HIGHLIGHTS
- Flow testing of Well #3 at Pad #1 has been completed. Completion work focused on additional testing of the recently discovered Dawson Bay and Souris River Lithium Formations.
- Results of the Completions work including grade and flow rates will be released to the market next month.
- The company will convert this well into a future production well at Pad #1.
- Arizona Lithium has recently announced the completion of drilling on Pad #2 and the clearing of the well pad at Pad #3 – following a similar pattern to clear, drill, complete and test wells ahead of commercial development.
- As detailed in the PFS, each pad has a Net Present Value (NPV) of approximately US$150 million.
- As previously announced Arizona Lithium is well funded with cash already received from the noncore acreage sale that raised A$11 million in non-dilutive capital.
Arizona Lithium Limited (ASX: AZL, AZLO, OTC: AZLAF) (“Arizona Lithium”, “AZL” or “the Company”), a company focused on the sustainable development of two large lithium development projects in North America, the Prairie Lithium Project (“Prairie”) and the Big Sandy Lithium Project (“Big Sandy”), is pleased to provide an update at the Prairie Project. Completions work on the Dawson Bay and Souris River formations is complete at the third well on Pad #1. The well can be converted into a future production well ahead of the next step, which is commercial development and production. Figure 1 illustrates where each of the well pads are located geographically. Figure 2 shows the service rig on Well Pad #1 performing completions work. Figure 3 is a simplified chart of the stratigraphy – showing the Duperow, Souris River and Dawson Bay Formation’s.
Arizona Lithium Managing Director, Paul Lloyd, commented: “The completions at Pad #1 highlight our ability to drill wells and complete them across our project. The team has been focused and efficient at getting the work permitted, getting the pads cleared, drilling wells and completing wells. All of this has been done expeditiously and are all important steps ahead of production of Lithium products in 2025.”
About us:
Arizona Lithium Ltd. is a lithium exploration & development company with its head office in Perth, Western Australia. Arizona Lithium trades on the Australian Stock Exchange (ASX) under the symbol AZL. The company is currently exploring and developing its two main projects, The Big Sandy project in Arizona, USA and the Prairie Lithium project in Saskatchewan, Canada. The company also has BLM claims for exploration near Lordsburg, New Mexico, USA. Arizona Lithium’s main office and Lithium Research Center (LRC) in North America are located in Tempe, Arizona, with a field office in Saskatchewan.
Contact details:
Jane Morgan