LITH:CC - Lithium Chile Increases Lithium Resource 24% with Average Grades up to 538 Mg/L At Salar De Arizaro Argentina

(TheNewswire)

CALGARY, ALBERTA, April 9, 2024 – TheNewswire – Lithium ChileInc. (“ Lithium Chile ” or the “ Company ”) ispleased to announce a substantial increase of 24% to the resource atits Salar de Arizaro Project, Argentina from the results of an updatedNI 43-101 compliant resource report. The Company reports a new,increased Project total of 4,122,000 tonnes of Lithium CarbonateEquivalent (“ LCE ”) from measured, indicated, and inferred resourcecategories.

HIGHLIGHTS:

• Total LCE resource increased by 24% since reporting theresults of the Preliminary Economic Assessment (Press release ofAugust 8, 2023) for a new total of 4,122,000 tonnes LCE.

• The increased LCE resource related to the Salar deArizaro project is comprised of:

  • 261,000 tonnes in the measured category; and

  • 2,237,000 tonnes in the indicated category; and

  • 1,624,000 tonnes in the inferred category.

• Diamond drill hole ARDDH-08 contributed an increase of559,518 tonnes of indicated and 188,886 tonnes of inferred LCEresource.  The resource increase at ARDDH-08resulted from an average lithium grade of 538 mg/L from well depthsbetween approximately 200-300 metres and an average lithium grade of343 mg/l from well depths between approximately 300 to 570 metres,such that a total sampled interval of 370 metres of the reservoircontaining lithium brines has been established.

• Over 260,000 tonnes LCE associated with the ARGENTO-02well was reclassified from the indicated category to the measuredcategory due to the long-term pumping test and additional brinesampling that was conducted.

Click Image To View Full Size

Table 1:  SummaryOf Values from the Updated Lithium Chile Resource Estimate

(Note: total tonnages are rounded tothe nearest thousand and a 200 mg/ cut-off grade was assumed based onthe expected processing method).

Figure 1:  Map ofResource Estimation Areas, Salar de Arizaro (ShallowestPolygons)

Steve Cochrane President and CEO of Lithium Chileemphasized: “Increasing ourlithium resource by 24% marks substantial progress for our Arizaroproject from just 2 additional wells. This yet again reinforces ourbelief that the Arizaro property is a world class lithium project. Our team’s relentless efforts in expanding the resource demonstratestheir exceptional abilities for which I extend my thanks”.   SteveCochrane continued: “With our strategic process proceeding, it isexceedingly exciting that the Company is able to report such asignificant resource increase.”

NEXT STEPS IN RESOURCE UPDATE:

• An updated analysis of the area around ARDDH-08contained in the reserve model is underway and will be added to the NI43-101 compliant report once completed.

• An update to the Company’s 2023 Prefeasibility StudyReport is expected by the end of the second quarter which will confirmreserve volumes and a potential production profile.

OTHER ARGENTINIANDEVELOPMENTS:

Block IVPermitting

The baseline Environmental Impact Study for the newBlock IV exploration program was completed and submitted to the SaltaMining Ministry at the end of February 2024. This will allow for theCompany’s exploration drill program on Block IV, which is currentlyexpected to begin in the second half of 2024.

Water Wells

Drilling of hole ARDDH-09 is nearing completion atwhich time the drilling rig will be moving to a number of locations onthe Company’s south-western claims with the objective ofsubstantiating the fresh-water aquifer characteristics needed forproduction.  These locations surround and offset Lithium Chile’sexisting fresh water well that substantiated significant fresh-waterdeliverability. Drilling is also continuing with a rotary rig onproduction well ARGENTO-06.  Those results will be released when theybecome available.

QUALIFIED PERSON, QA/QCSTATEMENTS:

Michael Rosko, MS, PG, of Montgomery and Associates(M&A) of Santiago, Chile, is a registered geologist (CPG) inArizona, California and Texas, a registered member of the Society forMining, Metallurgy and Exploration (SME No. 4064687), and a qualifiedperson as defined by National Instrument 43-101. Mr. Rosko hasextensive experience in salar environments and has been a qualifiedperson on many lithium brine projects. Mr. Rosko and M&A arecompletely independent of Lithium Chile. Mr. Rosko has reviewed andapproved the scientific and technical content of this newsrelease.

ABOUT LITHIUM CHILE:

Lithium Chile is an exploration and lithium resourcecompany with a property portfolio consisting of 111,978 hectares inChile and 29,245 hectares in Argentina. The Company has filed a NI43-101 Report and Preliminary Economic Assessment. The revised reportswill be filed shortly which will be available for viewing on theCompany’s profile at SedarPlus.ca

Lithium Chile also owns 5 properties totaling 22,529hectares that are prospective for gold, silver and copper.

On September 21, 2023, Lithium Chile announced thehiring of PI Financial as its financial advisor to seek strategicalternatives.  That process is underway as the Company continues toenhance the underlying value of its assets including an increaserelated to the resource volume increases discussed in this pressrelease.

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, please contactSteven Cochrane, President and CEO via email: steve@lithiumchile.ca orMichelle DeCecco, Vice President and COO via email:michelle@lithiumchile.ca

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 if required.  You are cautioned thatthe foregoing list of material factors and assumptions is notexhaustive. Although Lithium Chile believes that the assumptions andfactors on which such forward-looking statements are based uponreasonable assumptions, undue reliance should not be placed on theforward-looking statements because Lithium Chile 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, what benefits Lithium Chile  will derivetherefrom. Lithium Chile 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.

Copyright (c) 2024 TheNewswire - All rights reserved.