LTMCF - Lithium Chile Completes Production Well Drilling on Its Arizaro Property in Argentina

(TheNewswire)

CALGARY, ALBERTA, November 16, 2021 – Lithium Chile Inc. (“ Lithium Chile ” orthe “ Company ”) ( TSXV:LITH)(OTC:LTMCF) announces that it has completedits production well drilled on its23,300-hectare property located in the Salar de Arizaro, SaltaProvince, Argentina.

ARIZARO PRODUCTION TEST WELLUPDATE

• - The production well has been completed on time and onbudget with a depth of 452 meters.

  - Drilling determined that the Arizaro salar containsdistinct formations deposited in layers– the upper halite cap andbelow that a clastic layer containing sands and gravel. These clasticsare the favorable formation to host brine solutions.

  - The well was logged with the following tools:

  • - QL40-SGR. Measurement of formation naturalradioactivity and contributions of Uranium, Thorium and Potassium.Between 0-443 m depth.

    - QL40-FTC. Borehole fluid conductivity and temperaturemeasurement . Between 0-443 m depth.

    - QL40-IND-C. Formation resistivity measurement.Between 0-443 m depth.

    - QL40-ABI-2G. Measurement of ultrasonic images. Entre0 y 443 m de profundidad.

    - BMR-90. Measurement of borehole magnetic resonancefor porosity and permeability. Between 4-443 m with TE (time spacing)of 1200 microseconds. First meters below casing were avoided due tothe metal interference on magnetic field.

  - Geophysical results confirm promising clastic brinesbetween 330 meters and 452 meters.

  - Drilling went smoothly through the halite cap and hitthe clastics layer at approximately 330 meters and ran back into aclay layer at 452 meters. The key clastic target was 120 meters thick. The down-hole geophysical logs show greater than 25% porosity.

  - The next stage in the evaluation of the well involvesof the running of custom-made casing and liners to ensure that thesamples are not contaminated such that accurate lithium grades can beobtained during pump testing. The casing and liners will arrive at thewell site on November 17 th .

  - Currently the well diameter is being expanded from8.5 inches in diameter to 14 inches to accommodate a larger down holepump to handle the anticipated higher flow rates.

  - Drilling continued below the top of the clay layer toa depth of 464 meters so as to allow a cellar below the clastic layersintended to catch sediments that will inflow during the productiontest.

  - The current drilling will be completed by November17 th such that the new casings and liners can be installed immediatelythereafter. Upon installation pump testing and sampling is planned tocommence in early December.

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Steve Cochrane, President and CEO of Lithium Chilecommented: “ We are pleased that our production test well has beencompleted - on time and on budget - on Salar de Arizaro property,Argentina. Our team on the ground is very encouraged by the results todate with the down hole geophysics confirming a thick 120 meterformation with all the clastic brine indicators.  We look forward tothe running of production casing and liners within the next few weekssuch that the main production testing can commenceimmediately.”

About Lithium Chile

Lithium Chile is advancing a lithium property portfolioconsisting of 69,200 hectares covering sections of 12 salars in Chileand 1 salar comprising 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 or alternately, Jose de Castro Alem, 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.

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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.

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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