charges included in “CIF” (Cost, Insurance and Freight or delivered to destination port) pricing. The key difference between an FOB and CIF agreement is the point at which responsibility and liability transfer from seller to buyer. The Company’s pricing is also net of TTC commissions but excludes export taxes. FOB prices are used by the company to provide clarity on the sales revenue that flows back to SDJ, the joint venture company in Argentina
    4 Excludes royalties, export tax and corporate costs



  • During the quarter Advantage Lithium released an updated resource estimate for the Cauchari JV property. The updated resource estimate has more than doubled from the previous resource announced in May 2018 to 4.8 Mt of lithium carbonate equivalent (LCE) of Measured and Indicated Resources contained in 1.8 km3 of brine and 1.5 Mt of Inferred Resource.


    Click here for more information on Olaroz


    Unfortunately, an incident occurred at Olaroz during the quarter resulting in a Lost Time Injury (LTI) being recorded. The person has now returned to work on full duties. As of 31 March, operations had achieved 20 days without an LTI.

    Based on the in-depth Safety Audit conducted by DuPont, which evaluated Sales de Jujuy S.A. (SDJ) safety performance, an improvement roadmap was developed to address the key risks and priorities identified. The Company and DuPont are continuing to work together to develop and foster the Company’s safety culture.



    During the quarter Orocobre provided an update on the impact of rainfall and expected production for the remainder of the financial year. Rainfall exceeded the same period in 2017 and 2018 resulting in dilution of brine feedstock. There were no material production stoppages, nor disruption to the import of supplies or the export of finished product. However, FY19 was the highest Q3 production achieved to date, up 10% on PCP. Orocobre continues to expect FY19 production to be approximately the same as that achieved in FY18. Production for the March quarter was 3,075 tonnes up from 2,802 tonnes on PCP and down 19% from 3,782 tonnes in the December quarter.

    Sales were 3,530 tonnes of lithium carbonate with a realised average price of US$9,451/tonne on a FOB basis and total sales revenue of US$33.4 million. The average price received during the quarter was 11% down QoQ. Prices achieved outside of China were influenced by growing competition from increased Chinese exports responding to subdued domestic demand.

    Gross cash margins for the quarter (excluding export tax) remained strong at 56% or US$5,258/tonne but down 20% QoQ and 43% on PCP. Operating costs (on a cost of goods sold basis, excluding export tax) were US$4,193/tonne up 6% QoQ and down 4% on the March 2018 quarter. An 11% QoQ decrease of the realised average price received contributed to an 11% QoQ decrease in gross cash margin achieved.

    quarter 2019
    quarter 2018
    Change QoQ
    (Mar FY18)
    Change PCP
    Production (tonnes)3,0753,782-19%2,80210%
    Sales (tonnes)3,5303,01917%3,05216%
    Average price received (US$/tonne) 39,45110,587-11%13,533-30%
    Cost of sales (US$/tonne)44,1933,9746%4,356-4%
    Revenue (US$M)33.4324%41.3-19%
    Gross cash margin (US$/tonne)5,2586,613-20%9,177-43%
    Gross cash margin (%)56%62%-11%68%-18%
    Export tax (US$/tonne)776882-12%


    The operational strategy has been focused on safety and quality. Special attention is being devoted to improving the lithium grade of brine feedstock - “brine quality’. Improved brine quality has multiple benefits including higher lithium recoveries, lower cost of production and increased product quality and consistency.

    Battery grade carbonate production was temporarily suspended while brine quality recovered during March following rain in January and February. Customers requiring battery grade lithium carbonate were supplied from inventory during this period. Production of battery grade lithium carbonate will recommence in the June quarter.

    Six of the eight Stage 1 harvest ponds have now been cleared of harvestable salt which precipitated through the evaporation process. The final two ponds are currently being harvested. Pond harvesting enables the recovery of brine that is retained in the salts which can then be processed in the plant. With the increase in area from development of Stage 2 ponds, future salt harvesting will become a continuous process where ponds are harvested on a rotational basis over a three year cycle.


    Orocobre expects that full-year production for FY19 will be approximately the same as that achieved in FY18 which was 12,470 tonnes. Year to date production has been 9,150 tonnes which is up from 8,874 tonnes over the same period in FY18.


    The Stage 2 Expansion of Olaroz is fully funded with cash and proposed debt funding arrangements.


    Construction of key items for the Stage 2 Expansion such as ponds, secondary liming plant, roads and camp upgrades continued to advance during Q3 FY19.

    At Quarter end approximately US$29 million has been spent on the first phase of expansion activities including the construction of new roads, vegetation clearing, construction of new evaporation and harvest ponds, secondary liming plant, eight boreholes (currently four drilling rigs onsite with two more contracted to start mid-May). The expansion of existing site infrastructure and camp accommodation continued including a new health center for the extended work force, office space for the expansion team and warehouses for equipment. The new camp accommodation facilities and catering facilities were completed during the quarter.

    As part of the Stage 2 Expansion the process flow diagrams, layouts and equipment lists were finalised during the quarter. An Engineering, Procurement, Management and Construction (EPCM) company has been selected after a tender process. The successful company was Jacobs, a well-known international construction company with more than 20 years’ experience in Argentina (through its subsidy company CH2M Hill) who has built many mining/chemical/petroleum plants. Jacobs in association with WorleyParsons (a company that has more than 20 years’ experience in the design and construction of lithium plants in Chile and Argentina) will oversee the chemical process review and design. The project’s budget and timeline are now being reviewed by Orocobre and Jacobs.

    Six new harvest ponds (16A, 16B, 17A, 17B, 18A & 18B) have been filled with concentrated brine and are operational, replacing pond area that is temporarily unavailable due to salt harvesting activities as discussed earlier. Two additional harvest ponds (R11 & R12) were completed during the quarter and will be filled with concentrated brine during the June quarter.

    Two new evaporation ponds (15A & 15B) have now been filled with concentrated brine and are operational. Vegetation clearing and construction of three new evaporation ponds has commenced (14C, 20A & 21A). Brine transfer ducts are also under construction.

    Engineering and civil works for the secondary mobile liming plant were completed during the quarter, including the construction of concrete slabs and the delivery of tanks with installation to commence during the June quarter. The secondary liming plant will have the capacity to treat up to 300 l/s of brine.

