An operational update today highlights what a busy year it’s been for CleanTech Lithium (CTL), as it attempts to take one of the world’s most important battery-grade lithium prospects through to production.
The company is running three simultaneous drilling and development programmes in the country, which is home to the world’s largest lithium reserves. It’s exploring across a total licence area of over 500km2 and has already delivered a maiden resource estimate of 1.51m tonnes at its smallest license, the 67km2 Laguna Verde.
At Laguna Verde, a three-hole drilling programme has been completed, with further laboratory sampling and hydrogeological modelling next on the agenda before the delivery of an upgraded resource estimate this quarter and a pre-feasibility study (PFS) by the end of the year.
The PFS will also incorporate the results of process test work from its Direct Lithium Extraction (DLE) demo unit at its site in Copiapó and from its DLE partner Sunresin’s site in China.
DLE reduces the need for large scale evaporation ponds when extracting lithium from brine, reducing environment harm and depletion from aquifers, and therefore key to CleanTech’s sustainable approach to lithium production. Its larger pilot plant which will produce 1 tonne of battery grade lithium carbonate per month is due for commissioning in the third quarter of this year.
Drilling is also continuing at its second licence, Francisco Basin, as part of a further scoping study to extend the 0.52m tonne resource estimate established after the completion of the first hole there. That’s expected to be completed by the end of the second quarter. Although the licence is harder to access than Laguna Verde, its grades across a larger licence area of 110km2 could be higher at 305mg/L.
Lastly, drilling at its largest prospect, the 357km2 Llamara Project, is expected to begin in April. The greenfield site has never been drilled for lithium, but sits within one of the largest basins within Chile’s lithium triangle with indications of a very large hypersaline aquifer.
Aldo Boitano, Chief Executive Officer, commented: "As CleanTech Lithium's momentum continues, moving from the exploration to development stage, we have seen a record level of technical and operational activity over the past few months with six wells being planned, drilled, completed, or tested simultaneously.”
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News that Steve Kesler is stepping into the role of executive chairman is yet another piece of encouraging news for CleanTech Lithium’s investors, bolstering an already strong team that are making tremendous strides delivering this high potential prospect.
The company is also continuing the expansion of its operational and support team in Chile, adding 80 contractors to its current team of 20, and opening an office in Copiapó to manage its fast-growing operations.
As well as overseeing operational activity, the office will manage regulatory and community engagement issues, which along with its low-environmental footprint will be a key factor in producing the ESG-compliant lithium demanded in EU markets.
It’s little surprise, then, that the well-funded explorer ended up as one of Investors’ Chronicle stock picker Simon Thompson’s Bargain Shares for 2023.