One World Lithium Inc (CSE:OWLI) is set for a potential drill program in Mexico to earn more of the Salar Del Diablo property.
The company currently has an option to earn and acquire up to a 90% working interest in the 75,400-hectare site located in Baja California Notre.
It said today it was in the process of reaching an agreement on a provisional bid to complete a 12-hole, 4,200-meter (13,800 foot) drill program with an international company, which has regional operations in Hermosillo, Mexico.
On completing the drilling and testing program, it will earn a further 20% working interest (WI), for a total working interest of 80%, the company said Thursday.
The bid is still subject to a site visit on December 18 and the issue of a drilling permit.
The program is expected to start between mid-January and February next year.
A truck-mounted, reverse-circulation (RC) rig capable of drilling vertical holes to a 500 meter, or 1,600-foot, depth will be used for drilling and testing potential pay zones.
As reported last month, three highly conductive geophysical zones may be intersected by 10 holes and the geochemical anomaly may be intersected by two holes.
Last month, the firm said it had closed a portion of its previously announced placing, raising around $1.24 million, mainly to fund drilling at the project.
The company issued over 8.3 million units at $0.15 each.
Each unit consists of one share and one-half of a purchase warrant.
Each warrant allows the holder to buy one share for $0.20 for 24 months from closing.
Shares in Toronto were unchanged Thursday at $0.195.
Contact Giles Gwinnett at [email protected]
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