Key highlights of the announcement

Patagonia Lithium Ltd (ASX: $PL3) has announced exceptional results from well two at the Formentera Lithium Project in Northern Argentina. The company received 582ppm assay packer sample A28, confirming high lithium assay in the aquifer zone. Porosity tests from well one revealed extremely high total porosity of 27%-47%, with the aquifer being more than 200m in depth. The second well reached a total depth of 347m and achieved a constant refresh during the 48-hour 72,000l pump test, demonstrating a very high specific gravity of 1.18gm/cm3. Additionally, the removal of 20,000L during the pump test resulted in only a 7m drop in the water level, indicating a high influx flow rate from the super porous aquifer.

Executive commentary on the results

Phillip Thomas, Executive Chairman of Patagonia Lithium, expressed his satisfaction with the results, stating, 'These results are exceptionally encouraging - high porosity, with lithium values concentrating at depth. I have never seen core porosity at such high levels of 47% at 280m depth and lithium values at that porosity of 572ppm. Pumping from well 2 during the 48 hours didn't reduce the brine level in well 1, 300m away, so we are confident we have a very large aquifer open at depth.' Jason Van der Akker, a senior hydrologist from WSP Australia, also commended the results, saying, 'These (porosity results) are outstanding, well done everyone.'

Summary of the announcement and outlook

The results from the Formentera Lithium Project are highly promising, with the confirmation of high lithium assay and exceptional porosity tests. The company's confidence in the presence of a large aquifer open at depth bodes well for the future prospects of the project. Patagonia Lithium's focus on leveraging the potential of lithium brine projects in Northern Argentina reflects its commitment to capitalizing on the region's rich resources. The completion of PVC tubing lining for both wells in preparation for NMR porosity and permeability logging indicates the company's proactive approach to further exploration and data collection. With ongoing exploration activities and the exceptional progress achieved to date, Patagonia Lithium is well-positioned to continue its advancements in the lithium sector, contributing to its long-term corporate strategy and growth objectives.