The Lake Resources (ASX: LKE) share price is soaring on Thursday.
Shares in the lithium stock closed yesterday trading for 16 cents. At the time of writing, shares are trading for 17 cents, up 6.25%.
For some context, the All Ordinaries Index (ASX: XAO) is up 0.2% at this same time.
This follows a promising update on the clean lithium developer's extraction technology.
Image source: Getty Images
What did the ASX lithium miner report?
The Lake Resources share price is leaping higher after the miner confirmed its Lilac Technologies' direct extraction technology has proven successful.
The confirmation follows extensive field testing at its Kachi project, located in Argentina.
Commenting on the confirmed success sending the Lake Resources share price higher today, CEO David Dickson said, "This is a key milestone for DFS preparation for Phase 1 of the Kachi project and a major de-risking of the Kachi project."
The company said it had successfully processed four million litres of brine and produced 200,000 litres of eluate for testing.
"This is a significant achievement as Kachi is one of the largest successful DLE testing programs ever undertaken and couldn't have been done without this on-site development," Dickson noted.
One of the next crucial steps, the process plant design, was reported to be underway.
According to Dickson:
This work supports the phased approach to first commercial lithium production from 2H 2027, with a targeted plant capacity of 25,000 TPA [tonnes per annum] of battery grade LCE [lithium carbonate equivalent] by 2028, and targeted plant capacity of 50,000 TPA battery grade LCE from 2030.
He added that the miner had processed 120,000 litres of Kachi lithium chloride eluate into battery-grade lithium carbonate.
That included:
- Bench scale validation testing
- 1,000-litre pilot plant testing
- 10,000-liter demo plant testing
The company is continuing its work with the United States and Argentina governments to strengthen lithium supply chains.
Lake Resources share price snapshot
Despite today's big lift, the Lake Resources share price remains down a painful 78% in 2023.
Shares hit all-time highs north of $2.30 apiece in April 2022.
