Lake Resources beefs up corporate effort, more drilling rigs to be added at lithium projects
In this latest 261m intercept, Lake Resources anticipates the results could be better than the 480mg/l lithium reported earlier this week in brine samples from 186m.
Argentine lithium hunter Lake Resources (ASX: LKE) has brought on board senior mining executive Sean Miller as part of its effort to fast-track exploration at its three projects in Jujuy province, while also advancing development of the flagship Kachi project.
This is just part of an ongoing corporate revamp, with the process to appoint a new United States-based chief executive officer nearing completion, as is the selection of new board members.
The company will establish a US corporate office and the board reshuffle is expected to pave the way towards a final investment decision for the flagship Kachi lithium brine project.
In addition, more drilling rigs will be added later this year, and more personnel will be put on the payroll.
Deep experience in project development
Mr Miller, who will serve as corporate development manager, has extensive experience in delivering multi-billion-dollar projects.
His prior roles include being head of commercial operation for the Carmichael rail project in Queensland, a 189km narrow gauge line from that mine to link with the existing Goonyella coal railway.
He was also commercial development director for Kamoto Copper’s mine in in Democratic Republic of Congo (which is also the single largest producer in the world of cobalt), procurement manager at Glencore’s North Queensland Metals and then overseeing metal handling at Rio Tinto’s (ASX: RIO) Boyne aluminium smelter.
Lake says this appointment is part of its wider effort to reach annual capacity of producing 100,000 tonnes of lithium carbonate from its lithium brine assets in the Jujuy province.
US$15m committed to projects, more to come
Mr Miller will be tasked with fast-tracking the company’s three brine projects — Cauchari, Olaroz and Paso.
Lake has committed US$15 million (A$21.7 million) to advancing these three projects.
Executive chairman Stuart Crow said the company is now entering an “exciting’ phase of the company’s history as it transitions toward development and production at Kachi.
“The addition of new skills and experience across the company will enable Lake to become a key supplier as the lithium sector comes to terms with a scarcity of supply and a limited number of projects coming on line,” he added
Apart from the plans for more rigs, Lake is now conducting test work on initial samples of recovered brines to maximise the rate of lithium recovery.