Projects

Pastos Grandes Project

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The Project

The Company’s advanced-stage flagship project is the Pastos Grandes Lithium Project in Salta Province, Argentina.

Our Advantage

The Pastos Grandes Lithium Project currently covers over 8,664 hectares, making Millennial the most active company in this expansive salar.

8664
Hectares
2 Years
Timeline to Production
$40M
Spent in Development
23
Wells Drilled
Pastos Grandes Lithium Project

The Company has acquired 100% of the Pastos Grandes Lithium Project in Salta Province Argentina

Pastos Grandes Lithium Project

An additional 4,236 hectares have been granted by the government of Salta.

Pastos Grandes Lithium Project

Salar contains brines with a density of 1.2+ and Li contents of 350mg/l to 600mg/l, with some values exceeding 3000 mg/l lithium.

Project Details

To date Millennial has invested over $40M CDN in exploration and development work at Pastos Grandes. This includes 22 completed exploration/monitoring wells, 4 pumping test production wells, pilot ponds, a pilot plant as well as a year-round camp supported by a hybrid solar power system. Millennial has completed a Feasibility Study on the project and has the potential to be in production in 3 years.

An Environmental Impact Assessment-Exploitation has been completed and submitted to the mining authority with approval expected in late 2019. To date there are no known environmental obstacles to slow down the company's aggressive timeline towards a production decision.

These results exceed our expectations in terms of brine availability and flow. We are excited to be able to advance this program to pumping trials.

Iain Scarr
The Results

Following the success of the Phase I confirmation drilling program in 2016, Millennial proceeded immediately to Phase II – resource estimation. Drilling to date includes 30 core and rotary exploration holes on 22 sites, and 4 production-scale pumping test wells amounting to a total of more than 9,000 meters.

The exploratory drilling confirmed that the brine is present to far greater depths than previously believed, and was conducted with the goal of estimating a resource. The resource estimate, released in April, 2019 is outlined in the table below.

Phase II Resource
Category
Brine Volume
(m3)
Avg. Li
(mg/l)
In situ Li (tonnes)* Li2CO3
Equivalent
(tonnes*)
Avg. K
(mg/l)
In situ K
(tonnes)*
KCl
Equivalent
(tonnes)*
Measured 9.5E+08 446 425,000 2,262,000 4,734 4,508,000 8,597,000
Indicated 8.6E+08 406 349,000 1,858,000 4,114 3,357,000 6,745,000
M+I 1.8E+09 427 774,000 4,120,000 4,440 8,045,000 15,342,000
Inferred 3.5E+08 428 150,000 798,000 4,457 1,559,000 2,973,000
 

In 2018 Millennial commissioned WorleyParsons Chile S.A. to complete a Feasibility Study for the production of 24,000 Tonnes Per Year of Battery Grade lithium carbonate over a 40 year mine life.  The study was completed in July, 2019 and resulted in the following mineable reserves:

Reserve Category Time Period
(years)
Average Li Concentration (mg/l) Tonnes Li* Tonnes Equivalent Li2CO3**
Proven 1-8 (8 years total) 470 34,000 179,000
Probable 9-40 (32 years total) 431 143,000 764,000
TOTAL 40 years total 439 177,000 943,000

*Tonnages are rounded to the nearest thousand, totals may not sum correctly due to rounding

**Li Equivalency: each tonne of Li is equivalent to 5.3228 tonnes of Li2CO3

The economic highlights of the Feasibility Study are outlined below:

Net Present Value ("NPV") @ 8% Discount Rate (after tax) $ 1,030M
Internal Rate of Return ("IRR") (after tax) 24.2%
Initial Capex $448.2M
Opex (per tonne of Lithium Carbonate)-Start-Up (Years 1-6)
        -Main Mine (Years 7-40)
$3,377
$3,388
Average Annual Production (Tonnes Battery and Technical Grade Lithium Carbonate-Start-Up Stage) 18,000
Average Annual Production (Tonnes Battery Grade Lithium Carbonate-Main Mine Stage) 24,000
Mine Life 40 years
Payback (from start of investment, after tax) 5.4 years
Sustaining Capital (LOM) $102M
Deferred Capital (salt harvest equipment, pond expansion) $66M

The scientific and technical information relating to the Pastos Grandes Project contained herein has been prepared and verified by Iain Scarr, AIPG CPG. #11753, Chief Operating Officer of the and a Qualified Person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators

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