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Patagonia Lithium Ltd (ASX:PL3)

ALERT: Price-sensitive ASX Announcement for PL3
Current share price for PL3 : $0.120 0.015 (14.29%)+
Announcement
Release
28 May 2026 8:23AM
Price at Release
$0.105
Full Release
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Summary
Patagonia Lithium Ltd conducted a comprehensive seismic survey at their Formentera site, employing methods such as MASW and HVSR to uncover a deeper basement layer, suggesting potential for larger lithium brine volumes. Key findings include a basement at significant depths and ongoing drilling to verify these geophysical results. The survey data was meticulously recorded and backed up, with thorough attention given to correlating seismic and drill data to ensure accurate interpretation. The Formentera/Cilon Lithium Project in Argentina highlights continued exploration success with significant lithium assay results from various drilling efforts.
Key Points
  • Patagonia Lithium Ltd conducted a seismic survey at the Formentera site revealing a deeper basement level than previously known.
  • The survey used methods such as MASW and HVSR to map subsurface reflectors and determine the interface between sedimentary sequences and bedrock.
  • A notable result is the identification of a basement at 3,200-3,400 meters above sea level, indicating potential for larger lithium brine volumes.
  • Geophysical data from the survey was stored and backed up daily, with detailed geometries recorded in a Dropbox project folder.
  • The Formentera/Cilon Lithium Project comprises two tenements in Jujuy Province, Argentina, owned by Patagonia Lithium SA.
  • The drilling program included several wells with significant progress noted in lithium assays and pump tests.
  • The report emphasizes the importance of correlating seismic data with drill logs for accurate interpretation of subsurface units.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.