Arizona Lithium Limited (ASX:AZL) Discovers New Lithium Enriched Formation at Prairie Project

Perth, Australia – 15 July 2024 | Arizona Lithium Limited (ASX: AZL, AZLO, AZLOA | OTC: AZLAF), a company focused on the sustainable development of two large lithium projects in North America, is excited to announce a significant lithium discovery at its Prairie Lithium Project in Saskatchewan, Canada. This discovery is a testament to the Company’s strategic and diligent exploration efforts.

Key Highlights:

• New Lithium Discovery: Lithium-enriched samples of 86 mg/L Li have been identified in the Souris River Formation at Pad #1 at the Prairie project.
• Souris River Formation: This formation lies directly below the Duperow Formation across the entire 391,000-acre project area and has never previously been tested.
• Successful Drilling: Well #1, initially drilled as an exploration well into the Souris River Formation, was later converted into a Duperow production well, achieving a stable pump rate of 500m³ per day (350 litres per minute).
• Promising Preliminary Results: Initial pump tests from the Duperow production well suggest the formation properties exceed performance expectations, with less than 130m of fluid drawdown followed by a strong pressure build-up response after pumping 2,400m³ of brine.
• Future Exploration Plans: Arizona Lithium plans to continue bringing production and disposal wells online in preparation for production at Pad #1 in 2025 and will further explore the Souris River and Dawson Bay Formations.

Paul Lloyd, Managing Director of Arizona Lithium, stated: “The exploration results from our first well are fantastic. The discovery of the Souris River lithium in Saskatchewan highlights the exploration upside that exists across the project. While the team is focused on putting the Duperow into production, understanding where future resources can be accessed on our current land is critical to the long-term security of lithium resources in North America. Credit must go to the competent and hard working AZL sub surface exploration team. This discovery will result in future wells by AZL and other lithium companies in the Province, targeting this deeper formation and providing information to increase our large resource. The team will continue to drill additional exploration wells with the goal of putting together a resource assessment for the Souris River to complement the already world class Duperow resource at the Prairie Lithium Project.”

Project Details:

• Prairie Lithium Project: Located in the Williston Basin of Saskatchewan, Canada, the Prairie Lithium Project encompasses 391,000 acres and is one of the largest lithium brine resources in North America. The project area has a total lithium carbonate equivalent (LCE) resource of 6.3 million tonnes, comprising 4.5 million tonnes of LCE indicated and 1.8 million tonnes of LCE inferred.
• Strategic Location: Situated in a mining-friendly jurisdiction with easy access to essential infrastructure such as electricity, natural gas, fresh water, paved highways, and railroads.
• Environmental Commitment: The project aims to use less freshwater, land, and waste, aligning with Arizona Lithium's sustainable approach to lithium development.

Paul Lloyd
Managing Director
Tel: +61 419 945 395
Email: paul@arizonalithium.com

Jane Morgan
Investor & Media Relations
Email: jm@janemorganmanagement.com.au
Tel: +61 405 555 618

Competent Persons Statement: 
Gordon MacMillan P.Geo., Principal Hydrogeologist of Fluid Domains, reviewed and approved the technical information pertaining to the resource provided in the ASX release. Mr. MacMillan is a member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA), which is ROPO accepted for the purpose of reporting in accordance with the ASX listing rules. Mr. MacMillan has been practicing as a professional in hydrogeology since 2000 and has 24 years of experience in mining, water supply, water injection, and the construction and calibration of numerical models of subsurface flow and solute migration. Mr. MacMillan is also a Qualified Person as defined by NI 43-101 rules for mineral deposit disclosure.