LITH:CC - Lithium Chile Completes Three Additional Holes on Salar De Arizaro Development Drill Program
(TheNewswire)
C algary , A B - TheNewswire - March 2 8 ,2023 - Lithium Chile Inc. (“ LithiumChile ” or the “ Company ”) ( TSXV:LITH ) ( OTC:LTMCF ) is pleased to provide an operational update involving thecompletion of two additional diamond drillholes and the Company’sthird production well.
DIAMOND DRILL HOLES:
The fourth diamond drill hole, ARDDH-04, was completedto a depth of 280-metres. The target brine bearing formation wasencountered at a depth of 200-metres - the shallowest depth of any ofthe holes drilled to date. Below 200-meters, the formation wascomprised of broken halite with a significant content of loose,friable sand. Hydrasleeve sampling was carried out over the 80-metrehorizon returning grades averaging 297 mg/l lithium, consistent withprevious holes. To follow up on these results, ARDDH-04 will betwinned using the larger rotary rig to an expected depth of600-metres.
The fifth diamond drill hole, ARDDH-05 has been drilledto a depth of 413-meters where drilling has been temporarily suspendedto allow for sampling. Favorable lithium bearing brine strata wasencountered at similar depths as ARDDH-04. Sampling, using Hydrasleevetechnology, has begun and will continue to a depth of 400-meters.After sampling has been completed, it is the Company’s intention tocontinue drilling to a projected depth of 600-metres with continuoussampling being performed during drilling. Additional drilling andsampling on hole ARDDH-05 is expected to be completed during the firstweek of April whereafter the rig will move to the ARDDH-06 location.Sample results will be released when received.
PRODUCTION WELL:
The third production well, ARGENTO-03, has beencompleted to a depth of 577-metres and the Company is pleased toreport that brine mineralization potential has been established fromdepths of 350 to 470-metres. These results are consistent with thebrine mineralization in the Company’s first two production wells.The well is now being widened to allow for the installation of casingand liners. Upon completion of these operations, a pump test will beperformed which is anticipated to be completed by the end of April. Pump testing results will be released when received.
Salar de Arizaro,Drill Locations
Michelle DeCecco, Vice-President & COO comments, “ the results we are seeing on these lastthree holes are consistent with the results reported on earlier holes.Consequently, our area of investigation has increased substantially,giving us great confidence in the Salar de Arizaro moving forward. It is reasonable to assume that when this drilling is incorporatedinto an updated resource report as well as into the planned PEA withAUSENCO, we will have unlocked significant value of the Salar deArizaro.”
The Company is also pleased to announce it has acquiredits own downhole pump and generator. A technical services team iscurrently working on site to set up and install this pump atARGENTO-02, which is expected to take approximately one week. Oncecompleted, a long-term pumping test is scheduled to begin. Datacollected from the additional work being completed on the Salar deArizaro will be reported in an updated 43-101 - expected during May2023.
Lithium Chile announces it has granted 200,000 stockoptions to a consultant of the Company. The Options were granted at anexercise price of $0.84, being the closing price of the Company'sCommon Shares on the TSX-V on March 27, 2023. The options were grantedpursuant to the Company's stock option plan, are subject to the termsof the applicable grant agreements and subject to regulatoryapproval.
ABOUT LITHIUM CHILE:
Lithium Chile is advancing a lithium property portfolioconsisting of 111,978 hectares in Chile and 20,800 hectares inArgentina.
The Company has a NI 43-101 report with an indicatedand inferred resource of 2,587,000 tonnes of lithium carbonateequivalent (LCE) from its Salar de Arizaro, Argentina project. ThePhase 2 development program on the Salar de Arizaro is underway withresults to be included in an updated NI 43-101 report which will befiled on SEDAR when completed.
Lithium Chile also owns 5 properties, totaling 21,329hectares, 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-QB under the symbol“LTMCF”.
To find out more about Lithium Chile Inc., pleasecontact Steven Cochrane, President and CEO via email:steve@lithiumchile.ca or Michelle DeCecco, Vice President and COO, viaemail michelle@lithiumchile.ca or at 403-390-9095.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATIONSERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXVENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACYOF THIS RELEASE.
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"expected", "anticipated", "aims to","plans to" or "intends to" or variations of suchwords and phrases or statements that certain actions, events orresults "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 and the timely receipt ofrequired regulatory approvals. You are cautioned that the foregoinglist of material factors and assumptions is not exhaustive. AlthoughLithium Chile believes that the assumptions and factors on which suchforward-looking statements are based upon reasonable assumptions,undue reliance should not be placed on the forward-looking statementsbecause Lithium Chile can give no assurance that they will prove to becorrect or that any of the events anticipated by such forward-lookingstatements will transpire or occur, or if any of them do, whatbenefits Lithium Chile will derive therefrom. Lithium Chile does notundertake to update any forward-looking statements herein, except asrequired by applicable securities laws. All forward-looking statementscontained in this news release are expressly qualified by thiscautionary statement.
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