Key facts about Patagonia Lithium's Formentera Lithium Project

Patagonia Lithium Ltd (ASX: $PL3) has successfully completed its first well, JAM 24-01, at the Formentera Lithium Project in Argentina. The initial results indicate strong brine flows, high specific gravity values, and low resistivity, which are indicative of lithium. Five samples have been sent for analysis, and assay results are expected in approximately 2 weeks.

Executive commentary on the drilling program

The drilling program at the Formentera Lithium Project has progressed smoothly, with the intersection of porous units, high specific gravity brine, and ideal porous gravels for brine flow. The company is eagerly awaiting the assay results, which will provide valuable insights into the mineralization identified in the geological logging. The geologist team is now preparing for pumping tests and borehole magnetic resonance tests to further evaluate the project's potential.

Summary of Formentera Lithium Project and future plans

Patagonia Lithium's completion of the first hole at the Formentera Lithium Project marks a significant milestone in its exploration efforts. The initial results are promising, with indications of strong brine flows and high specific gravity values, suggesting the presence of lithium. The company is awaiting assay results to determine the widths and grade of mineralization. Additionally, plans for the next well, JAM 24-02, and the engagement of WSP Australia to produce a block model for a Mineral Resource Estimate demonstrate the company's commitment to advancing its exploration activities and evaluating the project's potential. With ongoing preparations for pumping tests and borehole magnetic resonance tests, Patagonia Lithium is poised to gain valuable insights into the project's prospects and contribute to its long-term corporate strategy.