- Chile’s
lithium exports reached $85 million in July, more than double that of the
same month last year
- Exploratory
drilling at Ollague discovers a major zone of brine 110 meters below
surface in first hole
- Lithium
Chile wholly owns 152,900 hectares in the world’s highest-grade lithium
district making it the largest lithium project landholder outside of the
government and SQM
Chile’s lithium exports are soaring, with production hitting
$85 million in July, more than double that of July 2017. Additionally, the
country’s lithium revenues have gone up more than 51 percent since the start of
2018 (http://ibn.fm/eKT7s).
The largest private owner of lithium-rich land in the South
American country, Lithium Chile, Inc. (TSX.V: LITH) (OTCQB: LTMCF) is
continuing its progress toward taking a serious stake in this fast-growing
market, with exploratory drilling at its wholly owned Ollague property yielding
promising results. The company recently released an update on the work at the
property and reported that a 180-meter zone of brine has been found just 110
meters below the surface (http://ibn.fm/6kGuS).
Samples of this brine are currently being assayed by an
internationally-accredited laboratory to identify the presence of lithium and
assess its concentration.
Lithium Chile director and expert in the South American
lithium sector, Andrew Bowering explained that, while 70 percent of the world’s
lithium occurs in Bolivia, Argentina and Chile, Bolivia does not allow foreign
ownership and therefore no lithium production comes out of that country, and Argentina
has significantly lower lithium grades than Chile, with less overall lithium
and less opportunity. “We’re going to see a lot more foreign investment coming
into Chile as a result of changing mining conditions,” Bowering said in a news
release.
Chile also has the lowest lithium production costs in the
world. Australia, for example, another of the world’s largest producers, has to
extract lithium out of hard rock. This costs magnitudes more than in Chile,
whose lithium reserves are held in brine found underneath the country’s
northern salt flats.
Lithium Chile owns 15 projects in the world’s highest-grade
lithium district. The company fully owns 152,900 hectares located within 14
salars and one laguna complex. The samples taken to date are very promising,
and this is just the first drill hole of what is set to be a multi-project
program. With $8 million in working capital and exploration well underway, the
company is aiming for resource estimates later this year.
“After amassing one of the largest lithium land packages in
Chile, we have now begun drilling on one of our more advanced projects which
have had sampling and geophysics completed on them,” Lithium Chile President
and CEO Steve Cochrane said in a news release. “The new government has been
clear in its support for the lithium sector and we are similarly encouraged by
the strong community support we have received. This is an exciting new growth
phase for the Company and our goal is to maximize our early-mover exploration
advantage in Chile.”
Lithium Chile has assembled a team of industry heavyweights
to lead it forward as it realizes its potential. Between them, the team has
accumulated many decades of experience in the natural resources and mineral
exploration sectors. Crucially, it also has excellent in-country connections
thanks to its VP of exploration and chief geologist, Terry Walker, who has been
based in Chile for the last 25 years. These connections have enabled the
company to get community support for its drill programs and start drilling
while competing explorers have yet to mobilize a single drill rig.
The rise in electric vehicles is fueling world lithium
demand, since lithium is a key component of the batteries that power these
vehicles. Some industry experts estimate that 80 percent of all new vehicle
sales will be electric within the next 15 years. Numerous governments around
the world, including heavyweights like China, are throwing their weight behind
the electric vehicle revolution. A number have already legislated future bans
on gas-driven cars within the next two decades, and others are planning similar
bans. According to Grand View Research, the global lithium-ion battery market
is expected to reach $93.1 billion by 2025, growing at a CAGR of 17 percent (http://ibn.fm/yJ5sI).
For more information, visit the company’s website at http://ibn.fm/LTMCF
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