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One World Lithium mobilizing rig at Salar del Diablo in Mexico

The firm also said it is working with a technology development company on a process to extract lithium from a brine stream

One World Lithium Inc. -
The company expects approval for its drill permit to be received in the coming days

One World Lithium Inc (OTCMKTS:OWRDF) (CSE:OWLI) told shareholders that it has applied for a drilling permit for an upcoming program at its Salar del Diablo lithium brine project in Mexico.

Layne Drilling is currently moving a rig to a location nearly 50 kilometers south of another diamond drill hole, the Vancouver-based company said in a statement.

One World Lithium expects approval for its drill permit to be received in the coming days, it told shareholders.

READ: One World Lithium to raise gross proceeds of up to $1.5M via non-brokered private placement

Layne Drilling’s rig is mounted on a 4X4 all-terrain rig capable of drilling to a depth of 1,000 meters. Two drill crews will allow 24/7 drilling to take place at the lithium brine project, according to the company.

The firm also said it is working with a technology development company on a process to extract lithium from a brine stream. The process uses a solvent to extract lithium from a brine stream at “near zero” greenhouse gas emissions, OWL said. The firm will sign an exclusive license agreement with the unnamed company once test work is completed.

Testing will be conducted at The University of Alberta under the direction of Dr Rajender Gupta and is expected to take around three months to complete.

The company also said it has appointed Mathieu McDonald as vice president, corporate development to help lead the firm through the advancement of Salar del Diablo. McDonald has 25 years of capital markets experience, including extensive work in raising funds for startup companies. OWL has granted McDonald options to purchase up to 500,000 shares priced at C$0.10 per share.

The firm also granted incentive stock options to a consultant of the company to purchase up to 200,000 shares, also priced at C$0.10 per share. The options are exercisable for a one-year period.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: One World Lithium Inc.

Price: 0.08 CAD

CSE:OWLI
Market: CSE
Market Cap: $7.78 m
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One World Lithium prepares to drill at the Salar Del Diablo Project in Mexico.

One World Lithium (CSE:OWLI) Chief Geologist John Hiner sat down with Steve Darling from Proactive Investors Vancouver to talk about the drilling program about to begin at the Lithium Project in Mexico. Hiner talked about the excitement surrounding this area and how they decided on the holes...

on 5/3/19

2 min read