LITH:CC - LITHIUM CHILE Sells Non-Core Claims and Acquires Additional 12100 Hectares on Two Core Projects
(TheNewswire)
CALGARY, ALBERTA – TheNewswire- May 3, 2022 – Lithium Chile Inc. (TSXV:LITH)(OTC:LTMCF) (“ Lithium Chile ” orthe “ Company ”) is pleased to announce that theCompany has acquired an additional 9,600 hectares on its Laguna Blancaproject in Chile. The addition of the 39 claims increases theCompany’s ownership to 14,800 hectares in the Laguna Blanca basin (the “Laguna Project”). In addition,Lithium Chile acquired 2,500 hectares of new claims on the Salar deAguas Caliente Norte (the “Aguas Caliente Project”). This is a newproject for Lithium Chile and expands the Company’s portfolio ofprojects in Chile.
The Company recently announced it entered into anarm’s length definitive option agreement dated March 30, 2022, withMonumental Minerals Corp. (“ Monumental ”) (TSX-V: MNRL; FSE: BE5) to earnup to 75% of the original 5,200 hectare Laguna Blanca project located65 km E the town of San Pedro de Atacama, Chile (see news releasedated March 31, 2022). It is Lithium Chile’s intention to option the39 additional claims to Monumental.
The Aguas Caliente Project is located 70 km SE of SanPedro and covers the SE flank of the salar basin adjacent to an activegeothermal hot spring and the flank of the associated volcano. Priorgovernment sampling of surface brines in the project area reportedlyreturned values of 270 – 380 mg/l Li and 1260 – 1770 mg/l K. Checksampling by Lithium Chile staff returned up to 369 mg/l Li and 2700mg/l K in brine and elevated values of cesium up to 126.5 g/t insediment samples.
Both Projects are located within the prolific lithiumtriangle, a zone within the central Andes high desert that includesChile, Argentina, and Bolivia. This zone is estimated to contain morethan half of the world’s lithium supply beneath the many salt flats,also known as salars, that are common to the region.
The Company also announces it has signed a SaleAgreement (the “ Agreement ”) with Wealth Minerals Ltd.(“ Wealth ”) - (TSXV: WML; OTCQB: WMLLF; SSE: WMLCL; Frankfurt: EJZN)to sell 1,600 hectares of a minority, non-core asset in the Ollagüe
[ANNOTATION:
BY 'Ken Dewyn'
ON '2022-05-02T09:18:00' KD
NOTE: 'Is this a propernoun?' ] Basin . The transaction terms include a payment of 2,000,000 sharesof Wealth Minerals upon the completion of their due diligence. Anadditional payment of 1,000,000 shares is payable by Wealth to theCompany within twelve months if Wealth establishes within the acquiredlicenses either a resource with an average grade of 300 parts permillion lithium content, or a test well on the acquired licenses thatproduces material which tests no less than 300 parts per millionlithium content. If Wealth does not conduct work necessary topotentially determine a resource or does not have a test well toproduce material for lithium testing within twelve months, then Wealthis obligated to pay 500,000 shares to Lithium Chile. If the worknecessary to potentially determine a resource or run a test well iscompleted, but a resource or test well does not produce an averagegrade higher than 300 parts per million lithium, then no further sharepayments are due by Wealth to the Company.
Steve Cochrane, President & CEO comments, “The addition of 12,400hectares on two of our core properties puts the Company in ameaningful position to optimize the potential of the Laguna Blancaproject. Disposing of non-core assets while increasing those that webelieve will bring our Company and shareholders value is inline withour overall strategy to optimize the holdings and capacity of ourCompany.”
The transaction between Wealth and Lithium Chile issubject to TSX Venture Exchange approval.
About Lithium Chile
Lithium Chile is advancing a lithium property portfolioconsisting of 80,938 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.
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. In particular, this news releasecontains forward-looking statements relating to, the entering into ofdefinitive agreements and regulatory body approvals. Suchforward-looking statements are based on various assumptions andfactors that may prove to be incorrect, including, but not limited to,factors and assumptions with respect to: the general stability of theeconomic and political environment in which the Company operates; thetimely receipt of required regulatory approvals; the ability of theCompany 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. 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 are reasonable, undue relianceshould not be placed on the forward-looking statements because theCompany can give no assurance that they will prove to be correct orthat any of the events anticipated by such forward-looking statementswill transpire or occur, or if any of them do so, what benefits theCompany will derive there from. Actual results could differ materiallyfrom those currently anticipated due to a number of factors and risksincluding, but not limited to: fluctuations in market conditions,including securities markets; economic factors; the risk that the newlithium or cesium exploration tender processes does not yield theanticipated benefits to the Company, including the risk that theCompany will not receive the approvals necessary and the impact ofgeneral economic conditions and the COVID-19 pandemic. The Companydoes not undertake to update any forward-looking statements herein,except as required by applicable securities laws. All forward-lookingstatements contained in this news release are expressly qualified bythis cautionary statement.
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