LITH:CC - Lithium Chile Enters into an Option Agreement for it's Copper Gold Silver Las Garillas Property with Volos Minerals Inc.
(TheNewswire)
CALGARY, ALBERTA – TheNewswire - August 18, 2022 – Lithium Chile Inc. (“ Lithium Chile ” orthe “ Company ”) (TSXV:LITH) (OTC:LTMCF) is pleased to announce that it has entered intoan option agreement (the “ Agreement ”) with Volos Minerals Inc.(“ Volos ”) a privately-held mining exploration Company, wherebyVolo’s may earn a 51% in the Las Garillas property located innorth-central Chile. The Las Garillas property consists of nineexploration concessions totaling 1,900 hectares.
The Las Garillas property covers several large zones ofphyllic to silicic hydrothermal alteration and gold-silver bearingepithermal vein systems that encompass an old high-grade,pre-Columbian, gold-silver mining camp. Regionally, it lies on theeastern flank of the central Cretaceous - Palaeocene PorphyryCopper-Gold Belt in a similar, geological – structural setting asthe Andacolla gold mine operated by Teck Resources. The Las Garillasproperty is readily accessible year-round from the town of MontePatria, twelve kilometres to the southwest, via paved and gravelroads, heading northeast to several old mines in the interior of theProperty.
Recent surface chip sampling by Lithium Chile alongvein extensions within the Las Garillas claims of an adjacentproperty, currently producing high grade, gold-silver vein systems,returned values of up to 21.4 g/t gold, 329 g/t silver and 1.8%copper.
To earn 51% in Las Garillas, within two years ofsigning the Agreement, Volos must incur a minimum of $250,000 inexploration expenditures and make cash payments to Lithium Chile of$100,000. In addition, Volos must issue Lithium Chile Inc. a number ofcommon shares representing 9.9% ownership in Volos (the“ Payment Shares ”) immediately following the listing of Volos shares on aCanadian stock exchange (the “ Listing ”) and a further 9.9% on the firstanniversary of the Listing.
Steve Cochrane, President and CEO of Lithium Chilecommented “I am pleased to have entered into this option agreementon our Las Garillas property with Volos, as part of our statedobjective of advancing our non-lithium assets in Chile through thesetypes of joint ventures. Preliminary exploration on Las Garillaspoints to an exciting gold silver copper cobalt prospect.”
Alain Lambert, Co-Founder and a Director of VolosMinerals remarked “We look forward to taking Volos Minerals publicbefore the end of this year. Having Lithium Chile as a significantshareholder demonstrates their commitment to the long-term success ofthe Las Garillas project and Volos’ plan to be active in miningexploration in Chile.”
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 Castro Alem, Argentina Manager viaemail jdecastroalem@gmail.com or Michelle DeCecco, Vice President ofCorporate Development via email michelle@lithiumchile.ca or at403-390-9095.
Forward Looking Statements
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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; the timely receipt ofrequired regulatory approvals; the risk that the new lithium or cesiumexploration tender processes does not yield the anticipated benefitsto the Company; the ability of the Company to obtain future financingon acceptable terms; currency, exchange and interest rates; operatingcosts; the success the Company will have in exploring its prospectsand the results from such prospects and the COVID-19 pandemic. You arecautioned that the foregoing list of material factors and assumptionsis not exhaustive. Although the Company believes that the assumptionsand factors on which such forward-looking statements are based uponare reasonable, undue reliance should not be placed on theforward-looking statements because the Company can give no assurancethat they will prove to be correct or that any of the eventsanticipated by such forward-looking statements will transpire oroccur, or if any of them do so, what benefits the Company will derivethere from. 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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