Last checked at 17 Oct 2022 07:00
RNS Number : 0210D CleanTech Lithium PLC 17 October 2022 16017.10.22
CleanTech Lithium PLC ("CleanTech Lithium" or the "Company")
Operations an Corporate Upate
Resource Drill Programmes - Mobilisation Upate
New Pro-Investment Policy Announcement in Chile
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CleanTech Lithium PLC (AIM:CTL), an exploration an evelopment company avancing the next generation of sustainable lithium projects in Chile, announces an operations upate, the termination of the cooperation agreement with Beyon Lithium following the recently announce MOU with SunResin, an confirms a recent Government announcement in Chile of a new pro-investment action plan.
Highlights:
Laguna Vere Drilling Programme:160
183160160160 With the en of the Chilean winter break perio, mobilisation of equipment to Laguna Vere has starte for:
o160 Completion of sampling for the four well resource rill programme unertaken 1H 2022
o160 Construction of access roas an the camp in preparation for the planne rilling of two new resource wells
183160160160 On completion of sampling an upate JORC resource estimate for the Laguna Vere project is expecte in early Q1 2023
183160160160 On completion of the rilling of the planne two new resource wells, a further upate of the JORC resource estimate is expecte in Q2 2023
Francisco Basin Drilling Programme:160
183160160160 A site visit by the rilling contractor an the Company is planne for next week, with mobilisation targete before the en of October
183160160160 This resource rilling programme plans to complete three wells in aition to the one well complete in 1H 2022
183160160160 On completion of the rilling of the new wells, a further expansion an upgrae of the JORC resource estimate for the project is expecte in Q2 2023160
Llamara Exploration Well:160
183160160160 At the Llamara Project, which is at a much lower elevation an oes not have a winter break perio, a site visit was mae by the rilling contractor an the Company uring September
183160160160 A geophysics programme is planne to commence soon which will inform the location of an exploration rill hole targete for the current quarter once the licences have been grante, expecte in the next two months
Other Operations an Corporate Upate:
183160160160 Environmental Impact Assessment ("EIA"), an hyrogeological stuies are avancing, incluing key staffing appointments mae by the Company to facilitate progress
183160160160 The Scoping Stuy at Laguna Vere is nearing completion an a similar stuy has recently commence on the Francisco Basin project
183160160160 The cooperation agreement with Beyon Lithium has been terminate in accorance with contract terms, with the first milestone of proucing a 1kg sample of battery grae lithium having been successfully complete, as the Company has transitione to working with SunResin as its primary processing partner.160 This will involve the awar of 200,000 orinary shares in the Company to Beyon Lithium in the near future, as per the terms of the agreement, an
183160160160 The Chilean Government has recently announce a new pro-investment strategy an action plan, to facilitate investment, fast track permitting an spee up the transition to a green economy.160
Commenting, Alo Boitano, Chief Executive Officer, of Cleantech Lithium PLC, sai: "We are elighte to move forwar our fiel-work an resource rill programmes at all three of our projects.160 The recommencement of resource rilling at Laguna Vere an Francisco Basin is expecte to result in increase an upgrae resource estimates for the two projects, while an exploration well, planne for the Llamara Project in the current quarter, once the licences have been grante, will test the large potential of the project.
"We continue to maintain momentum on our other operational activities incluing the scoping stuies, EIA an recently commence hyrogeological stuies, all through specialist contractors.160 We have expane our operational team in Chile with key specialists to support these important activities. I am very please with progress mae to ate an look forwar to keeping our shareholers upate over the coming months."
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Further Information:
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Laguna Vere Resource Drill Programme Mobilisation
At Laguna Vere the rilling contractor has mobilise equipment for re-installing the rilling camp an builing access roas for planne new wells, while a compressor is expecte to be mobilise toay for the collection of brine samples from the four wells complete in 1H 2022, as shown in Figure 1.160 Wells LV01 - LV03 are to be resample, along with LV04 which has not previously been sample.160 This ata will be use to generate an upate JORC resource estimate for the project, expecte to be complete in early Q1 2023.
