LITH:CC - Lithium Chile Intersects Highest Lithium Grades Averaging 656 mg/l from Production Hole Argento-06
(TheNewswire)
CALGARY, ALBERTA – TheNewswire - July 10, 2024 –Lithium Chile Inc. (“ LithiumChile ” or the “ Company ”) ( TSXVenture Exchange: LITH; OTC-QB: LTMCF) ispleased to provide an operational update on its Salar de ArizaroProject in Argentina. Lithium Chile has made significant advancementsin its northeastern Arizaro claims. The latest sampling results fromhole ARGENTO-06 are included.
HIGHLIGHTS:
Lithium Brine Sampling Results from ARGENTO-06:
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Three Airlift samples were taken overa 48-hour period returning the following lithium values:
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652 mg/l Li
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654 mg/l Li
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662 mg/l Li
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These significant concentrations are anticipated toincrease the resource volume attributed to the area of the well – inthe northeastern portion of the Arizaro claims – which will alsolead to classifying the resource into at least the indicatedcategory.
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ARGENTINA OPERATIONS - ARIZAROPROJECT:
The ARGENTO-06 rotary hole was drilled to a depth of602-metres with a brine-rich, sandy formation encountered from 161 to500-metres. The samples, recovered using airlift, were sent to AlexStewart Laboratory in Jujuy, Argentina. Sampling reported an averagegrade of 656 mg/l LI from a depth of 282-metres.
This result represents significant exploration progressfor the northern portion of the Arizaro project, where the Company haspreviously reported inferred resources in its NI 43-101 CompliantResource Report. These sampling results are expected to increase theexisting 4,122,000 tonnes of lithium carbonate equivalent resource andare expected to upgrade the resource category to at least theindicated category and possibly into the measured category.
Steve Cochrane, President & CEO,remarked, "The resultsachieved from this new hole are yet another important step in ourstrategic process. The enhanced grades will drive increased resourcevolumes and transition us into the more confident indicated andmeasured resource classifications! We remain exceedingly confidentthat our Arizaro project is world class!”
Lithium Chile’s President for South America, José deCastro, says: "We areimmensely proud of our exceptional team in Argentina. Their uniqueexperience in previous lithium projects has been instrumental increating value for all of our stakeholders including the communitiesin which we work. As we continue to progress towards a revisedresource report and the completion of a feasibility study, we remainsteadfast in our mission to add value and realize the full potentialof the Arizaro project."
PREFEASIBILITY STUDY:
On June 28, 2024, the Company received preliminaryresults of the Prefeasibility Study (“ PFS ”) beingprepared on the Arizaro project. Those preliminary results supportedmanagement’s belief that significantly positive revisions to projectresource estimates and their inherent value would be forthcoming. The PFS is in the final phases of being completed for publicationand dissemination. Those positive results are expected to becommunicated to stakeholders in short order.
QUALIFIED PERSON, QA/QC STATEMENTS:
Leandro Sastre has reviewed and approved the scientificand technical content of this news release. Mr. Sastre is a geologyprofessional with over 22 years of experience in the internationalmining sector. Leandro has worked extensively throughout Latin Americawith a focus on Argentina, Chile and Peru.
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 its NI43 – 101 Compliant Resource Report as well as a NI 43 - 101Compliant Preliminary Economic Assessment each of which can be viewedon the Company’s profile at SedarPlus.ca
Lithium Chile also owns 5 properties totaling 22,529hectares that are prospective for gold, silver and copper.
Lithium Chile’s common shares are listed on the TSX-Vunder the symbol “LITH” and on the OTCQB Under the symbol“LTMCF”.
To find out more about Lithium Chile, please contactSteven Cochrane, President and CEO via email: steve@lithiumchile.ca orMichelle DeCecco, 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 using 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. Adescription of assumptions used to develop such forward-lookinginformation and a description of risk factors that may cause actualresults to differ materially from forward-looking information can befound in Lithium Chile's disclosure documents on the SEDAR+ website atwww.sedarplus.ca. Although Lithium Chile believes that the assumptionsand factors 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.
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