LTMCF - Lithium Chile Commences Phase Two of the Resource Expansion Program on Their Salar De Arizaro Project
(TheNewswire)
CALGARY, ALBERTA – TheNewswire - February 15, 2022– Lithium Chile Inc. ( “Lithium Chile” or the “Company”) (TSXV:LITH) (OTC:LTMCF) is pleased to announce it has commenced theirphase 2 drilling program consisting of three, 500-metre-deep step-outholes aimed at expanding the lithium resource and increasing the gradeon the Arizaro property. The program is announced after an initialresource of 1,420,000 tonnes of lithium carbonate (“Li2CO3”)equivalent in the Indicated and Inferred Resource categories wasreported on their maiden well (see February 8, 2022 News Release).Well permitting and an environmental impact study are currentlyunderway. Drilling of the first well is anticipated by the end ofMarch. The 3 well program is scheduled to take 6 months.
As recommended by the company's QP, Montgomery &Associates, steel casing will be installed down the wellbore and theupper halite will be cemented off to prevent dilution by lithium-poorbrine from the upper zones. On the Company’s initial well, samplesduring various tests returned values up to 555 mg/ls.
Steve Cochrane, President and CEO of Lithium Chile,commented on the Salar de Arizaro Project: “After such encouragingresults on the NI 43-101 resource estimate of our maiden well, theimportant next steps for our Company and its Shareholders are toexpand the lithium resource and prove the overall grade with the phase2 drilling program on the Arizaro property. As a result of our deeprelationships with the Argentina community, we have secured a drillingrig for the duration of the project, which we estimate to take around6 months”
The Company also reports on their successful WarrantProgram. An additional 1,959,043 common shares have been issued inconsideration of C$1,175,425 as the result of the exercise ofoutstanding warrants. A total of 3,789,528 Warrants from the February23, 2021, financing remain outstanding at C$0.60 and are due to expireon February 23, 2023 (see February 23, 2021 News Release).
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 20,429hectares, 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 , Jose de CastroAlem, Argentina Manager via email jdecastroalem@gmail.com or Michelle DeCecco, Vice President of CorporateDevelopment via email michelle@lithiumchile.ca orat 587-393-1990.
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 newsrelease may contain certain forward-looking information andforward-looking statements within the meaning of applicable securitieslegislation (collectively "forward-looking statements").Generally, forward-looking statements can be identified by the use offorward-looking terminology such as "expected","anticipated", "aims to", "plans to" or"intends to" or variations of such words and phrases orstatements that certain actions, events or results "will"occur. In particular, this news release contains forward-lookingstatements relating to, among other things: the estimates in theReport, future drilling programs and the results thereof. Suchforward-looking statements are based on various assumptions andfactors that may prove to be incorrect, including, but not limited to,factors and assumptions with respect to: the general stability of theeconomic and political environment in which the Company operates; thetimely receipt of required regulatory approvals; the ability of theCompany to obtain future financing on acceptable terms; currency,exchange and interest rates; operating costs; the success the Companywill have in exploring its prospects and the results from suchprospects. You are cautioned that the foregoing list of materialfactors and assumptions is not exhaustive. Although the Companybelieves that the assumptions and factors on which suchforward-looking statements are based are reasonable, undue relianceshould not be placed on the forward-looking statements because theCompany can give no assurance that they will prove to be correct orthat any of the events anticipated by such forward-looking statementswill transpire or occur, or if any of them do so, what benefits theCompany will derive there from. Actual results could differ materiallyfrom those currently anticipated due to a number of factors and risksincluding, but not limited to: fluctuations in market conditions,including securities markets; economic factors; the risk that the newlithium exploration tender process does not yield the anticipatedbenefits to the Company, if at all; the risk that the Offering willnot be completed as anticipated or at all, including the risk that theCompany will not receive the approvals necessary in connection withthe Offering; and the impact of general economic conditions and theCOVID-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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