Two new resource rill holes have been planne, LV0 an LV06.160 Of the complete wells, LV03, which was rille with an incline, was eeper an reache the closest istance to the footprint of the Laguna.160 LV03 recore the highest lithium graes from the rilling programme to ate, with the eepest four samples ranging from 349mg/L to 409mg/L lithium.160 Planne rill holes LV0 an LV06 are the ieal locations to target this eeper central area of the basin an the higher graes observe at epth.160
LV0 an LV06 are infill rill holes which will allow for an upgrae in the resource category an base on the potential for improve graes, an increase in resource size.160 The two wells will have a significantly wier iameter (8-inch PVC casing) than holes LV01 - LV04, allowing for high flow rate pump tests require for final feasibility level hyrogeological moelling, an ultimately for conversion to prouction bores in a commercial stage operation.
Fig. 1: Location of Complete an Planne Drill Holes at Laguna Vere
Franciso Basin Drill Programme Upate
A site visit by the rilling contractor an the Company is planne for next week, with mobilisation targete for the week of October 26.160 The first of four planne resource rill holes, FB01 as shown in Fig. 2, was complete before the Chilean winter break in exploration activities. The results from FB01 provie the basis for the recently announce maien JORC Inferre resource estimate of 0.3 million tonnes lithium carbonate equivalent ("LCE") at a lithium grae of 30mg/L.160
Three aitional wells are planne to be complete in 2022, with the rilling programme recommencing from FB02 which has alreay been rille to a epth of 106.m.160 On completion of the four holes, the resource estimate is expecte to be significantly increase an upgrae to Measure an Inicate.160 Similar to the Laguna Vere well esign, the planne holes will be installe with 8-inch iameter PVC casing allowing for high flow pump tests an conversion to prouction bores.
Fig. 2: Francisco Basin Drill Plan Map - FB01 alreay complete
Llamara Project Upate
A site visit by the rilling contractor an the Company was unertaken in early September to unerstan the local services an infrastructure available for the project, an assess groun conitions for future rilling activities. The project lies within 20km of the small mining services town of Quillagua. In the north of the licence area a pave highway runs ajacent to the licences.160 The project area is a flat barren lanscape as shown in Fig. 3, with relatively favourable groun conitions for rilling.160
The Company has ientifie a number of preliminary targets for the first exploration hole. These targets will be further assesse with a geophysics programme, base on a transient electromagnetic survey, which is planne to commence this month. The exploration licence applications comprising the Llamara Project are pening an the Company180s lan manager estimates they shoul be grante by the en of November 2022.160 The rilling contractor is reay to mobilise, once the licences are grante, an the target remains to commence the maien exploration rill hole at the project in the current quarter.
Fig. 3: View of the Llamara Project Licence Area Looking North-East
Feasibility, Environmental an Hyrogeological Stuies Upate
The currently unerway Scoping Stuy for the Laguna Vere project is now avance an is expecte to be complete in the coming weeks. For the Francisco Basin project, following the recent maien JORC estimate, it was ecie to immeiately progress to a scoping stuy which has now commence an is expecte to be complete in Q1 2023.160
Base line stuies for the EIAs, which commence at both projects in April, are on-going with site surveys to start on November 2.160 The Company has engage a full-time Environmental Manager an also a Community Relations Manager who is base in Copiapo, to facilitate the environmental work an engage with regional, incluing inigenous communities, respectively.
