InvestSMART

Patagonia Lithium Ltd (ASX:PL3)

ALERT: Price-sensitive ASX Announcement for PL3
Current share price for PL3 : $0.135 0.035 (35%)+
Announcement
Release
17 Jun 2026 9:23AM
Price at Release
$0.100
Full Release
download
Summary
Patagonia Lithium Ltd has announced the completion of Well 7 in the northwest corner of their project, located in the Formentera region. Significant assays from this well include a lithium concentration of 270 ppm at a depth of 282 meters. The well was drilled to a depth of 476 meters, where a compact clay basement was encountered. The porosity of the well exceeded expectations, with sandy units showing specific yields up to 34%, which is beneficial for lithium extraction. The company plans to continue drilling at the Cilon concession, aiming to extend the mineral resource estimate. Additionally, a 72-hour pump test is planned to assess production rates. Patagonia Lithium is focused on expanding its lithium resource in the region, with future drilling and resource evaluation planned.
Key Points
  • Completion of Well 7 in Formentera with significant lithium results.
  • Lithium concentration of 270 ppm at 282m depth.
  • Well drilled to 476 meters, encountering a compact clay basement.
  • Exceeded porosity expectations with specific yields up to 34%.
  • Continuation of drilling at Cilon concession to extend mineral resource.
  • 72-hour pump test planned to assess production rates.
  • Patagonia Lithium focused on expanding lithium resources.
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.