Millennial Lithium: Property Acquisition Expands Pastos Grandes Project
Millennial Lithium Corp. (TSX.V: ML) reports the acquisition of strategic mineral rights and continued favorable drilling progress at its Pastos Grandes project in Salta, Argentina.
Through its Argentine subsidiary, Proyecto Pastos Grandes S.A. (PPG SA), Millennial has secured an additional 300 hectares of core salar mining rights at Pastos Grandes, bringing Millennial's holdings in the salar to 6,361 hectares. Priority mining rights to the strategic central salar property, Papadopolous XXXII, measuring 300 hectares and contiguous to Millennial's holdings, were granted by the Provincial mining authorities to Millennial on December 15th. Upon submission and acceptance of an initial environmental report, Millennial will hold the mining license in full and will consolidate this and other recent acquisitions into its exploration and development plans in the heart of Pastos Grandes.
Covering 6,361 hectares, Millennial's combined holdings of mineral claims, mining rights and mining licenses, make it the largest single property owner in the Pastos Grandes area.
The initial drilling at Pastos Grandes continues to progress as planned with favorable stratigraphy, flow characteristics and brine density. PG-MW-16-01, the first core hole doubling as a monitoring well, was terminated at 350m in an unconsolidated and likely transmissive sand unit. The adjacent production well, PG-PW-16-01, is being completed to a greater depth to determine the brine potential for the lower units. Core hole PG-MW-16-02, at drill site 2, was advanced beyond the initial target of 350m to total depth of 400m due to continuing favorable stratigraphy and is in the process of being sampled at 25m intervals using a packer system. In addition to sampling, the packer system is being employed to determine flow characteristics of the hydrogeologic units.
Iain Scarr, VP of Development and Exploration, states, "We are very encouraged with the drilling and sampling progress to date and expect to provide shareholders with much greater technical information early in the new year."
Millennial also reports its joint venture partner, Southern Lithium Corp. ("Southern"), has advanced $500,000 (U.S) to a joint exploration account in anticipation of drill testing the Cruz project in the Pocitos salar early in 2017.
Millennial has granted an aggregate of 225,000 stock options to certain consultants of the company. The options have a term of five years and are exercisable at a price of $1.45 per common share. The options are subject to the acceptance of the TSX Venture Exchange.
Source: Millennial Lithium