Patagonia Lithium's Formentera project update

Patagonia Lithium (ASX: PL3) has unveiled encouraging results from its Formentera Lithium Brine Project in Northern Argentina. The project demonstrated effective porosity ranging from 15.1% to 20.5% in well three, supporting a pump rate of 2,557 liters per hour. Additionally, lithium concentrations from a specific sample revealed values between 336 and 470 ppm. These outcomes underscore the project's high lithium potential.

Overview and future outlook for Patagonia Lithium

Patagonia Lithium Ltd has announced significant findings from the Formentera Lithium Brine Project, indicating promising lithium extraction potential. The project, located in the lithium-rich Paso basin in Northern Argentina, has shown substantial porosity and pump test results, with high lithium concentrations in initial samples. The company is advancing its Mineral Resource Estimate (MRE) and expects further data from core porosity tests and a Borehole Magnetic Resonance survey soon. Patagonia Lithium is planning a scoping study for the next year, which will further evaluate the project's feasibility based on these results. With additional exploration wells scheduled, the company is poised to enhance its resource estimation, aligning with its strategic goals since its ASX listing in March 2023.

Executive insights from Patagonia Lithium

Phillip Thomas, Executive Chairman of Patagonia Lithium, expressed satisfaction with these porosity results, noting their significance for the project's viability. Sustained pump rates at wells three and four (3,500L/hour) highlight the project's potential. The company is preparing a scoping study for the upcoming year, pending confirmation of these positive results.