LTMCF - Lithium Chile And Summit Nanotech Announce Signing of Definitive Agreement for Their Joint Pilot Project in Chile
(TheNewswire)
CALGARY, ALBERTA – TheNewswire- March 8, 2021 –Lithium Chile Inc. (“ LithiumChile ” or the “ Company ”) ( TSXV: LITH)(OTC:LTMC) is pleased to announce the completionof a definitive agreement with Summit Nanotech Corporation (“SummitNanotech”) that will launch Summit Nanotech’s proprietary lithiumextraction technology at one of Lithium Chile’s explorationwellsites. The original LOI was entered into in June of 2020 (seepress release June 16, 2020) whereby Lithium Chile and Summit Nanotechwould collaboratively demonstrate the viability of the novel processfor sustainable extraction of lithium.
During the last six months, Summit Nanotech has beenadvancing its technology to the point where a pilot unit is now underconstruction with the intention to deploy it for field testing by Q42021.
Lithium Chile has identified two prospective propertiesfor the pilot program and is currently in the process of confirmingdrill locations following which drilling permits will be appliedfor.
Steve Cochrane, President and CEO of Lithium Chilecommented, “We are extremely excited to have our definitiveagreement in place with Summit Nanotech so we can jointly prove themerits of their new technology for the ecologically sustainableproduction of lithium. We have received tremendous support from thelocal indigenous communities for our combined efforts to reduceenvironmental impact by changing the way lithium is produced frombrine deposits. We see Summit’s technology as the future of ourindustry.”
Amanda Hall, CEO & Founder of Summit Nanotechcommented, “This is an exciting first step on the road to acommercial scale operation of our denaLi DLE technology. It has beenan honor working with Lithium Chile’s team to progress this excitingendeavor in the heart of the lithium triangle, which includes thesupport of both the Chilean federal government and local Indigenouscommunities in Chile.”
The Company also announces the grant of 2,100,000 stockoptions to Officers, Directors and Advisors of the Company (the“Options”) in accordance with the Company's stock option plan. TheOptions are exercisable for a period of ten years at $0.51 and willvest as to one third each on the date of grant and the first andsecond anniversaries of the grant. The Options are subject to thepolicies of the TSX Venture Exchange.
Qualified Person
Mr. Terence Walker, M.Sc., P.Geo., qualified personwithin the meaning of National Instrument 43-101, has reviewed andapproved the contents of this news release.
About Lithium Chile
Lithium Chile is advancing a lithium property portfolioconsisting of 71,900 hectares covering sections of 10 salars and twolaguna complexes in Chile.
Lithium Chile also owns 5 properties that areprospective for gold, silver and copper. Exploration efforts arecontinuing on Lithium Chile’s Carmona gold/silver/copper propertywhich lies in the heart of the Chilean mega porphyry gold/silver/copper belt.
Lithium Chile’s common shares are listed on the TSX-Vunder the symbol " LITH ” and on the OTC-BB under the symbol“ LTMCF ”.
To find out more about Lithium Chile Inc., pleasecontact Steven Cochrane, President and CEO via email: steve@lithiumchile.ca oralternately, Terry Walker, VP Exploration at (011) 562 2455-6473 orvia email: twalker@chilelithium.cl .
About Summit Nanotech
Summit Nanotech is a private cleantech company that hasdeveloped new processes for extracting lithium and other valuablemetals from brine water using advanced nanomaterials. Summit’sapproach to metal extraction is focused on environmental impact,reliability and consistency of supply and lowering operating costs.
To find out more about Summit Nanotech Corporation,please contact Amanda Hall, CEO & Founder via email:info@summitnanotech.com
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Forward Looking Statements
This news release may contain certain forward-lookinginformation and forward-looking statements within the meaning ofapplicable securities legislation (collectively "forward-lookingstatements"). Generally, forward-looking information can beidentified by the use of forward-looking terminology such as"expects", "believes", "aims to","plans to" or "intends to" or variations of suchwords and phrases or statements that certain actions, events orresults "will" occur. In particular, this news releasecontains forward-looking statements relating to prior assay results,exploration activities, and expressions of interest and whether thePrivate Placement is fully subscribed.
You are cautioned that the following list of materialfactors and assumptions is not exhaustive. Specific material factorsand assumptions include, but are not limited to: the general stabilityof the economic and political environment in which the Companyoperates; the timely receipt of required regulatory approvals; theability of the Company to obtain future financing on acceptable terms;currency, exchange and interest rates; operating costs; the successthe Company will have in exploring its prospects and the results fromsuch prospects. Accordingly, readers should not place undue relianceon forward-looking statements. The Company does not undertake toupdate any forward-looking statements herein, except as required byapplicable securities laws. All forward-looking statements containedin this news release are expressly qualified by this cautionarystatement.
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