CANADA — Arizona Lithium Limited has successfully completed drilling operations at Pad #2 of its Prairie Lithium Project in Saskatchewan, Canada.
The company drilled two exploration wells targeting the Souris River and Dawson Bay formations, marking a significant step towards commercial production.
The two wells drilled at Pad #2 have the potential to be converted into production or disposal wells.
This development builds upon the encouraging results from Pad #1 and demonstrates Arizona Lithium’s capability to execute its drilling strategy across the project.
Pad #2 is a crucial component of the company’s three-pad strategy outlined in the Preliminary Feasibility Study (PFS).
Each pad is projected to produce 2,000 tonnes per annum of Lithium Carbonate Equivalent (LCE).
The PFS estimates each pad to have a Net Present Value (NPV) of approximately US$150 million, underscoring the Prairie Lithium Project’s strong financial prospects.
Arizona Lithium remains well-funded for continued exploration and development activities.
The company recently raised $11 million through the sale of non-core acreage, providing non-dilutive capital to support its operations.
With Pad #2 drilling completed, Arizona Lithium is progressing to clear and drill at Pad #3.
The company is focused on scaling up to full commercial production at the Prairie Project, leveraging Saskatchewan’s mining-friendly environment and excellent infrastructure.
Paul Lloyd, Managing Director of Arizona Lithium, expressed optimism about the project’s trajectory, stating: “We plan to continue on this same trajectory where we are clearing pads, drilling wells and gearing up towards a world-class Lithium project.”
The Prairie Lithium Project is situated in southeast Saskatchewan, encompassing over 390,000 acres of subsurface permits.
It boasts a total Inferred and Indicated Resource of 6.3 Mt LCE, with the potential for Direct Lithium Extraction (DLE) technology application.
As Arizona Lithium advances its 2024 drilling campaign, the company is positioning itself as a significant player in North America’s lithium market, with two large lithium projects and a combined resource of 6.7 MT LCE.