LTMCF - Lithium Chile Announces Well Casing Completed and Commencement of Phase 2 - the Pump Test and Sampling Program - at Salar De Arizaro in Salta Argentina
(TheNewswire)
CALGARY, ALBERTA - TheNewswire- November 29, 2021 -Lithium Chile Inc. (“ LithiumChile ” or the “ Company ”) (TSXV:LITH) (OTC:LTMCF) announces the arrival and completion of the new casing and filterinstallation – which completes the production test well preparationon its 23,300-hectare Salar de Arizaro Property in Salta, Argentina. The Arizaro prospect is a potentially transformational project forLithium Chile. The earlier exploration hole, located 100 meters eastof the production test well, returned average lithium grades of 850mg/l over 6 separate samples (see Lithium Chile’s press release May17, 2021). The current production test is designed to obtainconfirmation of those grades and to establish commerciality of theproperty for lithium production.
Lithium Chile now moves into Phase 2 - consisting ofwell clean-up and commencement of the pump test and samplingprogram.
Steve Cochrane, CEO of Lithium Chile, commented “Weare delighted with the excellent progress being made on our Arizaroproperty. The installation of the new casings went extremely smoothlyand I would like to take this opportunity to thank all our contractorsand service providers in Argentina for their excellent work. Bringingthis stage of the project in on time, on budget and without any safetyor environmental incidents is a testament to their professionalism andcare of the environment. We now move into Phase 2 - easily the mostexciting phase of the program.”
ARIZARO PRODUCTION TEST WELL MOVESINTO PHASE 2
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The new well casings and filters arrived on schedule atthe Arizaro Property on November 17, , 2021 and workcommenced immediately to install them. This work has now beencompleted and the pump test phase has commenced.
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Phase 2 of the Arizaro property testing involvesflushing of the 120-meter clastic zone to remove drilling mudcontamination to allow for accurate sampling of the zone.
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Immediately thereafter, the pump test and sampling willcommence. This is expected to take 3 weeks to complete at which timethe collected samples will be sent to be assayed.
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Results are expected to be received in the second halfof December.
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On 26 th November, a meeting was held in theaboriginal town of Tolar Grande with the town’s Indigenous leaders,the Secretary of Mining for Salta Province (Ms. Flavia Royon),representatives of Argentum Lithium (the wholly owned Argentiniansubsidiary of Lithium Chile), the Galli Group, SMG and our drillingcontractor Andina Perforaciones). This meeting was organized torecognize the excellent ESG work ongoing on the Company’s drillprogram at Arizaro and to confirm Lithium Chile’s ongoing commitmentto inclusion and mutual respect while working with localcommunities.
WARRANT EXCERCISE
Lithium Chile is also pleased to announce the exerciseof 442,117 warrants during the last week resulting in net proceeds of$171,312.76.
The technical information contained in this newsrelease has been reviewed and approved by Mr.Gabriel Paganini, Mining Engineer, a "Qualified Person"registered in AusIMM under licence 317013 within the meaning of JORC2012
ABOUT LITHIUM CHILE
Lithium Chile is advancing a lithium property portfolioconsisting of 69,200 hectares covering sections of 10 salars and twolaguna complexes in Chile and 23,300 hectares in Argentina.
Lithium Chile also owns 5 properties, totaling 22,429hectares, that are prospective for gold, silver and copper.Exploration efforts are continuing on Lithium Chile’s Carmonagold/silver/copper property which lies in the heart of the Chileanmega 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, Jose de Castro Alem, Director and Argentina Manager viaemail jdecastroalem@gmail.com
NEITHER THE TSXVENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM ISDEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTSRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
NOT FOR RELEASE INTHE UNITED STATES OF AMERICA
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 statements 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. Forward-looking statements in thisrelease include statements pertaining to historically reported lithiumgrades, the plans to confirm those grades and testing plans at theCompany’s Arizaro salar.
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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