    During the quarter construction began on a new reactor for the existing primary liming plant. This reactor will enable the primary liming plant to process a higher flow rate of brine before the Stage 2 liming plant is built permitting brine stocks to be increased and facilitating the rapid filling of Stage 2 ponds. A mobile secondary liming plant is expected to be installed by late April. Between both plants, there will be capacity to treat up to 600 l/s of brine.


    SDJ’s community engagement and investment initiatives during the March quarter continued in accordance with the Company’s Shared Value approach.


    With the start of the 2019 calendar year, SDJ welcomed a new intake of students to the employee education program. SDJ continued towards its goal of having 100% of SDJ’s community employees holding secondary education qualifications by 2025.

    Enhancing educational infrastructure within communities remains a key focus, with a new music hall and laboratory facility inaugurated in Olaroz and an Institutional Improvement Plan implemented collaboratively with Susques Primary School to renovate amenities for local students.


    Initiatives included a presentation and consultation with communities on the most recent update to SDJ’s Environmental Impact Assessment as well as quarterly environmental monitoring activities conducted with participants from local communities.


    The focus during the quarter was on the evaluation of community suppliers to identify opportunities for focused development and capacity building. SDJ is committed to ensuring these suppliers are supported to not only stabilise and scale their operations over coming years but also to operate in a socially and environmentally responsible manner.


    Programs to strengthen local artisanal production were progressed during the quarter, with significant developments in the fibre spinning project in Huancar and the development of a ‘waste upcycling’ initiative in Susques to build awareness of individual responsibility and contribution to protect the local environment.



    Orocobre views current market conditions as a short-term correction which has led much of the market to overlook strong long-term demand fundamentals driven by growth in the electric vehicle (EV) and energy storage system (ESS) segments. Accordingly, Orocobre maintains long-term demand forecasts in line with the consensus of other major producers in the range of 18% to 20% CAGR between 2018 and 2025.


    During Q3 FY19, the spread of pricing in the seaborne market widened to reflect an increasingly complex market environment as factors, including strategic partnering, product qualification periods, broad product specification ranges, contract length and time at which the contract price was negotiated, resulted in a greater range of pricing outcomes. Seaborne prices and market balance were unaffected by widespread rainfall across South America having a lower-than-anticipated impact of ~5 kt LCE based on supplier guidance. Nonetheless, there may be potential for a delayed impact later in the year as the downstream battery chain enters the peak production period and should the Chinese market and economy improve.


    Following the conclusion of China’s New Year holiday period, independent Chinese conversion plants demonstrated little appetite to build inventory despite widespread announcements of lower spodumene prices in 2019. Similarly, Chinese lithium chemical customers were resistant to establishing long-term agreements instead preferring to negotiate on a shipment-by-shipment basis, as communicated by key suppliers during the most recent earnings calls. As a result, Chinese imports continued to decline as suppliers became increasingly focused on key long-term growth markets with less volatility including South Korea, Japan and Europe.


    The compound effect of China’s economic instability and the later-than-anticipated NEV (New Electric Vehicle) policy announcement meant there was little to drive Chinese demand. After much anticipation, the updated Chinese NEV policy was announced late in the quarter on 26 March indicating subsidies would be cut by between 47% and 60% for EV’s that met the minimum range requirement. Orocobre views the progressive reduction to China’s EV policy as an effective way of improving the technical standards and performance of China’s battery and EV industry. Despite the current industry restructuring, China continues to record robust electric vehicle sales achieving 198% year-on-year growth in January 2019 (includes full battery EV, BEV and plug-in hybrid PHEV), while EV sales as a proportion of total sales increased to 8.1% in December 2018 compared with 3.8% a year earlier.


    The Joint Venture through exclusive sales agent TTC is currently progressing commercial discussions with customers in regard to longer term supply contracts for both purified and prime grade products in the battery and non-battery market segments. The Joint Venture’s intention is to significantly increase the proportion of business under longer term (> 1 year) contractual arrangements underpinned by sound value propositions defined and agreed with customers.



    Subsequent to the end of the quarter Orocobre, TTC and JV boards approved the FID for the Naraha Lithium Hydroxide Plant to be built in Japan. Orocobre will hold a 75% economic interest in the project with operations to be managed by TTC.

    Construction of the Naraha Lithium Hydroxide Plant is expected to commence during H1 CY19 with commissioning to commence during H1 CY21. The Naraha Joint Venture will be overseen by a Joint Technical Committee during construction and commissioning. The Joint Technical Committee will comprise both TTC and Orocobre representatives.

    Feedstock for the 10,000 tonne per annum (tpa) Naraha Lithium Hydroxide Plant will be sourced from the Olaroz Lithium Facility’s Stage 2 Expansion that will produce primary grade (>99.0% Li2CO3) lithium carbonate.

    The total Engineer-Procure-Construct (EPC) contract value is expected to be approximately JPY8.6 billion (US$77.6 million1, excluding VAT) following detailed engineering studies, the inclusion of a calciner to recycle lime used in processing and significant automation of the process. The Joint Venture Company will be entitled to a Japanese government subsidy of JPY3 billion (US$27.1 million1) which will reduce net capital costs to JPY5.6 billion (US$50.5 million1, excluding VAT). Operating costs (excluding primary grade lithium carbonate feedstock) for the Naraha Lithium Hydroxide Plant are estimated to be approximately US$1,500/tonne.

    Sales of lithium hydroxide will be managed by TTC as exclusive sales agent under a similar joint marketing arrangement to that operating for lithium carbonate from the Olaroz Lithium Facility. The majority of production is expected to be delivered to the Japanese battery industry.

    A cathode manufacturing plant is already in operation in the immediate vicinity and plans have been announced to develop a battery manufacturing facility nearby.


    The Naraha Lithium Hydroxide Plant will be funded through a combination of JPY9.1 billion (US$82.1 million1) of term/bridging loans and JPY1.0 billion (US$9.0 million1) of shareholder equity. Orocobre will contribute JPY750 million (US$6.8 million1) equity and TTC will contribute JPY250 million (US$2.3 million1).

    Two project loans have been provided by Japanese banks at effective interest rates of <1%. All of the financing is non-recourse to Orocobre.

    Term LoanJPY6.1 billionUS$55.0 million1
    Subsidy Bridge LoanJPY3.0 billionUS$27.1 million1
    EquityJPY1.0 billionUS$9.0 million1
    TotalJPY10.1 billionUS$91.1 million1

    In addition, a JPY0.8 billion (US$7.2 million1) VAT Bridging Loan has been established to cover the period between VAT payment and VAT refunds on project expenditure.