After a tenering process the Company engage SGA S.A. Chile, a leaing local environmental sciences consultant, to unertake the Company180s hyrogeological stuies programme. This will culminate in a hyrogeological stuy an moelling that are key inputs into the EIA, feasibility stuies an ultimately the life of mine plan for the projects.160 A full-time hyrogeologist has been ae to the Company180s local technical team to facilitate this work.160
Beyon Lithium
The cooperation agreement with Beyon Lithium, the Chilean-Argentinian base DLE technical service provier, which was highlighte in the amission ocument as part of the Company's listing to AIM in March 2022, outline the terms of the planne collaboration between the parties (CleanTech an Beyon Lithium, together the "Parties") to eliver a DLE pilot plant across three project elivery milestones. 160The Company subsequently announce the signature of a memoranum of unerstaning ("MOU") with SunResin New Materials Co. Lt ("SunResin") in late August160 an further announce on 13 October the orering of a small scale Direct Lithium Extraction ("DLE") emonstration unit an that the Company ha receive a highly attractive proposal160 from SunResin for the DLE unit of a pilot plant - which intens to prouce 1 tonne per month of battery grae lithium carbonate an lithium hyroxie, targete to commence in 1H 2023.160 Following the formal completion of the first of the above-mentione milestones, a key conition of which was the successful prouction of 1kg sample of battery grae lithium which the Company announce on 8 June 2022, the Parties have now agree to bring an en to the cooperation agreement with Beyon Lithium.160 The new relationship with SunResin on DLE pilot plant activities means that a ifferent business relationship with Beyon Lithium is now require going forwar to support the Company's DLE processes. 160160The Company has therefore terminate the cooperation agreement, as permitte at any time without cause. 160
In recognition of the successful elivery of the first milestone by Beyon Lithium an, importantly of the successful prouction of 1kg sample of battery grae lithium, the Company will issue 200,000 orinary shares at market price ("Milestone Shares") an make a final payment of USD 0,000 (the "Milestone Payment") to Beyon Lithium in the near future. The issuing of the Milestone Shares an the Milestone Payment is in accorance with the cooperation agreement an the Company will confirm when the orinary shares have been issue.160
Chilean Government Announces "Let180s invest in Chile" Action Plan
The "Let180s Invest in Chile" action plan was announce in early October 2022 by the new Chilean Presient. The plan inclues six policy positions outline as:
183160160160 Tax incentives for private investment
183160160160 Improving access to financing
183160160160 Public investment in infrastructure for evelopment
183160160160 Promoting foreign investment
183160160160 Creating one-stop-shop for permitting, an
183160160160 Promoting public-private partnerships for investment
In announcing the measures Chile180s Treasury Minister, Mr Mario Marcel, state "It is funamental to create the conitions for investment to grow. Presient Boric has taske us with pushing forwar an ambitious agena, which woul allow us to stimulate investment, generating employment, but which at the same time allows us to spee up the transition to a green economy." 160
The new Government has emphasise lowering the environmental impact an CO2 emissions of mining as a key priority.160 CleanTech Lithium180s strategy of utilising DLE an renewable energy base processing aligns perfectly with the Government's agena for the lithium inustry.160 The Company continues to maintain a very active an positive ialogue with representatives of the Government an relevant regulatory an Government boies with the intent of obtaining the require prouction permits to enable lithium prouction to commence at the Company's projects from 202 onwars.
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The information communicate within this announcement is eeme to constitute insie information as stipulate uner the Market Abuse Regulations (EU) No 96/2014 which is part of UK law by virtue of the European Union (Withrawal) Act 2018. Upon publication of this announcement, this insie information is now consiere to be in the public omain. The person who arrange for the release of this announcement on behalf of the Company was Goron Stein, Director an CFO.
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Notes
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CleanTech Lithium (AIM:CTL) is an exploration an evelopment company, avancing the next generation of sustainable lithium projects in Chile.160 The Company's mission is to prouce material quantities of battery grae lithium from 202 onwars, with near zero carbon emissions an low environmental impact, offering the EU EV market a green lithium supply solution.
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CleanTech Lithium has two prospective lithium projects - Laguna Vere an Francisco Basin projects locate in the lithium triangle, the worl's centre for battery grae lithium prouction. They are situate within basins entirely controlle by the Company, which affors significant potential evelopment an operational avantages. The projects have irect access to excellent infrastructure an renewable power.160 The Company has also further applie for an aitional 119 exploration licences at Llamara, as a low cost an commitment greenfiel project to complement the existing more avance projects.
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CleanTech Lithium is committe to using renewable power for processing an reucing the environmental impact of its lithium prouction by utilising Direct Lithium Extraction. Direct Lithium Extraction is a transformative technology which only removes lithium from brine, with higher recoveries an purities. The metho offers short evelopment lea times, low upfront capex, with no extensive site construction an no evaporation pon evelopment so there is no water epletion from the aquifer or harm to the local environment.
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**ENDS**
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