CALGARY, ALBERTA, June 9, 2022 – (“Lithium Chile” or the “Company”) (TSX:LITH) (OTC:LTMCF) is pleased to announce that its previously announced drill program, designed to increase the Salar de Arizaro initial resource estimate, is now underway. The program will be comprised of up to four (4) additional exploration holes and three (3) new production test wells. One diamond drill rig, as well as a larger rig capable of drilling a production well, have been secured with the first diamond drill exploration rig already on location. Site preparation is nearing completion such that drilling of the first exploration hole is anticipated to begin during the week of June 13th.
Work progress to date includes: i) a 1,200 metre main road has been re-conditioned; ii) roads into new drill platforms 1 and 2 have been completed; and iii) drill pads for holes 1 and 2 have been completed. In preparation for moving to the next drilling locations, a new road into drill pad 3 has been started as has construction on the drill pad for hole 3.
Site preparation for the mobile camp that will house the drilling crews for the duration of the development program has been completed such that the camp will be mobilized shortly. In the meantime, the drilling crew is being housed in the nearby community of Tolar Grande.
Lithium Chile has also begun work on setting up and installing its own full time pumping system on the first production test well which was completed in December of 2021. The pumping system will be comprised of an on-site generator and a 30 hp submersible pump designed to allow for continuous production of brine from this first well. This will not only facilitate ongoing metallurgical studies and prepare battery grade lithium carbonate tests, but it will also provide the platform for a future production well.
A special agreement was achieved with an advanced titanium oxide resin for testing; the complete metallurgical set for different scenarios has begun in collaboration between Minería Positiva and Norlab. These set includes:
a) Pervaporation testing
b) Lithium extraction with three different resins
c) Concentration of solution using advanced distillation membrane trough KMX technology and others.
d) Initial lithium carbonate production tests
Steve Cochrane, President and CEO of Lithium Chile, commented, “The commencement of our Phase 2 development program is another major milestone towards expanding and increasing our resource in Argentina. We are excited to show to our shareholders that this next phase of the development program has begun and provides the potential to increase our current initial 43-101 resource of 1.4 million tonnes of lithium carbonate equivalent very significantly, allowing us to demonstrate that our Arizaro property is truly a world class lithium brine deposit.”
Each well will be sampled and assayed continuously during the drilling process. Lithium Chile will announce the results from these sample assays as they are received. The entire Phase 2 program is anticipated to be completed in 6 to 9 months with an updated 43-101 resource report to follow shortly thereafter.
In addition to the Phase 2 drilling program, mobilization of the Company’s 120 metre exploration water well has commenced. Located in an area where approximately 70% of the freshwater flows into the basin, the well is expected to provide the water source for future production wells and the production plant. Having a fresh water resource will be critical for future development plans and is another significant milestone in advancing our Arizaro project.
Lithium Chile Geologist, Anabel Molas, staking a location on the Salar de Arizaro, Argentina
Access roads and drill pads building equipment heading to location for
the Phase 2 Drilling Program on the Salar de Arizaro, Argentina
the Phase 2 Drilling Program on the Salar de Arizaro, Argentina
Large volume brine collection from Arizaro 1 well to prepare
battery grade lithium carbonate tests
About Lithium Chile
Lithium Chile is advancing a lithium property portfolio consisting of 79,700 hectares covering sections of 11 salars and 2 laguna complexes in Chile and 23,300 hectares in Argentina.
Lithium Chile also owns 5 properties, totaling 22,429 hectares that are prospective for gold, silver and copper. Exploration efforts are continuing on Lithium Chile’s Carmona gold/silver/copper property which lies in the heart of the Chilean mega porphyry gold/ silver/copper belt.
Lithium Chile’s common shares are listed on the TSX-V under the symbol “LITH” and on the OTC-BB under the symbol “LTMCF”.
To find out more about , please contact Steven Cochrane, President and CEO via email: email@example.com, Jose de Castro Alem, Argentina Manager via email firstname.lastname@example.org or Michelle DeCecco, Vice President of Corporate Development via email email@example.com or at 403-390-9095.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward Looking Statements
This news release may contain certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “expected”, “anticipated”, “aims to”, “plans to” or “intends to” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Such forward-looking statements are based on various assumptions and factors that may prove to be incorrect, including, but not limited to, factors and assumptions with respect to: the general stability of the economic and political environment in which the Company operates; the timely receipt of required regulatory approvals; the ability of the Company to obtain future financing on acceptable terms; currency, exchange and interest rates; operating costs; the success the Company will have in exploring its prospects and the results from such prospects. You are cautioned that the foregoing list of material factors and assumptions is not exhaustive. Although the Company believes that the assumptions and factors on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct or that any of the events anticipated by such forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive there from. Actual results could differ materially from those currently anticipated due to a number of factors and risks including, but not limited to: fluctuations in market conditions, including securities markets; economic factors; the risk that the new lithium or cesium exploration tender processes does not yield the anticipated benefits to the Company, including the risk that the Company will not receive the approvals necessary and the impact of general economic conditions and the COVID-19 pandemic. The Company does not undertake to update any forward-looking statements herein, except as required by applicable securities laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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