    The subsidy of approximately JPY3.0 billion (US$27.1 million1) from the Japanese government is expected to be received in H1 CY21 once the project reaches mechanical completion.

    1 The EPC contract and all financing is denominated in Japanese Yen and has been converted at a JPYUSD exchange rate of 110.9

    The Term Loan will be repaid from operating cash flow with a maximum term of seven years. The Subsidy Bridge Loan will be repaid upon receipt of Subsidy payments and the VAT Bridge Loan will be repaid from VAT refunds.



    An incident occurred at the Sijes mine during the quarter resulting in an LTI being recorded. As of 31 March, the Sijes mine achieved 46 days without an LTI, Tincalayu had achieved 704 days without an LTI and Campo Quijano had achieved 387 days without an LTI. Prior to an LTI being recorded at the Sijes mine during February, the site had achieved a record of 1,249 days without an LTI.


    Borax Argentina continues to demonstrate improved year on year sales performance. Business development projects are being progressed and will continue to remain a key area of focus in CY19. The business has demonstrated continuous improvement on cost reduction and unit costs continue to be controlled at, or near record lows.

    Q3 FY19 delivered some very positive results for Borax Argentina with 13,041 tonnes sold (+21% QoQ and +44% PCP) which included a spot sale of 2,312 tonnes of low value mineral product. Removing this transaction from the quarterly sales volume delivers a result of 10,729 tonnes which is in line with Q2 FY19 and up 18% on PCP.

    Total sales revenue was up 4% QoQ and the average price received after adjusting for the low value mineral sale was up 3.5% QoQ.


    Previous Year QuartersRecent Quarters
    June 201711,398June 201810,590
    September 20178,543September 20189,407
    December 20178,341December 201810,741
    March 20189,079March 201913,041


    The study on an expansion of the Tincalayu refined borates operation is in the final stage of internal review. Approvals have been received for a new gas pipeline to supply the expanded plant and initial cost estimates are under review.


    Advantage Lithium Corp (TSV:AAL) manages a portfolio of high-quality assets in Argentina, including the Cauchari Joint Venture in which Orocobre holds a 25% interest. Orocobre also holds approximately 33.5% of the issued shares of AAL.


    The Cauchari Project is located in Jujuy province in NW Argentina.

    During the quarter Advantage Lithium released an updated resource estimate for the Cauchari JV property. The updated resource estimate ( see ASX Release dated 7 March 2019) has more than doubled from the previous resource announced in May 2018. A Pre-Feasibility Study will now be conducted to determine the optimal processing and development option for the expanded resource.

    The resources have been broken into six different geological units which are classified between Measured, Indicated and Inferred resources, with the classification reflecting differences in the level of available sample information. The resource estimate is presented in the table below.

    Cauchari Project Lithium Resource Estimate; March 2019

    Measured (M)Indicated (I)M+IInferred
    Aquifer volume (km3)9.720.930.710.7
    Mean specific yield6%6%6%6%
    Brine volume (km3)
    Li mean grade (g/m3)35262927
    Li mean concentration (mg/l)527452476473
    Resource (tonnes)345,000550,000900,000290,000
    Lithium Carbonate Equivalent1,850,0002,950,0004,800,0001,500,000

    Results of the brine chemistry analysis carried out as part of the updated resource estimate confirm the Cauchari brine is similar in composition to the brine in the adjacent Olaroz Salar from which Orocobre is successfully producing lithium carbonate using conventional lithium processing technology. The table below provides a summary of the Cauchari brine characteristics.

    Cauchari brine chemistry characteristics

    Samples RatioArchibarca FanClayEast FanHaliteDeep SandWest Fan




    VAT refunds of approximately ~US$0.5 million were received during the quarter. Approximately US$2 million of peso denominated returns were lodged and are expected to be received next quarter. The current VAT claims awaiting payment are US$3.3 million.


    As at 31 March 2019, Orocobre corporate had available cash of US$265.7million. The US$18.3 million cash reduction from the prior quarter was the result of a US$15 million shareholders loan made to the SDJ joint venture to fund Olaroz expansion activities, US$1.5 million in corporate costs, US$1.1 million in payments to other group entities, US$0.8 million in Cauchari JV expenditure, US$1.3 million funding to Borax (mainly to repay banking facilities), US$0.7 million LiOH plant and US$0.1 million of forex losses. This expenditure was partially offset by US$2.2 million interest income.

    Including SDJ and Borax cash and project debt, net group cash at 31 March 2019 is US$192.9 million, down from US$207.7 million at 31 December 2018.

    The AR$/US$ exchange rate devalued by 15% during the quarter with government intervention on interest rates and other measures. At 31 December 2018 the rate was AR$37.70/US$ and this weakened to AR$43.35/US$ at 31 March 2019 whilst inflation for the same period was approximately 11%. This devaluation partially offsets the impact of the export tax that was announced in 2018.

    When looking at the accumulated 12-month period from 1 April 2018 to 31 March 2019, devaluation of the AR$ against the US$ was 115% versus inflation of approximately 53%. This resulted in balancing US$ costs for ARS peso denominated expenses for the period considering the delayed response in devaluation vs inflation in previous periods. As a result, costs were lower for Borax Argentina and to a lesser extent, SDJ. Over time, inflation and devaluation generally cancel each other out.


    During the quarter Mr Martín Pérez de Solay was appointed to the role of Managing Director and Chief Executive Officer taking over from Mr Richard Seville. Mr Seville ceased formal employment with Orocobre on 16 April following a period of annual leave. The Board has approved the vesting of 145,073 of his 316,490 outstanding performance rights consistent with the Good Leaver provisions of the Orocobre Performance Rights and Options Plan (PROP). Mr Seville will also be eligible to participate in the Orocobre 2018/19 Short Term Incentive (STI) plan on a pro rata basis. There has been no payment for the 12 month fixed remuneration termination benefit as per his service agreement following notice. The vesting of outstanding performance rights is in recognition of Mr Seville’s significant contribution to Orocobre and his participation in the transition with our new CEO.

