Salares Lithium Reporting Increase in Brine Bearing Reservoir RockOn July 2, Salares Lithium (TSX-V: LIT) announced further results of the ongoing the results of Transient Electromagnetic Surveys (TEM), completing work on the northern portion of Salar de la Isla, Salar de las Parinas, Salar de Aguilar and Salar Grande. The combined results on the project identified a substantial increase in the volume of the brine bearing reservoir rock. These cumulative surveys indicate a 31 percent increase, from 3.64 to 4.77 billion cubic metres, of the reservoir rock when a cut-off of 1 ohm per metre is applied. Salares Lithium had previously provided an expansionary update based on similar surveys utilized to more precisely define the saline-rich zones within the salars. In order to determine the actual brine content and eventual resource of this reservoir rock, information relating to the porosity, permeability and grade will be required from drilling and sampling. Last month, the world's largest lithium producer, Sociedad Quimica y Minera de Chile SA (NYSE: SQM), indicated interest in the salar concessions for Salares Lithium. The interest prompted Salares Lithium to initiate the process to transform over 39,000 Ha of concessions that cover the aerial extent of the brine lake from the current ‘exploration' concessions to ‘exploitation' concessions. This response to convert the exploration concessions to the more advanced exploitation concessions was required in order to maintain the legal exclusivity and preference on the concessions. Salares' Chief Executive Officer, Todd Hilditch indicated bullish sentiments regarding the announcement, "We are extremely pleased with the results of these additional surveys that have identified a substantial increase to our aquifer's reservoir rock or possible production zone. Based on the results and experience to date, we would expect that additional surveys to be completed could increase the known reservoir size".
Share prices of Salares Lithium have increased since the announcement from $0.53 to a high of $0.67 last Friday morning. The company is currently trading in the $0.60 range.With help from Assistant Editor Vivien Diniz Original article on Lithium Investing News