The hole hit and "bottomed" in a robust lithium-bearing brine zone which yielded 566 mg/l (milligram per liter) lithium (Li), 5,733 mg/l potassium (K) and 3,385 mg/l magnesium (Mg) from 366m (meters) to the bottom of the hole at 602m for an intersection thickness of 236m.
READ: Millennial Lithium completes milestone environmental studies at flagship Pastos Grandes project in Argentina
"We are very encouraged to see that additional drilling on the eastern portion of the REMSA licence at Pastos Grandes salar has intersected robust lithium values and very suitable chemistry for development via solar evaporation and conventional processing," said the Vancouver-based company's president and CEO Farhad Abasov.
"The Pastos Grandes project continues to deliver positive news on all fronts and this new analytical data will be fed into the ongoing resource block model estimate which is scheduled for completion by the end of Q4 2018.
"Exploration drilling as well as the development of 2 of 4 additional pumping wells, pilot pond test work, a pilot-scale process training centre design and infrastructure expansion continue on site as the company moves towards completion of its feasibility study."
The hole in question lies in the northeastern portion of the contiguous REMSA license and confirms the extension of the lithium-bearing brines to the eastern portion of the REMSA license, the company said.
Fifteen brine samples were collected from the hole from between depths of 366m to 602m (236m interval).
This area was found to be dominated by fine sand with variable amounts of halite and local clay seams.
Last month, the group revealed that environmental baseline studies at the flagship property had been completed.
Studies completed included documenting flora, fauna, climate, air quality, hydrogeology, soil usage and ecosystem characterization and, where applicable, seasonal variations in those fields.
Ausenco had been hired to complete a key Environmental Impact Assessment (EIA) for the potential exploitation of the lithium-rich brine resource at the property.
Millennial Lithium shares added 0.63 % to $1.59 in Toronto on Monday.
Reporting by Giles Gwinnett at [email protected]
Follow him at @gile74
---Updates for share price move---