    For more information please contact:
    Andrew Barber
    Investor Relations Manager
    Orocobre Limited
    T: +61 7 3871 3985
    M: +61 418 783 701

    Click here to subscribe to the Orocobre e-Newsletter

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    To: LoneClone who wrote (15829)4/18/2019 1:51:44 PM
    From: LoneClone
       of 17057
    Advantage Lithium/Orocobre – WorleyParsons to complete Cauchari JV Pre-Feasibility Study

    April 18, 2019 02:34 ET | Source: Orocobre Limited

    BRISBANE, Australia, April 18, 2019 (GLOBE NEWSWIRE) -- Orocobre Limited (ASX: ORE, TSX: ORL) (“Orocobre” or “the Company”) wishes to advise that Advantage Lithium Corp. ("Advantage Lithium") (TSX V: AAL) (OTCQX: AVLIF) as operator of the Cauchari JV has announced the engagement of WorleyParsons Chile S.A. to complete the Pre-Feasibility Study (“PFS”) and independent NI 43-101 Technical Report on the Cauchari Lithium Project in Jujuy, Argentina. The PFS will evaluate processing options and complete a range analysis for up to 30 thousand tonnes per annum final lithium product, including lithium hydroxide, and is scheduled for completion in early Q3 CY19.

    Advantage Lithium will continue to work with hydrogeology consultants FloSolutions to complete a dynamic groundwater model for the project, which will be used to simulate a range of production cases based on the recent significantly expanded resource ( see ASX Release dated 7 March 2019). This is a key input to the PFS in order to support a reserve estimate, extraction plan and determine the optimum project size.

    Orocobre owns 33.5% of Advantage Lithium’s issued capital and 25% directly in the joint venture.

    For more information please contact:

    Andrew Barber
    Investor Relations Manager
    Orocobre Limited
    T: +61 7 3871 3985
    M: +61 418 783 701

    Click here to subscribe to the Orocobre e-Newsletter

    About Orocobre Limited
    Orocobre Limited (Orocobre) is a dynamic global lithium carbonate supplier and an established producer of boron. Orocobre is dual listed on the Australia and Toronto Stock Exchanges (ASX: ORE), (TSE: ORL). Orocobre’s operations include its Olaroz Lithium Facility in Northern Argentina, Borax Argentina, an established Argentine boron minerals and refined chemicals producer and a 33.5% interest in Advantage Lithium. For further information, please visit

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    To: LoneClone who wrote (15830)4/19/2019 9:27:48 AM
    From: LoneClone
       of 17057
    LME storage problems writ large in tiny tin market: Andy Home

    Andy Home

    LONDON (Reuters) - (The opinions expressed here are those of the author, a columnist for Reuters.)

    Is the London Metal Exchange’s (LME) physical storage function in danger of slipping into the shadows?

    That’s the question at the heart of the LME’s latest public discussion paper on its troublesome warehouse network.

    It’s the seepage of aluminum into cheaper off-market “shadow LME” storage that has driven the debate.

    But the LME might also care to look at its tin contract, where the process appears to be most advanced.

    Exchange stocks are desperately low. Time-spreads are in near permanent backwardation.

    London tin traders have learned to navigate the contract’s liquidity gaps in terms of physical settlement, although it’s getting harder judging by this week’s events.

    But if, as the LME notes, “many market participants would welcome a higher-stock environment” as a way of boosting both transparency and liquidity, it might be worth asking someone in the tin industry.


    Tin’s a small market. Global usage in 2017 was 362,500 tonnes, most of it going into semi-conductor soldering, chemicals and plating, according to the International Tin Association.

    But even against that yardstick, LME-registered tin stocks of 955 tonnes are extremely low, equivalent to just one day’s demand.

    Depleted stocks have been a long-running theme on the LME tin market. Exchange inventory totaled 28,000 tonnes at the start of the decade but has since eroded almost completely.

    A commodities text-book interpretation of that trend would be that tin is a market in long-term structural deficit.

    Yet the price says otherwise.

    LME three-month tin has both boomed and bust this decade, hitting a high of $33,600 per tonne in 2011 and a trough of $13,085 in 2016. It has more recently tracked a broad $18,000-22,000 sideways range, last trading around $20,300.

    LME stocks have not told this fundamental story.

    There’s no reason to think they are doing so now.

    There’s always a way of “explaining” low LME tin stocks through a market prism such as the notoriously erratic shipments from Indonesia, the world’s largest tin exporter.

    But the 8,000 tonnes of metal sitting in Shanghai Futures Exchange (ShFE) warehouses tell you there’s no acute global tin shortage right now.

    Tightness on the LME, in other words, is primarily a function of the LME tin contract, particularly its chronically low stocks.

    The tin industry, it seems, is not using the LME warehouse system to store its metal. Stocks may be sitting in what the exchange calls “shadow LME” storage, paying lower off-market rent but in or close to actual LME warehouses to facilitate warranting if required.

    An added advantage of shadow warehousing is that premium brands of metal aren’t lost in the LME’s daily warrant churn, whereby what you sell one day is not necessarily what you get back the next.


    A cash premium, or backwardation, across the LME time-spreads can sometimes winkle out such “shadow” stocks.

    Witness the 325 tonnes of tin that were warranted in Baltimore over the last month. LME-registered stocks in that location had been zero since 2014. But there is obviously tin being stored in the city.

    That Baltimore metal was likely drawn into the LME system by the most recent time-spread gyrations.

    Turbulence has been concentrated on cash-date trading, where low stocks are directly impacting price discovery.

    The LME has a set of rules governing the behavior of what it terms “dominant longs”, entities with a sufficiently large position that they could squeeze the market. Whose position is dominant is measured against “live” LME stock in exchange warehouses. Which, in the case of tin, is hardly anything at all.

    There were 10 “dominant” tin longs coming into last Monday’s April settlement date. Seven were holding positions in excess of 50 percent of LME stocks and therefore subject to lending caps.

    The player holding in excess of 90 percent of stocks would have been required to lend metal for a day at no premium whatsoever.

    However, the six entities holding between 50 and 80 percent of stocks would have been able to lend at up to 0.5 percent of the previous day’s cash price, or a little over $100 per tonne.

    No surprise then that “tom-next”, the cost of rolling a short position overnight, traded out to precisely that level on Tuesday.

    Such cash-date volatility is increasing as registered LME stocks shrink. “Tom-next” has hit $100 per tonne four times in the last month.

    The exchange may have to rethink just how its lending guidance works when the metric used, LME stocks, is close to zero.


    It’s a little surprising that more tin hasn’t appeared in the LME system.

    Then again, at just $80 per tonne the current cash premium over three-month metal is relatively mild by LME tin’s standards.

