Energy & Critical Metals
Lithium South Drills First Production Well To 60 Metres Depth
Lithium South Development Corp (TSXV: LIS) appears to be focused on getting its Hombre North Lithium Project in the Salta
The post Lithium South Drills…
Lithium South Development Corp (TSXV: LIS) appears to be focused on getting its Hombre North Lithium Project in the Salta and Catamarca Provinces of Argentina into production. The company revealed this morning that it has completed its first production well at the project.
The well was drilled to a depth of 60 metres, and is now in the process of being cased and screened, after which a pump test will begin immediately.
At the same time, the company has issued a request for quotation for exploration of the Sophia II and Sophia III claim blocks, where it intends to drill up to two test wells to confirm the presence of water. The concessions were originally acquired in early 2022 for their water sources as well as for future plant and processing facilities.
The completion of the first production well follows the company last week indicating that it intends to update a preliminary economic assessment conducted on the HMR Project. The original PEA, released in 2019, outlined an after-tax NPV (8%) of US$217 million, and an internal rate of return of 28.0%. That study was based on average annual production of 5,000 tonnes of lithium carbonate over a 30 year mine life.
The revised PEA is set to use an initial design capacity of 15,000 tonnes per year of lithium carbonate production, and will use an updated resource that amounts to 1.58 million tonnes of lithium carbonate equivalent at an average grade of 736 mg/l lithium. The revised PEA is slated to be based on a conventional evaporation lithium recovery method.
Lithium South Development Corp last traded at $0.33 on the TSX Venture.
Information for this story was found via Sedar and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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