LTMCF - Lithium Chile Signs Definitive Agreement and Begins Drill Program on It's Production Test Well on the Arizaro Property in Argentina; on Track and Ahead of Schedule
(TheNewswire)
CALGARY, ALBERTA – TheNewswire- August 25, 2021 –Lithium Chile Inc. (“ LithiumChile ” or the “ Company ”) (TSXV:LITH) (OTC:LTMCF) ispleased to announce that the Company’s planned production test wellbegan drilling on its Arizaro property in Salta Province, Argentina,on August 23.
Steve Cochrane, President and CEO of Lithium Chilecommented: “ I am extremelypleased at the speed with which our Argentinian management team hasbeen able to plan and execute on our Arizaro production test well.They have assembled a group of service providers that are regarded asthe best in Salta province and I am confident they will bring thisproject in successfully on time and on budget. Given the immense sizeand potential of the Arizaro prospect this is truly a game changingopportunity for Lithium Chile ”
HIGHLIGHTS
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- Arizaro property secured:definitive agreement to acquire 60% interest in Arizaro property hasnow been executed and Lithium Chile’s wholly owned Argentiniansubsidiary, Argentum Lithium – legally incorporated andregistered;
- Indigenous Community Approval:Production test program approved and supported by the Indigenouscommunity of Tolar Grande;
- Infrastructure constructionunderway: SMG Group hired to build access road and drill pad forproduction well, 17 km access road completed;
- Drilling Rig ‘ready to start’:Drilling contractor, Andina Perforaciones, has been contracted to workon the Arizaro property and is currently mobilizing the drillrig;
- Pandemic not affecting timetable– the timetable is currently unaffected by Covid restrictions
Road and Infrastructure construction commenced on theAugust 9, 2021 and was completed on August 20. Seventeen km. roadand drill pad have been completed, fuel tanks have been set up andbrine pits have been dug. The production test well drilling willcommence the week of August 23, 2021.
The initial production test well will be drilled to adepth of 500 metres and is anticipated to take 60 days to complete.Geophysics show that the target brine aquifer identified by the priorexploration well is between 300 and 500 metres deep. Samples areplanned for every 50 metres. After the production well is completeda down hole pump will be installed and a planned 30-day pump test isplanned. This pump test is designed to provide data on flow rates,recharge capacity and lithium grade of the brine produced. The datacollected will determine the commercial potential of the lithiumprospect.
About Lithium Chile
Lithium Chile is advancing a lithium property portfolioconsisting of 68,000 hectares covering sections of 12 lithiumprospective Salars in Chile and now, 23,300 hectares in Argentina. Ametallurgical sample program has just been completed on Salar deLaguna Blanca with assays pending.
Lithium Chile also owns 5 properties, totaling 22,429hectares, 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-BB under the symbol“ LTMCF ”.
To find out more about Lithium Chile Inc., pleasecontact Steven Cochrane, President and CEO via email: steve@lithiumchile.ca or alternately, Jose de Castro Alem, Argentina Manager viaemail jdecastroalem@gmail.com
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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 information can beidentified by the use of forward-looking terminology such as"expects", "believes", "aims to","plans to" or "intends to" or variations of suchwords and phrases or statements that certain actions, events orresults "will" occur.
You are cautioned that the following list of materialfactors and assumptions is not exhaustive. Specific material factorsand assumptions include, but are not limited to: the general stabilityof the economic and political environment in which the Companyoperates; the timely receipt of required regulatory approvals; theability of the Company to obtain future financing on acceptable terms;currency, exchange and interest rates; operating costs; the successthe Company will have in exploring its prospects and the results fromsuch prospects. Accordingly, readers should not place undue relianceon forward-looking statements. The Company does not undertake toupdate any forward-looking statements herein, except as required byapplicable securities laws. All forward-looking statements containedin this news release are expressly qualified by this cautionarystatement.
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