{kanada_flagge}Recent geophysical surveys at its 90 km² OCA lithium project in northern Chile have immediately identified several prospective zones that exhibit typical saline aquifer characteristics, according to First Lithium Minerals Corp. (CSE: FLM; FRA: X28).
The bottom line: thanks to its high-yield salars, Chile is the world’s second-largest lithium producer. Just how important lithium has become to the country is evident from the fact that lithium company SQM brought more tax revenue and royalties into its coffers in the first half of 2022 than state-owned copper company Codelco. Still, conditions for junior lithium exploration in Chile are challenging. That explains why First Lithium, along with Lithium Chile (TSXV:LITH), are among the few early-stage companies active in Chile. Yet the geological conditions for discoveries could hardly be better. First Lithium believes that new lithium discoveries always have a high value – especially if they are significant. The company’s next step will be to combine the results of geophysics and geochemistry to define the optimal drill targets. First Lithium is still a microcap with currently $12 million CAD market capitalization and (at the end of July) $4.4 million CAD cash.
{kanada_flagge}Recent geophysical surveys at its 90 km² OCA lithium project in northern Chile have immediately identified several prospective zones that exhibit typical saline aquifer characteristics, according to First Lithium Minerals Corp. (CSE: FLM; FRA: X28).
A total of 28 profiles were established along 47.8 kilometers of survey lines, each spaced 500 to 1000 meters apart. Low resistivity geophysical surveys are considered indicative of possible lithium brine deposits. The geophysical surveys indicated highly conductive horizontal zones of less than 1.0 Ohm-meters and up to 400 meters (m) thick, located approximately 100-200 m below surface.
The OCA Lithium Project consists of the three salars of Ollague, Carcote and Ascotan in the Antofagasta region of northern Chile. The concession area is located on the border with Bolivia in the eastern part of the Atacama Desert at an elevation of approximately 3,700 meters above sea level. The salars correspond to terminal lake structures with surface crusts composed primarily of gypsum and halite, and sediments mixed with dendritic material, salt compounds and subsurface brines. Mineralization in the salars consists primarily of chloride and sulfate brines, sands, silts, clays, and salt compounds. Significant infrastructure such as roads, highways, railroads, power lines, skilled labor, and major operating mines for copper and industrial minerals are located in the vicinity of the project.
Two sectors in particular, the northeast property areas in the Salar de Carcote (approximately 1,275 ha) and the Salar de Ascotan (approximately 1,775 ha), showed promising geophysical characteristics, with responses as low as 0.2 Ohm-meters identified as priority high conductivity targets for further exploration as prospective mineralized saline aquifers (Figure 1 and Figure 2).
Figure 1: OCA Lithium Project. Salar de Carcote, northeast exploration concessions, prospect area. Pink color represents low resistivities of less than 0.5 Ohm-meters in some areas.
Figure 2. OCA Lithium Project. Salar de Ascotan, northeast exploration concessions, prospect area.
Rob Saltsman, CEO and Director of First Lithium Minerals, commented, “It is very encouraging that our first systematic exploration in the salars has discovered two priority target areas with highly conductive zones open at depth. We are now working to evaluate all available data to best define our prospective drill targets.”
The bottom line: thanks to its high-yield salars, Chile is the world’s second-largest lithium producer. Just how important lithium has become to the country is evident from the fact that lithium company SQM brought more tax revenue and royalties into its coffers in the first half of 2022 than state-owned copper company Codelco. Still, conditions for junior lithium exploration in Chile are challenging. That explains why First Lithium, along with Lithium Chile (TSXV:LITH), are among the few early-stage companies active in Chile. Yet the geological conditions for discoveries could hardly be better. First Lithium believes that new lithium discoveries always have a high value – especially if they are significant. The company’s next step will be to combine the results of geophysics and geochemistry to define the optimal drill targets. First Lithium is still a microcap with currently $12 million CAD market capitalization and (at the end of July) $4.4 million CAD cash.
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