Patagonia Lithium Hits High-Grades in First Drill Well at Formentera Project

Patagonia Lithium Ltd (ASX: PL3) has delivered a 591ppm lithium assay in a 21 metre aquifer zone at the Formentera Lithium Project in northern Argentina.

There was a much broader result from 170 metres to 370 metres exceeding 235ppm lithium.

Patagonia has two major lithium brine projects being the Formentera/Cilon in the Salar de Jama, Jujuy province, and the Tomas III at Incahuasi Salar in the Salta Province.

The area is known as the lithium triangle.

Formentera is also prospective for borates.

World-class indications

Phillip Thomas, executive chairman, commented:

“I’m overwhelmed with the superb results from this well.

“An interval of 200 metres with lithium values over 235ppm is truly an indication of a world class project.

“Additionally, we have the great brine flow results previously announced.”

Brine flow is as important as lithium assay values and the company have achieved evidence of both parts of the equation for a prospective successful project.

More results are pending.

The company is exploring for rare earths, niobium and lithium in pegmatites.

Tight register

The company held $2.1 million in cash at the end of March 2024, and has a tight register of just 58.6 million shares.

 

 

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