LITH:CC - Lithium Chile Commences Phase 2 Development Program on its Salar De Arizaro Property Salta Province Argentina
(TheNewswire)
CALGARY, ALBERTA, June 9, 2022 – Lithium Chile Inc. (“ Lithium Chile ” or the “ Company ”) (TSX:LITH) (OTC:LTMCF) ispleased 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 aproduction well, have been secured with the first diamond drillexploration rig already on location. Site preparation is nearingcompletion such that drilling of the first exploration hole isanticipated to begin during the week of June 13th.
Work progress to date includes: i) a 1,200 metre mainroad has been re-conditioned; ii) roads into new drill platforms 1 and2 have been completed; and iii) drill pads for holes 1 and 2 have beencompleted. In preparation for moving to the next drilling locations,a new road into drill pad 3 has been started as has construction onthe drill pad for hole 3.
Site preparation for the mobile camp that will housethe drilling crews for the duration of the development program hasbeen completed such that the camp will be mobilized shortly. In themeantime, the drilling crew is being housed in the nearby community ofTolar Grande.
Lithium Chile has also begun work on setting up andinstalling its own full time pumping system on the first productiontest well which was completed in December of 2021. The pumping systemwill be comprised of an on-site generator and a 30 hp submersible pumpdesigned to allow for continuous production of brine from this firstwell. This will not only facilitate ongoing metallurgical studies andprepare battery grade lithium carbonate tests, but it will alsoprovide the platform for a future production well.
A special agreement was achieved with an advancedtitanium oxide resin for testing; the complete metallurgical set fordifferent scenarios has begun in collaboration between MineríaPositiva and Norlab. These set includes:
a) Pervaporation testing
b) Lithium extraction with three differentresins
c) Concentration of solution using advanceddistillation membrane trough KMX technology and others.
d) Initial lithium carbonate productiontests
Steve Cochrane, President and CEO of Lithium Chile,commented, “The commencement of our Phase 2 development program isanother major milestone towards expanding and increasing our resourcein Argentina. We are excited to show to our shareholders that thisnext phase of the development program has begun and provides thepotential to increase our current initial 43-101 resource of 1.4million tonnes of lithium carbonate equivalent very significantly,allowing us to demonstrate that our Arizaro property is truly a worldclass lithium brine deposit.”
Each well will be sampled and assayed continuouslyduring the drilling process. Lithium Chile will announce the resultsfrom these sample assays as they are received. The entire Phase 2program is anticipated to be completed in 6 to 9 months with anupdated 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 hascommenced. Located in an area where approximately 70% of thefreshwater flows into the basin, the well is expected to provide thewater source for future production wells and the production plant.Having a fresh water resource will be critical for future developmentplans and is another significant milestone in advancing our Arizaroproject.
Lithium ChileGeologist, Anabel Molas, staking a location on the Salar de Arizaro,Argentina
Access roads anddrill pads building equipment heading to location for
the Phase 2Drilling Program on the Salar de Arizaro, Argentina
Front end Loader building the access road for
the Phase 2Drilling Program on the Salar de Arizaro, Argentina
Large volume brinecollection from Arizaro 1 well to prepare
battery gradelithium carbonate tests
About Lithium Chile
Lithium Chile is advancing a lithium property portfolioconsisting of 79,700 hectares covering sections of 11 salars and 2laguna 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. Explorationefforts are continuing on Lithium Chile’s Carmona gold/silver/copperproperty which 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 , Jose de CastroAlem, Argentina Manager via email jdecastroalem@gmail.com or Michelle DeCecco, Vice President of CorporateDevelopment via email michelle@lithiumchile.ca orat 403-390-9095.
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.
Forward Looking Statements
This news release may contain certainforward-looking information and forward-looking statements within themeaning of applicable securities legislation (collectively"forward-looking statements"). Generally, forward-lookingstatements can be identified by the use of forward-looking terminologysuch as "expected", "anticipated", "aimsto", "plans to" or "intends to" or variationsof such words and phrases or statements that certain actions, eventsor results "will" occur. Such forward-looking statements arebased on various assumptions and factors that may prove to beincorrect, including, but not limited to, factors and assumptions withrespect to: the general stability of the economic and politicalenvironment in which the Company operates; the timely receipt ofrequired regulatory approvals; the ability of the Company to obtainfuture financing on acceptable terms; currency, exchange and interestrates; operating costs; the success the Company will have in exploringits prospects and the results from such prospects. You are cautionedthat the foregoing list of material factors and assumptions is notexhaustive. Although the Company believes that the assumptions andfactors on which such forward-looking statements are based arereasonable, undue reliance should not be placed on the forward-lookingstatements because the Company can give no assurance that they willprove to be correct or that any of the events anticipated by suchforward-looking statements will transpire or occur, or if any of themdo so, what benefits the Company will derive there from. Actualresults could differ materially from those currently anticipated dueto 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 explorationtender processes does not yield the anticipated benefits to theCompany, including the risk that the Company will not receive theapprovals necessary and the impact of general economic conditions andthe COVID-19 pandemic. The Company does not undertake to update anyforward-looking statements herein, except as required by applicablesecurities laws. All forward-looking statements contained in this newsrelease are expressly qualified by this cautionary statement.
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