LEL

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38.5¢ lithium energy limited

Ann: Major Lithium Brine Discovery at Solaroz Project, page-101

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PirataCzornomaz

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24/10/22

09:41

Post #: 64352101
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Originally posted by insaf: ↑

A few things to understand so far -
- Seismeics and TEM supported a presumptio by LEL based adjacent to AKE and LAC.
- The drilling program is the to validate the data studied by the company and determine the general scope of the Salar
- Based on results so far, it is an exceptional start because an unidentified upper aquifer was discovered with the required lithology and a concentration of 400 ppm. In general, the concentrations of lithium in brine tends to increase at depth. Hence, getting 400 ppm at an upper aquifier is is significant before the target zone is reached.
- sandstones are encountered during drilling, causing a delay, however, this is significant due to the required lithology. Just requires another drill to be procured. Cash is not an issue with 20 million in the bank.

The next catalysts are:
- another column of conductive brine being encountered with the same lithology to the upper aquifer (based on previous timeframe, LEL commenced on the 12th September, updated on the progress of the drill to 60 metres on the 21st September (9 days) and announced conductive zone of brine on the 5th - approximately 3 weeks).
- An announcement to indicate the mud seal is breached and the sandstones being encountered would be an ideal announcement this week as we know the progress will be slow if sandstones are encountered. This will increase the confidence of the drill.
- the announcement of brine zones in target zones will be another catalyst in early November followed by assays in mid to late November.
- Drill rigs being procured to enable the drilling campaign to be concluded with a much shorter time frame.

We have the stock market rallying based on a potential lower rate hike, Biden bringing the focus on Lithium and Graphite (2 projects Lel has), over 34 milllion shares owned by SRK and escrowed out of 95 million issued, Continuous newsflow and ,ost importantly LEL is at the exploration part of the curve when the SP is at it's most volatile but also in general where the significant growth in SP occurs.

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One other point noone is mentioning is porosity.

We got purely sandstone.

I have estimated 10% porosity but this number might be closer to 20%.

A 400 ppm Lithium at 20%, is equivalent to a 800 ppm with lower porosity at 10%. So watch out. GLN resource upgraded today 2.5x.

LAC, our neighbour up 10% on Friday, Good days ahead.

LEL Price at posting: $1.20 Sentiment: Buy Disclosure: Held
6 Upvote

2 Great analysis

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