    Backwardation has become hard-wired into the London contract, unlike Shanghai, where the forward curve is in contango.

    Yet it is clear that the persistent backwardation hasn’t prevented the continuous slide in visible exchange stocks, perhaps another reason for revisiting the 20-year-old lending rules.

    However, that would simply be managing the symptoms of the underlying problem of why storing surplus metal in the LME system is so out-of-fashion in the tin market.

    It’s becoming less fashionable in other LME markets as well, hence the renewed public dialogue between exchange and participants about the warehouse system.

    Many of the proposed changes are about how to stem the amount of metal leaving.

    In that respect tin is already past the point of no return. The LME stocks have already largely gone. It’s how to encourage renewed usage of LME warranting that’s now required.

    Colin Hamilton, analyst at BMO Capital Markets, is skeptical that the LME can find any quick fix to its logistics problems. That much should be clear from the title of his March 29 research note: “LME Warehousing - Looking Increasingly like a Lost Cause”.

    “We don’t think the LME can do anything to effectively address the trend of storing material off-market, and believe base metals have to get used to a period of low warehouse inventories,” according to BMO.

    Hamilton sees “greater potential” for steep curve backwardations and warns that “increased opacity is challenging from an analyst’s perspective and distorts long-term measures of inventory cover versus price”.

    Which pretty nicely sums up the LME tin market at this moment in time.

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    From: LoneClone4/20/2019 11:26:21 AM
       of 17057
    [Lithium/Boron] Edited Transcript of ORE.AX earnings conference call or presentation 17-Apr-19 12:01am GMT

    Thomson Reuters StreetEventsApril 19, 2019

    Q3 2019 Orocobre Ltd Earnings Call

    Share RecommendKeepReplyMark as Last ReadRead Replies (1)

    To: LoneClone who wrote (15832)4/23/2019 9:07:37 AM
    From: LoneClone
       of 17057
    Vanadium is so six months ago...

    Share RecommendKeepReplyMark as Last ReadRead Replies (1)

    To: LoneClone who wrote (15833)4/23/2019 10:08:45 AM
    From: LoneClone
       of 17057
    Vanadium One Reports an Indicated Resource of 113.5 Million Tonnes and an Inferred Resource of 520.5 Million Tonnes at Its Mont Sorcier Iron Project

    Tuesday, April 23, 2019 8:59 AM

    TORONTO, ON / ACCESSWIRE / April 23, 2019 / Vanadium One Energy Corp. (the "Company") (TSX-V: VONE), is pleased to release its first NI 43-101 Mineral Resource Estimate (MRE) for its 100% owned Mont Sorcier Iron and Vanadium Project, near Chibougamau, Quebec. Total Indicated Resources are calculated to be 113.5 million tonnes in the ground, with the potential to produce 35 million tonnes of Concentrate grading 65.3% Fe and 0.6% Vanadium Pentoxide. Additional Inferred Resources are defined as 520.6 million tonnes, with the potential to produce 178.3 million tonnes of Concentrate grading at 64.4% Fe and 0.6% Vanadium Pentoxide.

    The deposit has two major zones, known as the North Zone and the South Zone. The South Zone is estimated to host 113.5 million tonnes of Indicated Mineral Resources grading 30.9% Magnetite, with a potential to recover 35 million tonnes of concentrate grading 65.3% Fe and 0.6% Vanadium Pentoxide (V2O5), with low amounts of titanium (1.2% TiO2). The South Zone is estimated to hold an additional Inferred Mineral Resource of 144.6 million tonnes grading 24.9% Magnetite, with a potential to recover 36.1 million tonnes of concentrate grading 66.9% Fe, 0.5% Vanadium Pentoxide (V2O5) and 1.0% TiO2. The North Zone is estimated to hold additional Inferred Mineral Resources of 376 million tonnes grading 27.4% Magnetite, with a potential to recover 142.2 million tonnes of concentrate grading 63.7% Fe, 0.6% Vanadium Pentoxide (V2O5) and 1.8% TiO2. All concentrate grades are calculated from Davis Tube Testing (DTT) results.

    The Company engaged CSA Global, an independent Geological and Mineral Estimation firm with headquarters in Australia, and offices in Canada, to undertake and complete the Mineral Resource Estimate for the Mont Sorcier deposit. See table 1 for summary results.

    Table 1: Mineral Resource Estimate1 at Mont Sorcier Using a Cut-off Grade2 of 14% Fe.




    Head grade

    Grade in concentrate





































































    1 Numbers have been rounded to reflect the precision of Inferred and Indicated Mineral Resource estimates.

    2 The reporting cut-off was calculated for a saleable magnetite concentrate containing 65% Fe with price of $US 90/t of dry concentrate, 50% of the price of V2O5 contained in the concentrate, a V2O5 price of $US 14/lb, a minimum of 0.2 % of V2O5 contained in the concentrate, an open pit mining operation, a cost of mining and milling ore of USD 13.80/t, a cost of transporting concentrate of USD 40/t; and a cost of tailing disposal of USD 1.5/t.

    3 Vanadium One is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing or political factors that might materially affect these mineral resource estimates.

    4 Resource classification, as defined by the Canadian Institute of Mining, Metallurgy and Petroleum in their document "CIM Definition Standards for Mineral Resources and Mineral Reserves" of May 10, 2014.

    Martin Walter, CEO, said, "Our drilling campaign was obviously very successful as the program more than doubled the historical resources at Mont Sorcier. This was achieved through in-fill and deep extension drilling in the South Zone and deep drill holes to extend the even larger magnetite deposits within the North Zone. Now that we know we have a substantial resource at Mont Sorcier, the next phase of work will shift to studying Project economics. The Company plans to continue with its metallurgical evaluation, including optimization studies on the effects of grinding size on product recovery, and to concurrently begin working on a Preliminary Economic Assessment ("PEA"). We expect to publish the results of our PEA in the third quarter of 2019."

    The Mont Sorcier Project is a bulk tonnage magnetite iron ore and vanadium deposit located near the northern Quebec mining town of Chibougamau. The project is comprised of 37 key mineral claims covering approximately 1,910 Ha (4,797.4 acres) and it has excellent infrastructure, including access to rail, airports, seaports and hydro-power. The Magnetite Fe bearing deposits at Mont Sorcier are unique, as they contain very low levels of the element Titanium, possibly rendering them as suitable feed for blast furnaces in the production of steel.

