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Patagonia Lithium Ltd (ASX:PL3)

ALERT: Price-sensitive ASX Announcement for PL3
Current share price for PL3 : $0.096 -0.024 (-20%)+
Announcement
Release
11 Aug 2026 9:17AM
Price at Release
$0.120
Full Release
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Summary
Patagonia Lithium Ltd (ASX:PL3) announced the successful completion of Well 8 (JAM 26-08) reaching a depth of 485 meters in the Salar de Jama, Jujuy province, Argentina. The drilling intercepted the basement and recorded lithium assays with the highest being 232 ppm from Packer Test 10 at a depth of 303 meters. Ten out of twenty packer assay tests were successful, with notable flow rates including 705 L/hour at 126-137 meters interval and 526 L/hour in the ninth packer. The results showed good visual porosity, indicating a successful well particularly with high pumping rates. The aquifer interval is estimated to be between 186 to 303 meters. Discussions with Atacama Water Consultants are scheduled to finalize the mineral resource estimate and plan future testing with a BMR Gamma tool for porosity. Participation in the Mother Earth Thanksgiving ceremony with the local community emphasized community engagement. Further core sample analyses are underway, with plans for a 72-hour pump test following PVC lining installation.
Key Points
  • Successful Well 8 JAM 26-08 reached 485m depth.
  • Highest lithium assay recorded was 232 ppm at 303m depth.
  • Ten out of twenty packer tests were successful.
  • Flow rates reached 705 L/hour at the 126-137m interval.
  • Visual porosity in the aquifer indicated positive results.
  • Future work includes a 72-hour pump test and mineral resource estimate update.
  • Engagement with local community through cultural participation.
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.