LITH:CC - Lithium Chile's Subsidary Argentum Lithium Awarded 8445 Hectares on the Salar de Arizaro by REMSa
(TheNewswire)
CALGARY, ALBERTA, January 8, 2024– Lithium Chile Inc. (“ LithiumChile ” or the “ Company ”) (TSXV:LITH) (OTC:LTMCF) isproud to announce that it’s 100% owned Argentinian subsidiary,Argentum Lithium S.A. (“ Argentum ”), has been awarded Block IV in therecently completed bidding round in the Salar de Arizaro. Block IV isan 8,445-hectare concession and was awarded by the Salta ProvincialMining and Energy Corporation (“ REMSa ”). Argentumwas one of thirteen companies that competed in a public tender processthat encompassed five different Blocks.
Block IV was the largest of the five blocks.Strategically located north of Lithium Chile’s 20,800-hectareproject in the Arizaro basin, Block IV is situated approximately 18kilometers north of the ARDDH-02 well that the Company has alreadydrilled.
Steve Cochrane, Lithium Chile’s President, and CEOstated, “Being awarded Block IV is a wonderful achievement for us! It has the potential to significantly increase our lithium resourcewithout the added expense. We have the equipment, capable team andinfrastructure already in place, which positions us to swiftly advancethe project. Adding an additional 8,400 hectares to our alreadysubstantial land position makes Lithium Chile a dominant player in thebasin.”
Salar de Arizaro: Block IV &Existing Arizaro Project
Extensive geological data on Block IV is alreadyavailable - from an exploration program completed by PortofinoResources Inc. (“ Portofino ”) during 2023. That explorationactivity included:
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1) 40+ surface samples brinesamples were collected and analyzed;
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2) 35 trenches were completedconfirming shallow brine tables;
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3) 69,000 metres of geophysicalsurveys using VES technology revealed a sub-terranean aquifer withdepths up to 1000 metres; and
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4) Low resistivity horizons wereidentified and interpreted as brine bearing targets.
Capitalizing on the extensive work and knowledge gainedby Portofino during the exploration program carried out on Block IV,Lithium Chile has signed a Partnership Agreement (the “Agreement” )with Portofino outlining a joint venture arrangement. The Agreementwould enable Portofino to acquire a 50% net equity interest in BlockIV, by contributing 50% of award expenses and exploration costs.Completion of the joint venture is contingent on Portofino raising thenecessary funds and entering into a definitive agreement - anticipatedto be completed in the next 60 days.
In accordance with the commitment made by Lithium Chilein its successful bid, Lithium Chile has made to REMSa the initialpayment for the award of US $5,739,915.
An Environmental Impact Study (“ EIS ”) will be filedimmediately for an exploration program to be completed on Block IVduring 2024. The Company’s established infrastructure near Block IVallows for optimized resource utilization and seamless integration ofexploration activities. This proximity-driven approach underscores theCompany’s commitment to maximizing efficiency and expediting theproject timeline.
Salar de Arizaro: Block IV, ProposedExploration Program
Lithium Chile also proudly announces a significant milestone in itscommitment to environmental stewardship and community engagement. OnDecember 4th, the Company presented the Environmental ImpactAssessment (“ EIA ”) for theproduction stage of the Arizaro project, to the enforcement authorityof the Ministry of Mining and Energy of the Province of Salta.
The comprehensive study, prepared by Lithium Chile in collaborationwith renowned environmental legal consultancy EC& Asociados SRL,reflects the Company's dedication to responsible environmentalpractices and sustainable project development. Notably, members of theTolar Grandes community actively participated in the creation of theEnvironmental Baseline, with community-appointed monitors contributingtheir valuable insights.
Embodying the 'Philosophy of Shared Value', Lithium Chile ensured theintegration of participating stakeholders throughout the study'selaboration. Periodic meetings facilitated the gathering of opinionsand experiences, emphasizing a collective approach to addressingenvironmental and social aspects of the proposed development.
Central to the EIA's objectives is the assurance of informationtransparency and citizen participation, especially among communitieswithin the area of direct influence and indirect influence. The study,available to all citizens interested in environmental aspects ofmining projects in the region, aligns with Sustainable DevelopmentGoals, particularly the fourth principle included therein: ‘QualityEducation’.
ABOUT LITHIUM CHILE:
Lithium Chile is an exploration and lithium resource company with aproperty portfolio consisting of 111,978 hectares in Chile and 29,245hectares in Argentina. The Company has filed its NI 43-101 Report andPreliminary Economic Assessment, which can be viewed on theCompany’s profile at SedarPlus.ca
Lithium Chile also owns 4 properties, totaling 21,329 hectares, thatare prospective for gold, silver and copper. Exploration efforts arecontinuing on Lithium Chile’s Carmona gold/silver/copper propertywhich lies in the heart of the Chilean mega porphyry gold/silver/copper belt.
Lithium Chile’s common shares are listed on the TSX-V under thesymbol “LITH” and on the OTC-QB under the symbol “LTMCF”.
To find out more about Lithium Chile, please contact Steven Cochrane,President and CEO via email: steve@lithiumchile.ca or MichelleDeCecco, Vice President and COO, via email michelle@lithiumchile.ca.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD LOOKING STATEMENTS:
This news release may contain certain forward-looking information andforward-looking statements within the meaning of applicable securitieslegislation (collectively "forward-looking statements").Generally, forward-looking statements can be identified by the use offorward-looking terminology such as "expected","anticipated", "aims to", "plans to" or"intends to" or variations of such words and phrases orstatements that certain actions, events or results "will"occur. Such forward-looking statements are based on variousassumptions and factors that may prove to be incorrect, including, butnot limited to, factors and assumptions with respect to: the generalstability of the economic and political environment in which theCompany operates and the timely receipt of required regulatoryapprovals. You are cautioned that the foregoing list of materialfactors and assumptions is not exhaustive. Although Lithium Chilebelieves 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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