CleanTech Lithium (CTL) , a Chile-focused lithium explorer, confirmed the drilling of a second well as part of the recently commenced work programme at its flagship Laguna Verde project in northern Chile.
CleanTech said two drill rigs are now operating simultaneously at Laguna Verde with the first well (LV07) having reached a depth of 300m of the target 730m and samples being collected for analysis. The second well LV11 started on January 17, 2024 with a targeted depth of 550m.
The current drilling programme at Laguna Verde aims to convert resources into reserves and upgrade the existing JORC resource estimate of 1.8 million tonnes of lithium carbonate equivalent (LCE). The programme has been designed in collaboration with Montgomery & Associates, a leading hydrogeology and resource evaluation consultancy.
CleanTech will report results from the drilling and planned pump test and reinjection tests during 1H 2024. An updated JORC reserve report is targeted for July 2024.
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CleanTech's active drilling programme at Laguna Verde is advancing on schedule, expected to yield a significant upgrade in the existing resource estimate of 1.8m tonnes LCE, and further establish the commercial opportunity for the brine-based lithium project. With two rigs now operating simultaneously 24 hrs a day at the site, results from the drilling and reinjection tests are expected to come out at a quick pace throughout the first half of 2024.
With the first well drilled to 300m of the planned 730m, and the second already commenced with a target depth of 550m, CleanTech is aiming to rapidly develop the prospective Laguna Verde project and increase the commercial value of the venture ahead of talks with strategic partners looking for reliable suppliers of lithium amid growing demand from the EV and grid storage industries.
CleanTech is also nearing completion of its DLE pilot plant, which should help the upcoming pre-feasibility study for Laguna Verde, in turn derisking the project further and accelerating discussions with partners. Investors have much to look forward to in the coming months, including results from Laguna Verde's drilling programme, completion of Laguna Verde's PFS, and analysis of results from the DLE pilot plant.
CleanTech's ESG credentials are underpinned by its usage of DLE or Direct Lithium Extraction technology. DLE is a more modern and sustainable method of extracting lithium with significant environmental and cost benefits. In contrast to older methods, DLE has a much smaller geographical footprint, enabling cheaper and more efficient production while reducing aquifer depletion. CleanTech has also committed to using 100% renewable energy in its lithium extraction and processing.
The company remains well-funded following November's fundraise. In the likely event that the Chilean government enters a partnership with CleanTech, we expect significant near-term upside as the company's two main projects are streamlined toward production by 2027.
Investors interested in sustainable lithium mining utilising DLE technology should CleanTech Lithium. Further information on the company's projects in Chile will be made available during a webinar hosted by CTL's Executive Chairman Steve Kesler and CEO Aldo Boitano on Wednesday, 24th January at 6:00pm (GMT). Advance registration is available here.