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Lake Resources (ASX:LKE) completes $2m cap raise

Australian Business News
Australian Business News
24 days ago|1 view
Lake Resources Limited (ASX:LKE) Managing Director, Steve Prominitz provides an update on progress across the company's project portfolio.: Anna Napoli: Hello. I'm Anna Napoli for the Finance News Network and joining me now from Lake Resources (ASX:LKE) is managing director Steve Promnitz. Steve, welcome back to FNN. Steve Promnitz: Thank you very much. Anna Napoli: Lake Resources is developing a number of lithium projects in South America. How's progress? Steve Promnitz: Things have been at a brisk pace and we're going to see another busy six months coming up. So in the last three and a half years, we've gone from pegging areas in the hearts of the lithium triangle to advancing one project up to prefeasibility study and the final results called Kachi. Another project called Cauchari, where we announced a major discovery. And we hope to emulate that soon at Olaroz. So things progressing well. The lithium sector itself is actually refocusing now on lithium brines from South America. Lithium pricing has come off this calendar year, but the lithium brines that are producing in South America are at the low part of the cost curve. So we've actually seen renewed interest in our company, in our projects from the downstream players. Anna Napoli: Turning to your projects in more detail, can you tell us a bit more about Cauchari? Steve Promnitz: Cauchari, we recently announced a major discovery. Right next to us is one of the largest defined resources of lithium brine on the planet, Gangfeng and Lithium Americas. And we were fortunate to show the extension of that area, of that resource into the area we drilled. More than 300 meters, we actually got up to 500 meters of actual water column. And with that very similar grades. Now we could go and drill north and south of that and to find a resource. But what we're thinking of doing is moving the rig up to Olaroz and we'll be talking about that quite soon. Anna Napoli: What about Kachi? Steve Promnitz: So Kachi, we defined a r...

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