Advantage Lithium commences Preliminary Economic Assessment and Phase III resource conversion program for the Cauchari Definitive Feasibility Study
TSX Venture Exchange Symbol: AAL
VANCOUVER, May 8, 2018 /CNW/ - Advantage Lithium Corp. (the "Company" or "Advantage Lithium") (TSX Venture: AAL) (OTCQX: AVLIF) is pleased to announce that is has engaged WorleyParsons Chile S.A. (WP) to complete a Preliminary Economic Assessment (PEA) on its flagship Cauchari Project in Jujuy, Argentina based on phase II results with an expected increase to its resource base which will be released this month. The PEA scope includes a standalone plant in the range 15 -20 Ktpa final lithium product and is scheduled for completion in July 2018.
In addition, to move rapidly to an extraction resource and advance through to Definitive Feasibility Study (DFS) completion, Advantage Lithium also announces it has contracted an internationally recognised drilling company with experience in deep drilling in the Puna region and has initiated its 2000m Phase III drill program. This program has been designed to define the resource limits of the Cauchari salar with drilling equipment capable of reaching depths of greater than 600m.
David Sidoo, Founder and CEO, commented "The commencement of the Cauchari PEA marks another major step forward for the company following a very busy year of drilling and flow testing at the project. We are very pleased to commission WorleyParsons to undertake this work, given their extensive experience with lithium brines over many years. This will be a pivotal year for our Company as we fast-track the development of Cauchari by leveraging the basins existing infrastructure and established community relationships."
Andy Robb, VP Project Development, commented "The updated resource estimate due out this month should provide us with a solid base from which we will aggressively grow through the Phase III drill program. In addition to adding tonnes to the resource, Phase III will be focused on conducting all the necessary technical work to inform a Definitive Feasibility Study which we target for completion in Q1 2019."
Selection of Engineering Study partners
Advantage is continuing with its rigorous process to identify and select suitable partners to assist in the development of its Cauchari project. In that process WP were selected ahead of other global engineering firms as the best fit for Advantages' resource development plans to complete the PEA and assist with the early evaluation of Lithium Hydroxide and other alternatives to Lithium Carbonate as a final product.
About Worley Parsons
WorleyParsons is a leading global provider of engineering and project management services to the resource and energy sectors, and the complex processing industries. With approximately 22,800 personnel in 106 offices in 42 countries around the globe (including 150 employees in Chile), WorleyParsons has a significant and respected global footprint in the engineering and resources fields. WP has over 22 years' experience in the lithium industry including engineering development for lithium production from brines. Past clients in the lithium sector include SQM, Rockwood Lithium, Lithium Power and Lithium One.
Phase III Deep Drilling program
The recently completed Phase II drilling program successfully confirmed the presence of a deep sand unit in the SE Sector, which demonstrated excellent pumping results from well CAU11 installed in this unit. Further drilling of this sand unit has required that Advantage change the drilling contractor operating on site to one with equipment capable of drilling deeper to define the thickness of this unit. The Phase III drilling program will continue through 2018, to fully include the deep sand unit in the further resource update planned for late 2018, supporting the DFS planned by the company. Advantage is fully funded through the completion of the updated resource estimate due in May, the Preliminary Economic Assessment, and the Phase 3 drill program which will support the DFS targeted for Q1 2019.
ADVANTAGE LITHIUM CORP.
David Sidoo, President
Tel: 604.343.3760 | Fax: 604.683.1585
About Advantage Lithium Corp.
Advantage Lithium Corp is focused on developing its 75% owned Cauchari lithium project, located in Jujuy, Argentina. The Company also owns 100% interest in three additional lithium exploration properties in Argentina: Antofalla, Incahuahsi, and Guayatayoc. The Company is headquartered in Vancouver, British Columbia and trades on the TSX Venture Exchange (TSX-V:AAL) OTCQX Best Market in the U.S. (OTCQX: AVLIF).
Further information about the Company can be found at www.advantagelithium.com.
Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "is expected","intends", or "has the potential to". Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Advantage that involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Neither 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.
SOURCE Advantage Lithium Corp
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