Neo Lithium Corp (CVE:NLC; OTCMKTS: NTTHF) said Monday it has hired an engineering firm at its 3Q project at the Puna Plateau in the Andes.
The Toronto-based company reported in a press release significant technical progress including advancements in brine processing and engineering as well as a significant increase in the size and grade of the resource estimate of the project.
"As a result of the numerous material advancements at the project, a preliminary feasibility study is now required to provide the market and potential strategic partners a more developed technical analysis and updated economics on the 3Q project," Dr. Waldo Perez, president and CEO of Neo Lithium, said in a statement.
The discovery of a high-grade zone with more than 1,000 milligrams per liter lithium is expected to reduce the size of the ponds required as well as lowering capital expenditures for the project, according to Neo Lithium.
Buffalo-based GHD completed a preliminary economic assessment for the 3Q project, Neo Lithium said in a December 2017 filing.
Shares of Neo Lithium climbed US$0.02 to US$0.75 in Friday’s OTC trading and were unchanged at C$0.98 in Canada.
Contact Dennis Fitzgerald at [email protected]