Reedy Lagoon starts drilling for brine at Columbus Salt Marsh

Published at Feb 2, 2018, in Small Caps

Lithium developer, Reedy Lagoon (ASX:RLC) today announced it has begun drilling operations for lithium brine at its Columbus Salt Marsh project, which is situated near North America’s only producing lithium brine operation.

The Columbus Salt Marsh project is one of three lithium brine projects located in Nevada, USA, which are wholly owned by RLC.

The company is an early adopter of new regulations introduced in Nevada at the beginning of the year, and the company’s first hole, CB-1, has permit number W001 — the first Dissolved Mineral Resource Exploration Well Permit granted in Nevada.

Yet it remains a speculative stock and investors and investors should take a cautious approach to any investment decision made with regard to this stock.

The drill rig is on site and following set up of the collar pipe to 350 feet (106 metres), core drilling to the 1,000-metre planned depth will then proceed.

The drill program will investigate a highly conductive zone extending from 600 metres to more than 1,000 metres below surface, as shown in the MT Survey profile below.

reedy lagoon columbus marsh update

Source: Reedy Lagoon

The planned program includes hydrological testing to establish aquifer and brine extraction parameters, as well as brine composition analysis.

According to RLC, further reporting of results from the drilling will be released with expected progress as follows:

  • Drill and core sample to target 1,000 metres depth — estimated 30 days drilling time
  • Sample and pump test selected aquifers — estimated two weeks
  • Assays from core samples — expected four weeks from sample delivery
  • Assays from brine samples — expected four weeks from sample delivery
  • Metallurgical studies on the brine samples will be considered if sufficient brine volumes, flow rates and compositions indicate potential for commercial development.

Once drilling and test-work have been completed, RLC has the option of capping the drill hole and maintaining it as a “monitoring well”, which can then be converted to a producing well.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

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S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

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