Millennial Lithium is a resource extraction company focused on the Pastos Grandes lithium project in Salta Province, Argentina. The Pastos Grandes is an advanced stage development project strategically located in the prolific “Lithium Triangle.” The Salta Province of Argentina is a well known favourable mining jurisdiction which hosts some of the world’s largest lithium resources.
Pastos Grandes Overview
The Pastos Grandes Lithium Project is an advanced stage development project strategically located within the “Lithium Triangle” which is host to some of the world’s largest lithium resources. Millennial has an option to acquire 100% of the Pastos Grandes Lithium Project in Salta Province Argentina. Historic development of the Pastos Grandes Project determined that salar contains brines with a density of 1.2+ and Li contents of 400mg/l to 600mg/l, with some values exceeding 3000 mg/l lithium. Eramine Sudamerica SA previously invested over $4 million US on the project over a 2 year period in 2011 and 2012.
Extensive development work and exploration studies were completed including:
• Six exploration wells were drilled to determine geochemistry of the brine/aquifier which included core recovery and pumping tests.
• Geophysical surveys including CSAMT surveys - 8 stations and Vertical Electric Sound (SEV) – 4 stations.
• Evaporation tests were carried out in pilot plant on site
Strategically located within the “Lithium Triangle”, the Pastos Grandes Lithium Project contains brines similar in nature to other salars found in Argentina:
• Hombre Muerto Salar – Galaxy Resources and FMC (75 km south)
• Olaroz Salar – Orocobre Limited (120 km north)
• Cauchari Salar – Lithium Americas (100 km north)
• Diablillos Salar – Lithium-X (70 km south)
The Pastos Grandes Lithium Project covers 1,221
hectares of the Pastos Grandes Salar and is located 231
km from the city of Salta at an elevation of 3,800 meters.
The project is accessible year-round using paved highway
and dirt roads from Salta. Existing infrastructure in the
area includes an electrical power line and transformer
station, rail to Chile and Buenos Aries and a gas pipeline.
There is currently an active salt mine in operation on
July 6, 2016: Millennial Lithium reports that it plans to commence a surface sampling program to test brine sediments on its Lincoln Lithium project in the Big Smoky Valley, Nevada,
Millennial’s first pass exploration program is planned to include prospecting, grab sampling
and hand auger drill holes to test for lithium and other commercial elements in the upper
layers of the playa.
Exploration of the Big Smoky Valley by the U.S. Geological Survey in the 1970s culminated
in the drilling of two reverse circulation holes, both of which encountered anomalous
concentrations of lithium that were highly similar to those encountered in the Clayton
Valley, just to the south, and where the Silver Peak mine is located.
More recently, Ultra Lithium Inc., located south and adjacent to Millennial’s claims, released
assay and logging results of its first drill hole. Results
indicated the presence of two potential lithium-bearing brine targets at their South Big
Smoky Valley brine lithium project.
Also, Avarone Metals Inc., located west and adjacent to Millennial’s
claims, released results of surface sampling on their Moab lithium project. The results of this
sampling program not only confirmed the presence of lithium in alluvial gravels and clays
but also indicated anomalous values of both boron and potassium.
July 7, 2016: Millennial Lithium Closes $1,200,000 Financing and Lincoln Lithium Property Acquisition
The Private Placement consisted of the issuance of 8,000,000 units at a price of $0.15 per unit.
Each Unit consisted of one common share and one share purchase warrant exercisable for a two year term at $0.30 per warrant.
Also, Millennial reported the closing of the acquisition of Lincoln Lithium Property in the Big Smoky Valley, Nevada. The lithium potential of the Big Smoky Valley property is supported by today's announcement from an adjoining property held by Ultra Lithium where results from its first drill hole indicate maximum values for lithium of 270 parts per million (ppm) and average lithium concentrations at 131 ppm.
July 19, 2016: Millennial Lithium Enters into Agreement to Purchase Argentina Lithium Project
and Announces Concurrent Financing
The company announced that it has entered into a binding property purchase agreement to acquire 100% of a Lithium Project in Salta Province
Argentina. The Project
is strategically located within the “Lithium Triangle”, which is host to some of the world’s
largest lithium resources. A review of published data on the Project
clearly shows a prominent regional-scale structure with abundant evidence of hydrothermal
activity. The Project is subject to a 1.5% NSR, which the Company has the option to purchase for
The Company’s financing increased
to a maximum of 7.5 million units at 65 cents for proceeds of $4,875,000. This is expected to be fully subscribed very soon.
Proceeds of the
Financing will be used to fund the Company’s obligations under the Agreement including
payments totaling USD$2,000,000 to purchase the Pastos Grandes Project, required
exploration expenditures of USD$1,600,000 and associated costs of the acquisition.
July 25, 2016:
Millennial Appoints Iain Scarr VP of Exploration and Development
Mr. Scarr has worked primarily in industrial minerals exploration and commercial
development since 1979. During his career with Rio Tinto, he was responsible for multiple
discoveries in North and South America and Africa, and worked on the commercial
justification for the Jadar lithium-borate resource in Serbia.
Following his 29 years with Rio Tinto, Mr. Scarr incorporated IMEx Consultants and with a
group of partners formed IMEx Minerals Inc. He then joined Lithium One Inc. where he was
responsible for bringing the Sal de Vida lithium Brine project in Argentina through feasibility
with Galaxy Resources, and more recently the Rincon project with Enirgi. During his time
working on these world-class resources, Mr. Scarr established relationships with globally
respected professionals from multiple disciplines world-wide.
Iain brings the expertise needed in the development and commercialization of mineral
deposits, particularly lithium brine deposits in the “Lithium Triangle” of South America.
August 15 2016: Millennial Update on Argentina Acquisition
The Properties are known as the Pastos Grandes Project and are located in the Los Andes Department, in the Central portion of the Puna Block of Salta Province, northwestern Argentina. The Properties acquired from the Vendors are comprised of four mineral property concessions:
- Jorge Eduardo (File No. 18693),
- Neptali II (File No. 18403),
- El Milagrano (File No. 17588)
- Norte Argentino (File No. 18550).
The Properties together cover a surface area of 1,221 hectares. In addition, the Millennial announced it has recently completed application to the provincial mining authority of Salta Province, for 3 additional mineral concessions adjacent to the Pastos Grandes Project. These additional mineral concessions cover an additional surface area of 4,236 hectares.
Capital Markets Info:
Shares Issued and Outstanding: 19,841,198
PP Warrants: 8,000,000
Stock Options: 1,032,500
Current Stock Price: $1.45
Market Cap: $26,7M
Given closing of Current Open Private Placement:
Shares Outstanding: 27,341,198
Market Cap: $39M
There is considerable upside with catalysts in this company, given the market caps of other similar players in the Argentinian region. Lithium X was successful in raising money to explore the region and develop their Argentinian property, and currently trades at a $152M market cap. Millennial has added considerable amount of value in the past months and with a high-grade property, great leadership team, and near-term catalysts, Lithium investors should keep this company on their radar.
Chairman/Director: Graham Harris
President/Director: Kyle Stevenson
VP Exploration and Development: Iain Scarr
Director: Andy Bowering
Director: Brian Morrison
Director: Brett Butler
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