LITH:CC - Lithium Chile Provides Operational Update on the Phase Two Drilling Program on its Salar de Arizaro Project Located in Salta Province Argentina
(TheNewswire)
CALGARY, ALBERTA – TheNewswire- July 6, 2022 – LithiumChile Inc. (“ LithiumChile ” or the “ Company ”) (TSX:LITH) (OTC:LTMCF) is pleased to announce that the Phase 2 drillingprogram, designed to expand the Company’s previously announced1,420,000 metric tonnes (see February 8, 2022 News Release) of lithiumcarbonate resource has commenced.
The first of 2 diamond drill rigs contracted wasmobilized to the Salar de Arizaro on the 28th of June such thatdrilling of the first of 4 exploration holes is now underway.Currently drilling though the halite cap, it is anticipated that thetarget zone identified in Lithium Chile’s recently completed pumptest well will be entered within 10 days. While these holes are notdesigned to be production holes, they will provide the company withvaluable data such as porosity, grades, and structural characteristicsof the formation. It is anticipated that each of these explorationholes will take 45 days to complete. Samples will be taken throughoutthe drilling program with results being announced as they arereceived. One goal of these exploration holes is to increase theCompany’s knowledge of the deposit. However, by successfullyexpanding the known arial extent of lithium bearing brines in theSalar de Arizaro, the Company expects that a material upward revisionto its resource estimate would follow.
The rotary rig contracted to drill the first freshwater well on the Salar de Arizaro was mobilized on June 22, 2022,such that drilling on the Company’s southernmost claims is alsounderway. It is anticipated that the water well will take 3 weeks todrill to a total depth of 120 meters. Fresh water is critical for theproduction of lithium carbonate whether using traditional evaporationmethods or new direct lithium extraction (DLE) technologies. Aftercompletion of the water well, the larger rotary rig will move on tothe Company’s larger central claim block and begin drilling thefirst of 3 planned production wells. These 3 production capable wellsare also designed to expand the Company’s initial resource estimateand provide the added benefit of accelerating the production potentialof the Salar de Arizaro deposit.
Concurrent with the start of our drilling program, amobile camp was built to accommodate the workers on-site. The on-sitecamp will house our employees which allows for non-stop operations andwill significantly reduce the Company’s travel costs.
Steve Cochrane, President & CEO comments, “We areextremely excited to have the second phase of our Arizaro projectunderway. This program is designed to greatly enhance our initialresource numbers and expand the commercial potential of our Arizaroproject. On top of this, our team’s ability to not only acquire thepersonnel and equipment in these challenging times in Argentina, butto deploy them in such a timely manner gives me great confidence inour ability to execute our Phase 2 plan.”
On-site camp atthe Salar de Arizaro
Rotary Rig setupon the Salar de Arizaro
Rotary Rig setupon the Salar de Arizaro
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 risk that the new lithium or cesium exploration tender processesdoes not yield the anticipated benefits to the Company; the ability ofthe Company to obtain future financing on acceptable terms; currency,exchange and interest rates; operating costs; the success the Companywill have in exploring its prospects and the results from suchprospects and the COVID-19pandemic. You are cautioned that the foregoing list of materialfactors and assumptions is not exhaustive. Although the Companybelieves that the assumptions and factors on which suchforward-looking statements are based upon are reasonable, unduereliance should not be placed on the forward-looking statementsbecause the Company 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 so, whatbenefits the Company will derive there from. The Company 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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