Arizona Lithium Wraps Up 2024 Drilling Program at Prairie Project
AZL (AZL) Share Update November 2024 Monday 18th
Arizona Lithium Completes Multi-Pad Drilling Program at Prairie Project
Arizona Lithium Limited (ASX: AZL, AZLO, OTC: AZLAF) has successfully completed its 2024 multi-pad drilling program at the Prairie Lithium Project, marking a significant milestone in its exploration efforts.
Instant Summary:
- Completion of drilling at Pad #2 and Pad #3.
- Testing of Dawson Bay, Souris River, and Duperow Formations completed.
- Sub-surface producing unit established at Pad #1.
- Detailed engineering design for surface infrastructure underway.
- Resource upgrade expected in coming months.
- Each pad has an NPV of approximately US$150 million.
Drilling Program Completion
Arizona Lithium has concluded its 2024 exploration program at the Prairie Lithium Project with the completion of drilling at Pad #2 and Pad #3. The company focused on additional testing of the Dawson Bay, Souris River, and Duperow Formations, which has been successfully completed. The results of these tests, including grade information, will be released in the coming months.
At Pad #1, Arizona Lithium has established a sub-surface producing unit that includes a production well, a disposal well, and a brackish water source well. This development is a crucial step towards future production.
Future Developments
With the completion of the drilling program, Arizona Lithium is now focusing on the detailed engineering design of the surface infrastructure. The company is in discussions with technology providers and construction entities to advance these plans. The goal is to begin lithium production by late 2025.
The data collected from this year's drilling will contribute to an updated resource assessment, expected to be released soon. The company anticipates a resource upgrade based on this new information.
Project Overview
The Prairie Lithium Project is located in the Williston Basin of Saskatchewan, Canada, an area known for its mining-friendly environment. The project benefits from access to key infrastructure such as electricity, natural gas, and transportation networks. Arizona Lithium is committed to sustainable development practices, aiming to minimize the use of freshwater, land, and waste in its operations.
The completion of the drilling program and the establishment of a sub-surface producing unit at Pad #1 are positive developments for Arizona Lithium. These advancements bring the company closer to production, potentially increasing its stock value. The anticipated resource upgrade could further boost investor confidence.
Investor Reaction:
Analysts are likely to view the completion of the drilling program as a positive step towards production. The potential resource upgrade and the company's commitment to sustainable practices may attract environmentally conscious investors.
Conclusion:
Investors should keep an eye on the upcoming resource assessment and any further announcements regarding the detailed engineering design. Arizona Lithium's progress towards production could present significant opportunities for growth in the lithium market.