- Alpha Lithium (ALLI) has announced it has started drilling the deepest production well ever undertaken in the third phase of the drilling program at Tolillar Salar
- The company is still drilling two rigs, with one of them now moved south at Tolillar Salar
- The second rig will drill a freshwater well in the northeast part of Tolillar Salar
- Once Phase 3 drilling is finished, Alpha Lithium will provide an NI 43-101 Resource Estimate
- Shares of Alpha Lithium were up 1.27 per cent to C$0.80 as of 1:#8 p.m. EDT
Alpha Lithium (ALLI) has started drilling the deepest production well ever undertaken in the third phase of the drilling program at Tolillar Salar.
The company is currently drilling with two rigs — the first of which has moved south at the project and is drilling the first Phase 3 exploratory hole.
"This next well is an exciting one. We are drilling into a deep, previously unexplored horizon at the southernmost extent identified by our earlier geophysical programs. While this horizon has been favorably developed and explored in the neighboring Hombre Muerto salar, it has never been explored at this depth before," Brad Nichol, president and CEO of Alpha Lithium, said in a release.
Once the second rig has finished production testing on the Phase 2 hole, it will then drill a freshwater well on the northeast side of Tolillar Salar.
Tolillar Salar's neighbour, Hombre Muerto salar, has been producing lithium for over 20 years and is recognized as the world's second-best lithium brine salar.
With the company's 100 per cent ownership, the Tolillar Salar is one of the last remaining underdeveloped salars in Argentina's Salta Province.
The property spans over 27,500 hectares and has a proven track record of lithium offers reducing exploration risk. The project also contains 10 exploitation concessions registered in the Salar de Tolillar basin.
Shares of Alpha Lithium were up 1.27 per cent to C$0.80 as of 1:18 p.m. EDT.