LITH:CC - Lithium Chile Increases Lithium Resource by 28% with Grades of up to 584 mg/L from Diamond Drill Hole 5 Salar de Arizaro Argentina

(TheNewswire)

CALGARY, ALBERTA – TheNewswire - June 12, 2023– Lithium Chile Inc. (“ LithiumChile ” or the “ Company ”) (TSXV:LITH)(OTC:LTMCF) is pleased to announce the resultsof an updated 43-101 resource report at the Salar de Arizaro. TheCompany reports that its diamond drill hole, ARDDH-05, added 671,000tonnes of lithium carbonate equivalent (LCE) for a current projecttotal, indicated and inferred resource of 3,323,000 tonnes ofLCE.

RESOURCE HIGHLIGHTS:

• Diamond drill hole ARDDH-05 added 169,000 indicatedtonnes of LCE and 502,000 inferred tonnes of LCE, for a total of671,000 tonnes of LCE.

• The highest lithium grades on the Arizaro property todate, ARDDH-05 recorded grades of 584 mg/l.

ResourceCalculations for ARDDH-05, Salar de Arizaro

(note: tonnagesare rounded to the nearest thousand and a 200 mg/L cut-off grade wasassumed)

• The addition of ARDDH-05 to the Company’s 43-101resource report increased the Company’s total estimated LCE resourceby 28%, to a total of 3,323,000 tonnes of LCE.

• Total estimated LCE resource for the Salar de Arizaroproject is 1,530,000 tonnes LCE of indicated resource and 1,793,000tonnes of LCE of inferred resource.

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OTHER DRILLING HIGHLIGHTS:

• Production hole ARGENTO-03 has completed aquifertesting; an updated resource will be announced once the data isevaluated and summarized.

• Diamond drill hole ARDDH-04 was only completed to280-metres due to the wet, porous sands encountered at a depth of210-metres; however over 70-metres of brine-bearing aquifer wasidentified with sample grades as high as 297 mg/l.

• Diamond drill hole ARDDH-06, which was drilled nearARDDH-04, has been completed to a depth of 457-metres with a177-metre-thick brine-bearing aquifer encountered from 280 to 457metres. ARDDH-06 has been tested using both packers and Hydrasleavedepth-specific sampling with results forthcoming.

OTHER ARGENTINIANDEVELOPMENTS:

Lithium Chile has recently moved its temporary campthat had been established on the Salar de Arizaro to a permanentlocation on the Western flank just off the Salar, on claims owned bythe Company. The camp is designed as a permanent site that will housenot only the exploration team but eventually the employees for theplanned DLE production facility. The plans are to construct an initial25,000 tonne a year lithium carbonate plant adjacent to the permanentcamp on claims owned by Lithium Chile. Moving the Company’s Arizaroproject into a production phase will be a significant step forward forLithium Chile. In conjunction with the establishment of the permanentcamp and the design for the Company’s processing lithium carbonateplant, all the data has been collected for the baseline EnvironmentalImpact Study (EIS). The data is currently being correlated and it isanticipated that the EIS will be filed early in July.

Steve Cochrane President and CEO comments “I amextremely pleased on how our Arizaro project is developing. The factthat we have nearly 700,000 metric tonnes of lithium carbonateequivalent from one hole up to 584 mg/l is outstanding and bodes wellfor the potential to double those resources when the results from holeARGENTO-03 and ARDDH-06 are known. At over 3.3 million metric tonnesof lithium carbonate equivalent and growing, our Salar de Arizaro isquickly becoming a world class lithium brine deposit.”

CHILEAN DEVELOPMENTS:

Lithium Chile continues to advance its explorationprogram on its 35,500-hectare, Salar de Llamara property. TheCompany’s drilling contractor has encountered a two-week delay ontheir current drill program and now anticipate mobilizing our rig theweek of June 19th. Community approvals have been received and allpermits have been applied for. The TEM geophysical data has beenprocessed with four drill locations identified and secured.

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 qualified person on many lithium brine projects. Mr. Roskoand M&A are completely independent of Lithium Chile. Mr. Rosko hasreviewed and approved the scientific and technical content of thisnews release.

ABOUT LITHIUM CHILE:

Lithium Chile is advancing a lithium property portfolioconsisting of 111,978 hectares in Chile and 20,800 hectares inArgentina.

The Company will be filing an updated NI 43-101 reportwith an indicated and inferred resource of 3,323,000 tonnes of LCEfrom its Salar de Arizaro, Argentina project. The Phase 2 developmentprogram on the Salar de Arizaro is underway with results to beincluded in an updated NI 43-101 report which will be filed on SEDARwhen completed.

Lithium Chile also owns 4 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.

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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