Patagonia Lithium Ltd Announces Exceptional Brine Release Test Results at Formentera
PL3 (PL3) Share Update September 2024 Tuesday 17th
Patagonia Lithium Ltd Achieves Outstanding Results from Well Three Pump Test
Patagonia Lithium Ltd (ASX:PL3) has announced remarkable results from their recent brine release pump test at the Formentera Lithium Project in Northern Argentina. The test demonstrated the aquifer's ability to sustain high pump rates, confirming the project's viability.
Instant Summary:
- 187,000 liters of brine released over a 72-hour pump test.
- Average pump flow rate of 2,597 liters per hour.
- Brine level dropped to only 24.8 meters from the surface during pumping.
- Aquifer recovered to 21.5 meters after three hours.
- Lithium assay packer sample showed high lithium content ranging from 336 to 470 ppm.
- Diamond drill core exhibited high porosity from 90m to 376m.
- Aquifer interval depth exceeded 218 meters.
Test Results and Implications
The recent brine release test conducted by Patagonia Lithium Ltd at their Formentera Lithium Project in Northern Argentina has yielded exceptional results. Over a 72-hour period, a total of 187,000 liters of brine was released, with an average pump flow rate of 2,597 liters per hour. Despite the high pump rates, the brine level only dropped to 24.8 meters from the surface, showcasing the aquifer's impressive capacity.
Notably, the aquifer showed a quick recovery, with the brine level returning to 21.5 meters just three hours after the test concluded. This rapid recovery indicates the aquifer's robustness and potential for sustained production.
High Lithium Content Confirmed
The lithium assay packer sample from the aquifer zone confirmed high lithium content, with values ranging from 336 to 470 ppm. This is a promising indicator of the project's potential to produce significant quantities of lithium, a critical component in the production of batteries for electric vehicles and other technologies.
Additionally, the diamond drill core revealed high porosity in the geological formations from 90 meters to 376 meters, further supporting the project's viability. Porosity and packer tests indicated that the aquifer interval extends to a depth of more than 218 meters.
Project Viability and Future Prospects
Phillip Thomas, Executive Chairman of Patagonia Lithium Ltd, expressed his satisfaction with the results, stating, 'These results are excellent and reflect the high porosity geology in the Paso basin. Sustaining these pump rates proves the viability of the project, and well 4 located in the middle of the salar looks promising.'
The successful test results are a significant milestone for the Formentera Lithium Project, enhancing its prospects for future development and production. The company is now well-positioned to advance its exploration and development activities, with the potential to become a key player in the lithium market.
The successful brine release test at the Formentera Lithium Project is likely to have a positive impact on Patagonia Lithium Ltd's stock. The confirmation of high lithium content and the aquifer's ability to sustain high pump rates are encouraging signs for investors. These results could lead to increased investor confidence and interest in the company's shares.
Investor Reaction:
Analysts are expected to react positively to the test results, given the high lithium content and the aquifer's demonstrated capacity. The successful test strengthens the project's viability and enhances the company's prospects in the competitive lithium market. However, investors will be closely monitoring the company's next steps and further developments in the project.
Conclusion:
Investors should keep a close eye on Patagonia Lithium Ltd as the company continues to advance its Formentera Lithium Project. The recent test results are promising, and the project's potential to produce significant quantities of lithium could make it a valuable asset in the growing lithium market. Stay informed and consider the long-term potential of this emerging player in the lithium industry.