(TheNewswire)
CALGARY, ALBERTA, TheNewswire, July 10, 2023 – Lithium Chile Inc. (“ Lithium Chile ” orthe “ Company ”) (TSXV:LITH) (OTC:LTMCF) is pleased to announce that drilling hascommenced on the Salar de Llamara, Chile. The drilling program is anexciting opportunity for Lithium Chile to advance its lithium projectsin Chile and is designed to capitalize on the renewed interest inChile’s lithium projects by some of the major global lithiumcompanies.
LLAMARA, CHILE HIGHLIGHTS:
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The initial hole, POZO LL-01, is currently atapproximately 150-metres of the planned 500-metre depth on theCompany’s 100% owned Salar de Llamara, Chile.
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POZO LL-01 is the first of a four well program designedto explore targets identified by a 74 km TEM Geophysical program onthe Salar de Llamara, Chile.
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The Salar de Llamara prospect is comprised of 35,500hectares where historical drilling identified an underground brineaquifer with lithium grades of 343 mg/l.
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The drilling of each well is anticipated to takebetween two to three weeks.
ARIZARO, ARGENTINA HIGHLIGHTS:
The Company also reports a significant increase in thelithium grades following a resampling program on the Salar de Arizaro,Argentina. Resampling of diamond drill holes ARDDH-01, 04 and 05,along with production wells ARGENTO-01, 02 and 03 were completed byAMINCO S.A. using a GeoVista’s Fluid Sampler Tool and reported by acertified laboratory. Work is underway to understand the impact andreasoning for these improved grades and what it means for the projectas a whole. The resampling values will need to be subsequentlyvalidated by an independent, certified laboratory in order to beincluded in a Mineral Resource update.
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During the retesting, ARDDH-04 increased from anaverage grade of 264 mg/l lithium to an average grade of 683 mg/llithium, over five samples.
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On ARDDH-05, the average lithium grade increased from430 mg/l lithium to an average grade of 1,118 mg/l lithium, over foursamples, with the highest-grade sample reported at 1,269 mg/l lithium.
Grade Sampling,Holes ARDHH-04 & 05, Salar de Arizaro
ARIZARO, ARGENTINA DRILLINGHIGHLIGHTS:
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Drilling on ARDDH-07 (re-entry of ARDDH-03) has beencompleted and packer plus sampling has begun. The initial hole,ARDDH-03 was only drilled to 400-metres with operations halted due tothe rig capacity. Hole ARDDH-07 was completed to 601-metres and abrine aquifer was encountered below the 400-metre level. Initial wellsite sampling with Turbospec Analyser indicated brine samples up to271 mg/l lithium.
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Hole AADDH-07 was drilled due north of ARDDH-05 on thenorthern extension of the Arizaro claims. This is new territory on theCompany’s Arizaro drill program which could significantly increasethe overall mineral resource.
Michelle DeCecco, Vice President & COO comments “With the new drill programunderway in Chile and continued exploration ongoing in Argentina,Lithium Chile is the only lithium company with active explorationprograms in two of the three countries within the lithium triangle.Our team is not only advancing our assets rapidly, but they are alsoproving the value and the quality of our assets; something ourshareholders should be very excited about.”
QUALIFIED PERSON, QA/QCSTATEMENTS:
Leandro Sastre is a geology professional with over 20years of experience in the international mining sector. He has workedextensively throughout Latin America with a focus on Argentina, Chileand Peru. Mr. Sastre has reviewed and approved the scientific andtechnical content of this news release.
ABOUT LITHIUM CHILE:
Lithium Chile is a exploration and lithium resourcecompany with a property portfolio consisting of 111,978 hectares inChile and 20,800 hectares in Argentina.
The Company will be filing an updated NI 43-101 reportwith an indicated and inferred resource of 3,323,000 tonnes of LCEfrom its Salar de Arizaro, Argentina project. The Phase 2 developmentprogram on the Salar de Arizaro is underway with results to beincluded in an updated NI 43-101 report which will be filed on SEDARwhen completed.
Lithium Chile also owns 4 properties, totaling 21,329hectares, 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-QB under the symbol“LTMCF”.
To find out more about Lithium Chile Inc., pleasecontact Steven Cochrane, President and CEO via email:steve@lithiumchile.ca or Michelle DeCecco, Vice President and COO, viaemail 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 by the use of 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. AlthoughLithium Chile believes 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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