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Liberty One Lithium nudges higher after 'tremendous' survey results

Last updated: 15:50 17 Aug 2017 EDT, First published: 08:39 17 Aug 2017 EDT

liberty-one-salar
The Pocitos West property is in Argentina

Shares in Liberty One Lithium Corp (CVE:LBY, OTCQB: LRTTF) nudged higher as it released what it called 'tremendous' results from its Pocitos West property in Argentina.

A geophysical survey has detected potential lithium extending throughout the entire 29km length of Liberty's mining property, and suggesting it may lie underneath much of the company's 160sq km licensed area.

Chief executive Brad Nichol told investors these results exceeded everyone's expectations and was the first step in "confirming the possibility of extensive, buried salar sediments through much of our property".

"We had hoped to find sweet spots within our tenement, but were delighted to learn the entire length of our property may contain brine, and correspondingly, lithium.

"The results, and proximity on trend to known lithium brine production 25 kilometres to the north of our holdings, suggests the potential for the continuation of lithium brine beneath much of our property."

Nichol added: "We have immediately undertaken the required actions to obtain all of the necessary permits so that we can commence drilling as soon as possible.

"It's also worth noting that the drill program is fully funded with cash reserves already in our treasury."

The company, via operating partner Millennial Lithium, conducted a vertical electrical soundings (VES) survey, which, based on comparative results with local and similar rock types bearing brines, indicated the possibility of a continuous, buried conductive horizon, contiguous with the salar lake beds.

Thus, the entire 160 square kilometres of the property appears to contain subsurface brine, which suggests the potential for lithium mineralization throughout the property.

 Liberty said it expects to commence drilling in the fourth quarter 2017, if not sooner.

Shares gained 2.6% in Toronto to C$0.79 each.

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