Very good update. Calms a lot of us's nerves. A slight delay (by ~1-2 weeks) but is completely reasonable due to the unforeseen geological challenges. There will be a HUGE amount of news flow coming in the following 2-4 weeks. Very exciting.
Drilling Approaching Target at Columbus Salt Marsh.
ASX : RLC
Reedy Lagoon Corporation Limited (ASX:RLC) is pleased to announce drilling at its wholly owned Columbus Salt Marsh project, is progressing smoothly and approaching target.
After encountering difficult ground conditions in the first 150 metres, the drill has passed 400 metres down hole and is approaching the highly conductive zone extending from 600 metres below surface (as shown in the MT Survey profile below). This is the zone within which we expect to intersect brines.
It is planned to drill the hole to 1,000 meters (HQ core).
A thick tuff unit was intersected between 151 metres and 167 metres downhole establishing the presence of volcanic ejecta and a potential source of dissolvable lithium within the project claims. Other thin tuff units have been intersected above and below this wider zone.
View attachment 1001569
The planned program includes hydrological testing to establish aquifer and brine extraction parameters, as well as brine composition analysis. It includes an option to ream the hole out to a larger diameter and case it in steel from surface to bottom for well construction should results demonstrate that development and further testing is warranted.
Further reporting of results from the drilling will be released with expected progress as follows:
- Drill reaches target depth of 1,000 metres – estimate is a further 19 days drilling (not including any time spent sampling and pump testing, if done before reaching 1,000 metres)
- Sample and pump testing of selected aquifers – estimate two weeks
- Assays from core samples can be expected 4 weeks from sample delivery
- Assays from brine samples can be expected 4 weeks from sample delivery
- Metallurgical studies on the brine samples will be considered in the event that sufficient brine volumes, flow rates and compositions indicate potential for commercial development.
Upon completion of drilling and test-work the Company has the option of capping the drill hole and maintaining it as a “Monitoring Well”. A Monitor Well can be converted to a Producing Well subject to permitting approvals.
(20min delay)
