One World Lithium Inc (CSE:OWLI) (OTCMKTS:OWRDF) announced Wedensday that it has received regulatory approval to drill two key locations on its Salar del Diablo lithium brine property in Mexico.
The Vancouver-based company received its drilling, environmental and occupancy permits and will start drilling as soon as the diamond drill rig is onsite.
The proposed targets are located at the south end of the expansive Salar del Diablo project and are located 50 kilometers south of drill hole DDH-2, which is on the north end of the property.
Operator Mike Rosko of Montgomery and Associates advised the company “there is evidence of historic and currently active hydrothermal activity in the south, and hydrothermal activity can be a source of lithium such as in the Lithium Triangle in Chile and Argentina.”
Rosko is a vice president at Montgomery and Associates and has operated numerous salar brine projects, including Galaxy Lithium’s Sal de Vida deposit, Millenial Lithium’s Pastos Grandes deposit and Lithium America’s Cauchari-Olaroz deposit.
One World Lithium CEO Doug Fulcher expressed his confidence in the lithium market and the potential of the project.
“The lithium exploration and development sector remains robust with the current spot price of lithium carbonate (LCE) remaining at $8,700 per ton,” Fulcher told shareholders in a statement. “The second phase of exploration drilling in the southern part of the project area is compelling given the potential of the targets.”
Salar del Diablo is a 103,430 hectare lithium brine exploration project located in the State of Baja California, Mexico.
Contact Angela at [email protected]
Follow her on Twitter @AHarmantas