Advantage Lithium Corp. (OTCQX: AVLIF) is engaged within the exploration, development, and extraction of lithium properties. Shares of the lithium mining company are rallying 10.98%, through early trading on Friday, September 29, 2017. Over the past month, Advantage Lithium Corp. has seen average daily volume of 67,922 shares. However, volume of 211,630 shares or dollar volume of $102,153, has already exchanged hands on the day.
Shares of Advantage Lithium Corp. are gaining today, after the company announced that it has completed results from the sampling from the 48 hour preliminary pumping test on CAU10 in Cauchari JV Project. The company now has 30 primary assay results from preliminary pump test at CAU10. Here is the full press release detailing of the drilling results:
Advantage Lithium Corp. Press Release:
VANCOUVER, Sept. 25, 2017 /CNW/ – Advantage Lithium Corp. (the “Company” or “Advantage Lithium”) (TSX Venture: AAL) (OTCQX: AVLIF) is pleased to announce the complete results from sampling over the 48 hour preliminary pumping test on CAU10 in the southeast of the Cauchari JV, where three drill rigs are now expanding the depth and lateral extent of the existing NI43-101 mineral resource dated December 20161.
Advantage has now received all the 30 primary assay results from the preliminary pumping test on well CAU10 installed in the SE sector (see hole location in Figure 1 below) of the Cauchari JV. This well was installed with filter sections between 50 and 340 metres. Results have returned an average lithium grade of 682 milligrams per liter (mg/l) over the period of 48 hours, consistent with the initial average of 678 mg/l over the first 6 hours of this test. This is positive as it confirms lithium grades have been maintained throughout the pumping test, with an excellent Mg/Li ratio averaging 2.2/1 over the 48 hour test period.
This lithium concentration and Mg/Li ratio are directly comparable to that defined during exploration at the now producing Olaroz project, 20 km to the north of the Cauchari JV (refer to the NI43-101 Technical Report on the Salar de Olaroz Lithium Potash Project by Houston and Gunn, May 13, 2011). Systematic double-packer sampling of individual filter sections will proceed shortly over the total 340m depth of the developed well.
The second rotary drill rig has completed installing hole CAU09, also in the SE sector approximately 2.5km from CAU10, and samples from the preliminary pumping test will be announced when they are to hand in the next few weeks.
The third drill rig, a diamond drill machine, is currently set up on hole CAU07 in the NW sector of the property where the hole is drilling ahead at 240 m. This hole to date has intersected significant sandy material, which is positive with regards to porosity. Brine sample results will be provided when available.
Said President & CEO Mr. David Sidoo: “The Cauchari drilling program continues to advance and add to our knowledge of brine and porosity conditions in the salar, showing similarities to the Olaroz project. We look forward to providing assay results and additional information as they come to hand from the drilling in one of the most prospective locations in Argentina and the Lithium Triangle.”
The technical information in this news release has been reviewed and approved on behalf of the Company by Murray Brooker, MAIG, RPGEO, a “Qualified Person” as defined in NI 43-101.
About Advantage Lithium Corp.
Advantage Lithium Corp. is a resource company specializing in the strategic acquisition, exploration and development of lithium properties and is headquartered in Vancouver, British Columbia. The common shares of the Company are listed on the TSX Venture Exchange (TSX-V: AAL), and the Company is also traded on the OTCQX Best Market in the U.S. (OTCQX: AVLIF). The Company has acquired a 100% interest in five projects in Argentina and up to a 75% interest in a sixth, called Cauchari. Cauchari is located just 20 km south of Orocobre’s flagship Olaroz Lithium Facility.
Further information about the Company can be found at www.advantagelithium.com.
ADVANTAGE LITHIUM CORP.
Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “is expected”, “intends”, or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Advantage that involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.