    In order to complete its first mineral resource estimate, the Company drilled a total of 32 new holes across the project between July 2017 and December 2018. Drilling in the South Zone is at either 100 or 200 meter line spacing. Drilling located in the North Zone is approximately 500 meter line spacing. The North and South Zones are sub-vertical to steeply north or south-dipping. Campbell Chibougamau Mines Ltd drilled vertical holes that often started and ended in the iron formation. VONE drilled at 45° and 60° both north and south across the iron formation. It also often started and ended drill holes in the iron formation. The two sets of drill holes are complementary. Together, they support a more accurate geological model outlining the iron formation. Details about drill hole locations are found in previous News Releases and on our web site at

    The technical information contained in this news release has been reviewed and approved by Pierre-Jean Lafleur, P.Eng. (OIQ), who is a Qualified Person with respect to the Company’s Mont Sorcier Project as defined under National Instrument 43-101. The Mineral Resource Estimate (MRE) is the responsibility of CSA Global and Dr. Luke Longridge and Dr. Adrian Martinez, acting independently, are the Qualified Persons with respect to the MRE. CSA Global is finalising a Technical Report to comply with NI 43-101 in support of the MRE as disclosed in this News Release. It is expected that such a report will be filed within 45 days.

    NOTE: CSA Global has carried out an independent Internal Peer Review by an experienced Resource Geologist. Mr. Aaron Meakin, of CSA Global, reviewed the methodology and checked to ensure that no critical errors have occurred. The reviewer takes note of a number of details including site visit, previous exploration activities or work, input data, database validation, QA/QC analysis, geological and mineralization interpretation and 3-D modelling, flagging and compositing the sample file, statistical analysis and high grade cuts, density analysis, variography, block model construction, grade interpolation, block model validation, Mineral Resource classification, Mineral Resource reporting and identified risks. All of these aspects have all been studied by the reviewer.

    About Vanadium One Energy Corp.:

    Vanadium One Energy Corp. is a mineral exploration company headquartered in Toronto, Canada. The Company is focused on advancing its Mont Sorcier Magnetite Iron Ore and Vanadium Project. The Mont Sorcier Project is a bulk tonnage magnetite iron ore and vanadium deposit, with very low titanium content, located near the northern Quebec mining town of Chibougamau, providing access to world class infrastructure including rail, shipping and power.


    Martin Walter, CEO
    Tel: 416-599-8547

    Rodney Ireland, Investor Relations
    Tel: 416-599-8547

    Cautionary Note Regarding Forward-Looking Statements:

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    This news release contains "forward-looking information" including statements with respect to the future exploration performance of the Company. This forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company, expressed or implied by such forward-looking statements. These risks, as well as others, are disclosed within the Company's filing on SEDAR, which investors are encouraged to review prior to any transaction involving the securities of the Company. Forward-looking information contained herein is provided as of the date of this news release and the Company disclaims any obligation, other than as required by law, to update any forward-looking information for any reason. There can be no assurance that forward-looking information will prove to be accurate and the reader is cautioned not to place undue reliance on such forward-looking information.

    SOURCE: Vanadium One Energy Corp.

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    To: LoneClone who wrote (15834)4/23/2019 10:11:28 AM
    From: LoneClone
       of 17057

    Lake Resources NL (ASX:LKE) Foraco Drill Rig Commences Drilling at Cauchari

    WWW: Company Overview

    Brisbane, April 18, 2019 AEST (ABN Newswire) - Lake Resources NL ( ASX:LKE) ( FRA:LK1) is pleased to confirm that a second, larger diamond drill rig operated by Foraco Argentina SA has commenced drilling at Lake's 100% owned Cauchari Lithium Brine Project (Figure 1 in link below).

    - Larger diamond drill rig has commenced drilling at Lake's Cauchari project with capability to drill up to 500 metres

    - Two rigs now operating at Cauchari targeting various depths

    - LKE now has greater certainty to produce assays from a ~350-450m deep target sand horizon

    The larger more capable diamond drill rig is targeting a sand horizon estimated between 350-450 metres deep and will drill to 500 metres. Two rigs are now operational at Cauchari and reporting results from both drill holes is LKE's immediate priority.

    Foraco is the third largest global mineral driller, operates in 22 countries and has a global fleet of drilling rigs with a well-trained international workforce and a proven track record.

    Foraco's drilling program will occur concurrently with current rotary rig drilling operations. The rotary rig has drilled to a depth of 234m and is targeting a shallower sand horizon of between 300-350m.

    Both Lake's rigs are operating ~500m from where Ganfeng/Lithium Americas is about to drill three new holes including one production hole on their adjacent leases. Lake is targeting exactly the same san horizons.

    Lake's Managing Director Steve Promnitz said from site: "With one successful drill hole, we can demonstrate the extension of the adjoining resource which is the largest in the world and rapidly being developed into production next year. We have every confidence in Foraco's drilling capabilities and experience to produce the representative samples we need. It is inspirational to see 40 trucks operating next door with excavators building massive evaporation ponds and roads within sight of our drill rigs. Lake is drilling in a Grade A location for lithium brines."

    To view tables and figures, please visit:

    About Lake Resources NL

    Lake Resources NL ( ASX:LKE) is a lithium exploration and development company focused on developing its three lithium brine projects and hard rock project in Argentina, all owned 100%. The leases are in a prime location among the lithium sector's largest players within the Lithium Triangle, where half of the world's lithium is produced. Lake holds one of the largest lithium tenement packages in Argentina (~200,000Ha) secured in 2016 prior to a significant 'rush' by major companies. The large holdings provide the potential to provide consistent security of supply demanded by battery makers and electric vehicle manufacturers.

    The Kachi project covers 69,000 ha over a salt lake south of FMC's lithium operation and near Albemarle's Antofalla project in Catamarca Province. Drilling at Kachi has confirmed a large lithium brine bearing basin over 20km long, 15km wide and 400m to 800m deep. Drilling over Kachi (currently 16 drill holes, 3100m) has produced a maiden indicated and inferred resource of 4.4 Mt LCE (Indicated 1.0Mt and Inferred 3.4Mt) within a 8-17 Mt LCE exploration target (refer ASX announcement 27 November 2018).

    A direct extraction technique is being tested in partnership with Lilac Solutions, which has shown 80-90% recoveries and lithium brine concentrations in excess of 3000 mg/L lithium and is planned to be trialled on site in tandem with conventional methods as part of a PFS to follow the resource statement. Scope exists to unlock considerable value through partnerships and corporate deals in the near term.

