We like when companies don’t waste a lot of time in executing their plans and we’ve recently learned that LIBERTY ONE LITHIU COM NPV(OTCMKTS:LRTTF) is one such company.
It was only a week ago that we were commenting on the company’s obtaining of the proper permits required to begin drilling at the company’s very promising lithium property in Argentina.
LIBERTY ONE LITHIU COM NPV(OTCMKTS:LRTTF) has revealed that drilling has commenced at the Pocitos West property in Northern Argentina. The operational team moved quickly to secure and mobilize a drilling rig and all related equipment. Commensurate with the Company’s focus on its strong leadership team, the Company has deployed to site Monty McNeil, the Company’s Senior Engineering and Operations Manager.
With operations underway, on-site determination by the team will assess initial findings from the brine samples at specific depths, as defined by geophysics and drill hole logging. If warranted, the team may elect to case the primary well for monitoring, and drill an adjacent rotary/core hole for pumping tests. Once the initial well is at depth and down-hole geophysics logging and depth-specific packer sampling have been completed, the drilling equipment will be moved to the second target to undertake preliminary wide-area sampling of the salar basin characteristics.
Company CEO Brad Nichol notes, “Events are moving quickly in the field now, and I credit that to the top-notch team on the ground. They were fully prepared to get underway and are currently ahead of schedule. Samples will be shipped to the SGS laboratory in Buenos Aires, employing QA/QC procedures including the insertion of blanks, standards and duplicates, comprising at a minimum 25% of the samples submitted. The SGS lab is accredited to ISO 9001, and operates consistent with ISO 17025 methods employed as industry standards.
“If all goes well, we anticipate a comprehensive report within eight weeks and will utilize the intervening period to finalize our drill and work planning based on anticipated result scenarios. Having pre-paid over $1 million for the start of the drilling program, we still have a healthy cash position of over $9 million in the bank. If this initial exploration is successful, our plans call for embarking on the full drilling program consistent with the current 11-hole permit approval, representing the first round of development activity at the Company’s 15,000 hectare ‘Pocitos West’ property.”
Recently appointed Senior Engineering and Operations Manager Monty McNeil added, “It is a huge property in a prospective environment, and the data from the previous Vertical Electrical Soundings survey has provided an excellent selection of drill targets. I am particularly keen to explore the brine horizons encased in pre-existing salar sediments that lie beneath the alluvial fans along the salar edges. Information from the local team, based on their previous experiences in similar locations, leads me to prioritize these targets high on my list. The first round of results will help steer us as we develop a proper field interpretation and NI43-101 compliant valuation of this impressive property.” (Source:Marketwired)
Shares of LRTTF are on the rise once again following the announcement of the start of drilling at Pocitos West, so we are really going to want to continue to track the stocks movement going forward. Keep it locked to Street Register for updates, and we’ll deliver those important developments on LRTTF to you as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in LRTTF stock, short or long.