DGAP-News: Millennial Reports Positive Pumping Test Results from Second Pumping Well at Pastos Grandes Project, Argentina

Nachricht vom 11.02.201911.02.2019 (www.4investors.de) -


DGAP-News: Millennial Lithium Corp. / Key word(s): Miscellaneous

Millennial Reports Positive Pumping Test Results from Second Pumping Well at Pastos Grandes Project, Argentina
11.02.2019 / 14:31


The issuer is solely responsible for the content of this announcement.

Vancouver, British Columbia--(Newsfile Corp. - February 11, 2019) - Millennial Lithium Corp. (TSXV: ML) ("Millennial" or the "Company") is pleased to report encouraging results from an extended pumping test of a second production-scale well at its Pastos Grandes Project in Salta, Argentina. Pumping well PGPW17-04 was installed to complete extended pumping of lithium brine to determine the robustness and chemical variation of the aquifer over 23 days in September, 2018. At a pumping rate of 15 litres/second (L/s), the lithium content remained consistent over the trial period and the drawdown was approximately 57 metres (m), with rapid recovery. Estimated transmissivity was calculated from the drawdown data at 40m2/day. The pumping test was completed under the direction and supervision of Montgomery and Associates. Millennial President and CEO, Farhad Abasov, commented: "Millennial is very pleased with the results of this second pumping test in the central portion of the Company's land position at Pastos Grandes over a significant 23 day time frame. This is another important milestone in our ongoing development program. The pumping rate was 15 L/s from September 7 to 30th with a draw-down of 57m with full recovery to initial levels after 24 days of recovery. Lithium concentrations remained consistent throughout the pumping test ranging from 482 mg/L to 518 mg/L and averaging 495 mg/l. The transmissivity of the 40m²/day is encouraging and indicates the aquifer has good potential to sustain long term pumping at 15 L/s The brine from the pumping test was utilized to feed the large scale pilot ponds currently in operation which will provide concentrated brine for the Company's pilot plant scheduled for operation in Q2, 2019. With a strong cash position Millennial is on track to produce an updated 43-101 resource report in Q1 and complete the Bankable Feasibility Study in Q2 2019."Well PGPW17-04 was drilled using the mud rotary method to a total depth of 475m using 15" and 13.5" diameter drill bits. The well was completed with 10" and 6" diameter steel pipe with 10" blank pipe for the section from 0m to 113.4m, with 6" slotted pipe for the section from 113.4m to 464.3m and 6" blank casing from 464.3m to 470.4m with an end cap. The annular space between the borehole and the casing were filled with gravel pack.Constant flow pumping test was completed with a flow rate of 15.2 L/s with 23 days of pumping and 24 days of recovery water level measurements (See Table 1). Maximum drawdown was approximately 57m which was achieved after 2 days and full recovery of the well was observed after 24 days.Table 1. Summary of Pumping Test at Well PGPW17-04Well IDTotal Depth (m)Pumping Duration (days)Initial Water Level (m bmp)*Maximum Drawdown(m bmp)*Pumping Rate (L/s)PGPW17-04470.35234.7157.1115.2 The drawdown and recovery data provides the basis for the calculation of the aquifer transmissivity, the rate at which the brine moves through the aquifer. The best estimate of the transmissivity is 40 square metres per day (m²/d) and is considered to be good for fine-grained aquifers. Based on this transmissivity calculation, the aquifer has good potential to sustain a long term pumping rate of 15 L/s.Brine sampling during the pumping test was completed every on a daily basis to determine the variation in brine chemical composition over the entire period the aquifer was tested. In general, the chemistry is consistent over the 23 day period with lithium ranging from 482 mg/L and 518 mg/L and averaging 495 mg/L. The best lithium values occur during the last five days of the pumping test. The magnesium to lithium (Mg/Li) ratio averages 5.3 and the average potassium to lithium ratio (K/Li) is 10.5 and the average sulphate to lithium ratio (SO4/Li) is 16.4.Millennial continues to evaluate and define the characteristics of the lithium-bearing aquifer in the southern portion of its land package with pumping wells PGPW18-15 and PGPW18-17. Both wells are in development and are planned for completion in Q1 2019 with short term pumping tests and brine sampling to follow. Sampling was conducted in accordance with CIM guidelines for brine resource evaluation, with an appropriate chain of custody and QA/QC program in place for ensuring veracity, accuracy and precision of the analytical results.The primary analytical laboratory for the data used in this program is the SGS Laboratory in Buenos Aires, Argentina. SGS is accredited to ISO 9001:2008 and ISO14001:2004 for their geochemical and environmental labs for the preparation and analysis of numerous sample types, including brines.This news release has been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of the Company and a Qualified Person as that term is defined in National Instrument 43-101.To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email info@millenniallithium.com.MILLENNIAL LITHIUM CORP."Farhad Abasov"President and CEO, DirectorNEITHER THE 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. This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/42728


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11.02.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language:
English
Company:
Millennial Lithium Corp.






Canada
ISIN:
CA60040W1059

 
End of News
DGAP News Service




774477  11.02.2019 







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