    The Olaroz-Cauchari and Paso brine projects are located adjacent to major world class brine projects either in production or being developed in the highly prospective Jujuy Province. The Olaroz-Cauchari project is located in the same basin as Orocobre's Olaroz lithium production and adjoins Ganfeng Lithium/Lithium Americas Cauchari project, with high grade lithium (600 mg/L) with high flow rates drilled immediately across the lease boundary.

    Two drill rigs are currently drilling at Cauchari with results anticipated to extend the proven resources in adjoining properties into LKE's area with results anticipated from November into December 2018. This will be followed by drilling extensions to the Olaroz area in LKE's 100% owned Olaroz leases.

    Significant corporate transactions continue in adjacent leases with development of Ganfeng Lithium/Lithium Americas Cauchari project with Ganfeng announcing a US$237 million for 37% of the Cauchari project previously held by SQM. Nearby projects of Lithium X were acquired via a takeover offer of C$265 million completed March 2018. The northern half of Galaxy's Sal de Vida resource was purchased for US$280 million by POSCO in June 2018. These transactions imply an acquisition cost of US$55-110 million per 1 million tonnes of lithium carbonate equivalent (LCE) in resources.

    The demand for lithium continues to be strong for lithium ion batteries in electric vehicles, according to recent data from the leading independent battery minerals consultant, Benchmark Mineral Intelligence. Supply continues to be constrained suggesting good opportunities for upstream lithium companies.


    Steve Promnitz
    Managing Director
    Lake Resources N.L.
    T: +61-2-9188-7864

    Link: Foraco drill rig commences drilling at Cauchari

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    To: LoneClone who wrote (15835)4/23/2019 10:14:20 AM
    From: LoneClone
       of 17057
    Graphite: Natural graphite project developments continue through Q2

    Posted on 18th April 2019 in General News.

    Companies developing natural graphite projects continue to make headway into Q2 2019 with most activity seen in Africa and North America.

    On 11 April, Walkabout Resources announced that it had signed a binding offtake agreement for 10-30ktpy, through mineral traders Wogen, for graphite concentrate from its Lindi Jumbo project in Tanzania. Walkabout Resources had already signed a 10-20ktpy offtake on 2 April with the Chinese company Qianxin Graphite, based in Inner Mongolia. With planned capacity of 40kty, these agreements could be enough to cover 100% of the company’s production.

    SRG Graphite has reported successful processing of 200t of ore as part of a pilot scheme at its Lola Graphite project in Republic of Guinea. A total of 12.8t of graphite flakes were produced with an average grade of 96.8% C and the company is now looking at offtake agreements for its material. SRG Graphite received an environmental conformity certificate for the Lola project earlier this month.

    Meanwhile, in North America, Westwater Resources

    announced positive test results in April from independent testing of spherical purified graphite (SPG) produced from its US Coosa project in Alabama. Purities of up to 99.95wt% were achieved and the product was considered stable at over 150 cycles. “Near theoretical” reversible capacity was achieved as 370.11 mAh/g on the first cycle.

    In Canada this month, Nouveau Monde Graphite has filed its Environmental and Social Impact Assessment study for the Matawinie project and announced a private placement of C$10.3M (US$7.7M).

    Roskill view: Project development has been encouraged by a continuation of relatively high flake graphite prices. Prices increased during Q4 2017 and Q1 2018 in response to Chinese environmental inspections and production plant closures but have since seen minimal downwards readjustment, despite the reopening of Chinese plants, as demand continues to rise from the battery sector.

    Projects in Africa have seen extra encouragement thanks to increasing Chinese interest with a number of offtake agreements now lined-up with Chinese companies, many of which are involved in the battery raw material supply chain. China is looking increasingly at foreign sources of flake graphite as its battery sector sees robust growth and Africa is a resource-rich region with low production costs and an attractive location in terms of shipping. China currently has zero tariffs in place for imports from Africa.

    Projects in Tanzania, meanwhile, have begun to see development once again as the political situation, with regards to the mining industry, regains some stability. In addition to Walkabout Resources, natural graphite development is being carried out in Tanzania by companies such as Kibaran Resources, Magnis Energy Technologies, Graphex Mining, Volt Resources, Black Rock Mining and Armadale Capital.

    Roskill’s NEW Natural & Synthetic Graphite: Outlook to 2028 report will be published in June 2019. Click here to download the brochure and sample pages or to access further information. To discuss the graphite market with Roskill, contact Suzanne Shaw:

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    To: LoneClone who wrote (15836)4/23/2019 11:25:57 AM
    From: LoneClone
       of 17057

    Voltaic Minerals Corp. Announces the Signing of a Binding Letter of Intent with 1146915 B.C. Ltd
    Monday, April 22, 2019 2:30 PM

    Not for distribution to U.S. news wire services or for dissemination in the United States.

    VANCOUVER, BC / ACCESSWIRE / April 22, 2019 / Voltaic Minerals Corp. (TSX-V: VLT) (the "Corporation" or "Voltaic") is pleased to announce that it has entered into a binding Letter of Intent ("LOI") dated April 17, 2019 with 1146915 B.C. Ltd. ("PrivCo"). Pursuant to the terms of the LOI Voltaic and PrivCo will enter into a definitive Share Exchange Agreement (the "Definitive Agreement") whereby all outstanding securities of PrivCo will be exchanged for securities of Voltaic (the "Acquisition"). On or prior to closing of the Acquisition, Voltaic will have used reasonable efforts to complete one or more private placements (the "Private Placement") of units (the "Voltaic Units") on terms acceptable to PrivCo, acting reasonably, for minimum gross proceeds of $2,000,000 at a price of $0.25 per Voltaic Unit. Each Voltaic Unit shall be comprised of one Voltaic Share and one warrant to acquire an additional Voltaic Share (each a "PP Warrant") at an exercise price of $0.50 per PP Warrant (the Private Placement together with the Acquisition, the "Transaction"). The Transaction is expected to constitute a Fundamental Acquisition (as that term is defined in the policies of the TSX Venture Exchange (the "TSXV")) by Voltaic. The final structure of the Definitive Agreement is subject to applicable corporate, securities and tax considerations. The Acquisition is an arm's length transaction.

