LITH:CC - Lithium Chile Executes An Mou with Remsa for Additional Claims on the Salar de Arizaro Salta Province Argentina
(TheNewswire)
CALGARY, ALBERTA – TheNewswire- June 20, 2022 –Lithium Chile Inc. (“ LithiumChile ” or the “ Company ”) (TSXV:LITH) (OTC:LTMCF) is pleased to announce the execution of a Memorandum ofUnderstanding (“ MOU ”) between its 100% owned Argentiniansubsidiary, Argentum Lithium S.A. (“ Argentum ”) withRecursos Energeticos Y Mineros De Salta S.A. (“ REMSA ”), thestate-owned mining company of the Province of Salta, Argentina.
The MOU, signed at the PDAC convention in Toronto onJune 15, 2022, provides Lithium Chile with a collaborative frameworkfor exploration and development of over 4,680 additional hectares onthe Salar de Arizaro in Argentina. Lithium Chile previouslyannounced an initial resource of 1.42M tonnes of lithium hydroxide asa result of its maiden well drilled on the Arizaro salar. The additionof this significant land position on the salar will take theCompany’s Arizaro salar land position to over 27,980 hectares –representing a very significant and strategic land position.
The MOU marks the beginning of a collaboration betweenREMSA and Lithium Chile. REMSA will carry out preliminary tasksincluding scientific and technological research to ensure that theparties are have accurate technical information pertaining to thepotential resource on the additional lands on the Arizaro salar. Thesetasks will include additional geophysical surveys designed todetermine geological setting and characteristics, chemical compositionvia surface sampling, preliminary drilling and subsequently anin-depth analysis of those results to determine levels of recovery,depth, and accessibility; - all targeted to establish theconcentrations of, and extent of, lithium, potassium and otherassociated minerals that could exist within the area ofinterest.
Subject to results of the exploration activitiesdescribed above, Lithium Chile is entitled to exercise the optioncontained in the MOU after which a public consultation will beinitiated for continuing exploitation pursuant under a joint ventureor alternative transactional agreement.
The additional acreage is on the north side of theArizaro Salar which is the Company’s strategic flagship explorationproject.
Mr. Alberto Castillo, CEO of REMSA commented: “Wedeeply appreciate the confidence that Lithium Chile has shown in REMSAand the government of the Province of Salta. This is another exampleof the positive investment conditions created through the leadershipof Governor Gustavo Saenz and implemented in Salta in recent years.Salta has established consistent and transparent policies towardresponsible mineral exploration and development, while offering clearprotection for the environment and our people.”
Lithium Chiles, President & CEO, Steve Cochrane:“This unique agreement with REMSA allows for a cooperative jointventure with the state-owned mining company ofthe Province of Salta, Argentina. This reaffirms our strategy aimed atproving up and expanding our lithium resource on the Arizaro salar. Itis our continued belief that the Arizaro project has the potential tobe a significant commercial property and this JV is anotheropportunity to prove and expand our exploration and developmentefforts on this very significant project. This partnership is justanother way that Lithium Chile intends to increase value for itsstakeholders - through respectful relationships with the countries weinvest in.”
About REMSA
REMSA is a corporation formed in 1985 that oversees theadministration of the energy and mineral resources of the Province ofSalta. REMSA contributes to the productive and social development ofthe Province by managing and promoting the exploration and developmentof projects within the mining and energy sectors.
Executing theMemorandum of Understanding: Mr. Alberto Castillo, CEO of REMSA, SteveCochrane, President & CEO of Lithium Chile and José de Castro,Manager of Lithium Operations, Lithium 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 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.
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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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