Perth, Australia – 21 October 2024 | Arizona Lithium Limited (ASX:AZL, AZLO, OTC:AZLAF) (“Arizona Lithium” or “the Company”) is pleased to announce the successful completion of the drilling program at Pad #2 of the Prairie Lithium Project in Saskatchewan, Canada. Two exploration wells have been drilled, targeting the Souris River and Dawson Bay formations, which will significantly contribute to a pathway to commercial production.
Highlights:
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Exploration Wells Completed: Both wells targeted key formations underlying the Duperow Formation at Pad #2, with the potential to be converted into production or disposal wells.
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Production Targets: Pad #2 is part of a three-pad strategy outlined in the Preliminary Feasibility Study (PFS), which forecasts 2,000 tonnes per annum (tpa) of Lithium Carbonate Equivalent (LCE) production from each pad.
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Strong Project Economics: The PFS assigns each pad a Net Present Value (NPV) of approximately US$150 million, reinforcing the Prairie Lithium Project’s robust financial potential.
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Fully Funded for Exploration: The Company remains well-funded to continue its exploration and development activities, with A$11 million in non-dilutive capital raised earlier this month through the sale of non-core acreage.
Paul Lloyd, Managing Director of Arizona Lithium, commented: “The wells drilled at Pad #2 highlight our ability to drill wells across our project. These results will build on the encouraging exploration results from Pad #1. We recently announced that we had cleared Pad #3, and we plan to continue on this same trajectory where we are clearing pads, drilling wells and gearing up towards a world class Lithium project. We are well funded with the A$11 million non core acreage sale earlier this month, and we will continue to work towards unlocking shareholder value.”
Next Steps:
With the drilling at Pad #2 now complete, Arizona Lithium will progress to clearing and drilling at Pad #3 as part of its ongoing development strategy. The Company remains focused on scaling up to full commercial production at the Prairie Project, which is located in one of the world’s top mining-friendly jurisdictions, offering excellent access to key infrastructure such as electricity, natural gas, water, and transportation networks.
Paul Lloyd
Managing Director
paul@arizonalithium.com
Jane Morgan
Investor and Media Relations
jm@janemorganmanagement.com.au
About us:
About Arizona Lithium:
Arizona Lithium Limited is an Australia-based mineral exploration company. The Company is focused on the Big Sandy, Prairie Lithium and Lordsburg Projects in North America exploring for lithium. The Big Sandy lithium project is located on interstate I93 between Phoenix and Las Vegas. The project comprises 331 Bureau of Land Management (BLM) claims in Arizona, covering approximately 25 square kilometres (km2). The Lordsburg Lithium Project comprises about 291 BLM claims covering approximately 25 square kilometres and is located in the southwest corner of the state of New Mexico and is accessed along the I10 Interstate between Tucson and La Cruces close to the New Mexico, Arizona border. The Lordsburg Lithium Project lies within the playa lake system at the northernmost end of the Animas Valley, New Mexico. The Prairie Lithium project is located in southeast Saskatchewan and comprises over 390,000 acres of subsurface permits.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
jm@janemorganmanagement.com