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Standard Lithium Commences Drilling Program at South West Arkansas Lithium Project to Support Upcoming Preliminary Feasibility Study
EL DORADO, Ark., March 20, 2023 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV: SLI) (NYSE American: SLI) (FRA: S5L), a l
About this update from Standard Lithium Ltd.
[{"type":"text","content":" EL DORADO, Ark., March 20, 2023 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV: SLI) (NYSE American: SLI) (FRA: S5L), a leading near-commercial lithium company, announced today the commencement of a drilling program at its South West Arkansas Lithium Project (the “Project”) to support the forthcoming Preliminary Feasibility Study (\"PFS\" see news release dated May 02nd 2022). The drilling program will inform the resource definition and de-risk the resource estimate, provide additional porosity and permeability data through the entire thickness of the productive zones in the Smackover Formation, and optimize production-wellfield design. Dr. Andy Robinson, President and COO of Standard Lithium commented, “Since beginning the PFS work at our South West Arkansas Lithium Project last year, the team has been advancing numerous engineering and process studies, while simultaneously completing all the leases and permits required to start the drilling program. This systematic drilling program for both new wells and re-entries into pre-existing, plugged and abandoned wells will collect all necessary resource data for the forthcoming PFS as well as the majority of resource data for the subsequent Definitive Feasibility Study (“DFS” aka Bankable Feasibility). Our ongoing engineering and costing work at Phase 1A of our nearby LANXESS Property Project will also help inform the PFS. When complete, the PFS will provide an updated view of project feasibility and economics.” The drilling program covers two new locations and three re-entries of plugged and abandoned (pre-existing) oil and gas wells. Typically, when a pre-existing well is being re-entered, it will be deepened to gather more data from the entire Smackover Formation thickness underlying the Project area. The first re-entry into a pre-existing oil and gas well, the Beulah-Taylor #1 has been completed. Refer to Figures 1 and 2 below for images of the drill site. The original well was a dry hole (from an oil/gas point of view) drilled for hydrocarbon in July 1982 and subsequently decommissioned in August 1982, and the drill pad had been unused since then. The drill rig commenced drilling on 21st February, 2023. The drill string reached the base of the previous bore on 03rd March, 2023 (measured well depth was 8,690 ft), which penetrated into the u...