    Prior to completion of the Transaction, PrivCo may complete one or more private placements (the "PrivCo Financing") of units (the "PrivCo Units") on terms acceptable to Voltaic, acting reasonably, for gross proceeds of up to $2,000,000 at a price of $0.25 per PrivCo Unit. Each PrivCo Unit shall be comprised of one common share of PrivCo (each a "PrivCo Share") and one warrant to acquire an additional PrivCo Share (each a "PrivCo Warrant") at an exercise price of $0.50 per PrivCo Warrant.

    On closing of the Transaction, it is anticipated that Voltaic will change its name to "Alpha Lithium Corp.", or such other name as is satisfactory to Voltaic, PrivCo and the TSXV. On completion of the Transaction the Corporation will carry on with the development of PrivCo's lithium assets in Argentina in conjunction with development of its other projects.

    About PrivCo

    PrivCo is a private company incorporated under the British Columbia Business Corporations Act and headquartered in Vancouver, British Columbia. PrivCo is a lithium exploration and development company focusing on the development of eight claims (the "Claims") covering approximately 20,699 ha in Salta Province, Argentina. Privco's claims when added to the two claims covering 6,778.02 ha acquired by Voltaic from PrivCo in December, 2017 (refer to Voltaic's news release dated December 27, 2019 for further details) would bring the total property of the combined companies to 27,477 ha in Salta, Argentina.

    Upon completion of the Transaction, it is anticipated that certain of Voltaic's current board and management will resign and that representatives of PrivCo with the requisite experience will be appointed as Voltaic directors and officers, in order to satisfy the requirements of the TSXV. Voltaic will provide an update in respect of its proposed management in due course.

    Share Exchange Transaction

    On closing of the Transaction, the holders of the issued and outstanding PrivCo Shares will exchange their shares in consideration for Voltaic Shares on a 1:1 basis (the "Exchange Ratio"). In addition, to the extent any convertible securities of PrivCo remain outstanding on the date of closing the Transaction, Voltaic will issue replacement securities (the "Voltaic Replacement Securities") in consideration of the cancellation of the convertible securities of PrivCo, which Voltaic Replacement Securities shall be exercisable to acquire Voltaic Shares in lieu of PrivCo Shares based on the Exchange Ratio and otherwise bear the same terms and conditions as the convertible securities of PrivCo so cancelled.

    It is presently anticipated that (excluding the exchange of any securities which may be issued pursuant to the PrivCo Financing), the Acquisition share exchange will result in:

    1. the issuance of 14,140,000 common shares of Voltaic ("Voltaic Shares") to the shareholders of PrivCo on closing, presuming all PrivCo convertible securities are converted prior to closing; and

    2. the issuance of 2,140,000 warrants to purchase Voltaic Shares at a price of $0.30 per Voltaic Share to the warrant holders of PrivCo on closing.
    Furthermore, following (i) completion of the Transaction and (ii) completion of any mineral resource estimate (each an "Estimate") prepared in accordance with national Instrument 45-106 Standards of Disclosure For Mineral Projects ("NI 43-101") over any or all of the property comprised in the Claims, Voltaic shall issue to the holders of PrivCo Shares as at the date of the LOI (on a pro rata basis) a bonus equal to 1 Voltaic Share for each 1 tonne of Lithium Carbonate Equivalent (LCE) included in the applicable Estimate(s) as either a "measured mineral resource" or an "indicated mineral resource", as those terms are defined in NI 43-101, to an aggregate maximum of 5,000,000 Voltaic Shares.

    Upon completion of the Transaction, Voltaic will assume certain share and cash based payment obligations of PrivCo to the persons in Argentina from whom PrivCo acquired the Claims, and failure to do so may result in forfeiture of the right to the Claims. Particulars of these payments will be set out in detail in a subsequent news release prior to closing.

    Voltaic CEO, Darryl Jones, commented, "After completing the small acquisition in Argentina in December, we worked extremely hard to sign up this latest acquisition with the goal to establish Voltaic as a major participant in Argentina's lithium brine exploration industry. Argentine lithium production would position Voltaic exceptionally well in the battery metals market."

    Assumed Obligations

    Upon closing, Voltaic will assume the following obligations of PrivCo to persons with interest in mineral claims in Argentina: under agreement 1, payment of USD$1,000,000 payable in shares of Voltaic over 18 months, subject to the right of the claim holder to get a portion in cash under certain conditions, cash payments of USD$210,000 over 3 years, and expend $USD1,000,000 on the property in the first 12 months after approval of the Environmental Impact Study; under agreement 2, USD$1,050,000 payable in shares of Voltaic over 18 months. Both agreements have net smelter royalties payable on production.

    Miscellaneous Terms

    The Transaction is subject to a number of standard conditions of closing, including necessary board, shareholder and regulatory approvals, as well as completion of satisfactory due diligence.

    The securities to be issued in connection with the Transaction have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in Regulation S promulgated under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

    Unless agreed between the Corporation and PrivCo, the LOI will terminate on the execution of the Definitive Agreement.

    Completion of the Transaction is subject to a number of conditions, including TSXV acceptance. The Transaction cannot close until the required approvals are obtained. There can be no assurance that the Transaction will be completed as proposed or at all.

    The TSX Venture Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.


    (Signed) "Darryl Jones"

    Darryl Jones
    President, CEO and Director
    Tel: 604.343.2723

    Forward Looking Statements

    This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the proposal to complete the Transaction and associated transactions, including statements regarding the terms and conditions of the Transaction and the outlook of the business of PrivCo; that Voltaic or PrivCo may complete a private placement; that Voltaic may achieve its goal to be established as a major participant in Argentina's lithium brine exploration industry; and that Argentine lithium production would position Voltaic exceptionally well in the battery metals market. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Corporation can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with the Transaction and associated transactions, that the ultimate terms of the Transaction or private placements will differ from those that currently are contemplated, and that the Transaction or private placements will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities). The terms and conditions of the Transaction may change based on the Corporation's due diligence and the receipt of tax, corporate and securities law advice for both the Corporation and PrivCo. Even if the Transaction and the private placements close, they may not prove to be successful and no lithium operations may be possible. Voltaic may not be able to comply with its obligations to claim owners assumed from PrivCo, and the Claims may be repossessed. There may not be any commercial quantities of lithium in the Claims, and even if there is, they may not be minable profitably. The statements in this press release are made as of the date of this release. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation, PrivCo, their securities, or their respective financial or operating results (as applicable).

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    SOURCE: Voltaic Minerals Corp.

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