Millennial Lithium (ML.V) has disclosed the results of a ground geophysics program at its Cruz property in Argentina’s Pocitos salar. The company has completed a TEM-program (‘Transient Electromagnetic Survey’) which indicates a six kilometer long continuous conductive unit trending in a north-south direction.
This is actually a key update as other salars in the region show an important correlation between highly conductive TEM readings and the existence of lithium brines. According to Millennial’s TEM-results, the brine could start as shallow as 30 meters in the central part of the of the property, where the readings also seem to confirm the continuous existence up to a depth of 250 meters.
As you might remember, Southern Lithium (SNL.V) has an option to acquire up to 80% of the Cruz property, and SNL will obviously be extremely encouraged by these results and continue the earn-in process.
Millennial will also raise an additional C$8.7M in a non-brokered private placement at C$1.45 per unit. Each unit will consist of one common share and ½ warrant with each full warrant allowing the warrantholder to purchase an additional share at C$1.90 within 24 months from closing.
Go to Millennial’s website
The author has a long position in Millennial Lithium and will participate in the current financing. Millennial Lithium is a sponsor of the website. Please read the disclaimer
