Lithium Chile Increases Lithium Resource by 28% with Grades of up to 584 MG/L from Diamond Drill Hole 5, Salar de Arizaro, Argentina
Lithium Chile Increases Lithium Resource by 28% with Grades of up to 584 MG/L from Diamond Drill Hole 5, Salar de Arizaro, Argentina
This news release is not for distribution to U.S. newswire services for dissemination in the United States.
Calgary, AB – June 12, 2023 – Lithium Chile Inc. (“” or the “Company”) (TSXV: LITH – OTC: LTMCF – FRA:KC3) is pleased to announce the results of an updated 43-101 resource report at the Salar de Arizaro. The Company reports that its diamond drill hole, ARDDH-05, added 671,000 tonnes of lithium carbonate equivalent (LCE) for a current project total, indicated and inferred resource of 3,323,000 tonnes of LCE.
RESOURCE HIGHLIGHTS:
- Diamond drill hole ARDDH-05 added 169,000 indicated tonnes of LCE and 502,000 inferred tonnes of LCE, for a total of 671,000 tonnes of LCE.
- The highest lithium grades on the Arizaro property to date, ARDDH-05 recorded grades of 584 mg/l.
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(note: tonnages are rounded to the nearest thousand and a 200 mg/L cut-off grade was assumed)
- The addition of ARDDH-05 to the Company’s 43-101 resource report increased the Company’s total estimated LCE resource by 28%, to a total of 3,323,000 tonnes of LCE.
- Total estimated LCE resource for the Salar de Arizaro project is 1,530,000 tonnes LCE of indicated resource and 1,793,000 tonnes of LCE of inferred resource.
Resource Categories, Salar de Arizaro
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OTHER DRILLING HIGHLIGHTS:
- Production hole ARGENTO-03 has completed aquifer testing; an updated resource will be announced once the data is evaluated and summarized.
- Diamond drill hole ARDDH-04 was only completed to 280-metres due to the wet, porous sands encountered at a depth of 210-metres; however over 70-metres of brine-bearing aquifer was identified with sample grades as high as 297 mg/l.
- Diamond drill hole ARDDH-06, which was drilled near ARDDH-04, has been completed to a depth of 457-metres with a 177-metre-thick brine-bearing aquifer encountered from 280 to 457 metres. ARDDH-06 has been tested using both packers and Hydrasleave depth-specific sampling with results forthcoming.
OTHER ARGENTINIAN DEVELOPMENTS:
Lithium Chile has recently moved its temporary camp that had been established on the Salar de Arizaro to a permanent location on the Western flank just off the Salar, on claims owned by the Company. The camp is designed as a permanent site that will house not only the exploration team but eventually the employees for the planned DLE production facility. The plans are to construct an initial 25,000 tonne a year lithium carbonate plant adjacent to the permanent camp on claims owned by Lithium Chile. Moving the Company’s Arizaro project into a production phase will be a significant step forward for Lithium Chile. In conjunction with the establishment of the permanent camp and the design for the Company’s processing lithium carbonate plant, all the data has been collected for the baseline Environmental Impact Study (EIS). The data is currently being correlated and it is anticipated that the EIS will be filed early in July.
Steve Cochrane President and CEO comments “I am extremely pleased on how our Arizaro project is developing. The fact that we have nearly 700,000 metric tonnes of lithium carbonate equivalent from one hole up to 584 mg/l is outstanding and bodes well for the potential to double those resources when the results from hole ARGENTO-03 and ARDDH-06 are known. At over 3.3 million metric tonnes of lithium carbonate equivalent and growing, our Salar de Arizaro is quickly becoming a world class lithium brine deposit.”
CHILEAN DEVELOPMENTS:
Lithium Chile continues to advance its exploration program on its 35,500-hectare, Salar de Llamara property. The Company’s drilling contractor has encountered a two-week delay on their current drill program and now anticipate mobilizing our rig the week of June 19th. Community approvals have been received and all permits have been applied for. The TEM geophysical data has been processed with four drill locations identified and secured.
QUALIFIED PERSON, QA/QC STATEMENTS:
Michael Rosko, MS, PG, of Montgomery and Associates (M) of Santiago, Chile, is a registered geologist (CPG) in Arizona, California and Texas, a registered member of the Society for Mining, Metallurgy and Exploration (SME No. 4064687), and a qualified person as defined by National Instrument 43-101. Mr. Rosko has extensive experience in salar environments and has been a qualified person on many lithium brine projects. Mr. Rosko and M are completely independent of Lithium Chile. Mr. Rosko has reviewed and approved the scientific and technical content of this news release.
About
Lithium Chile is advancing a lithium property portfolio consisting of 111,978 hectares in Chile and 20,800 hectares in Argentina.
The Company will be filing an updated NI 43-101 report with an indicated and inferred resource of 3,323,000 tonnes of LCE from its Salar de Arizaro, Argentina project. The Phase 2 development program on the Salar de Arizaro is underway with results to be included in an updated NI 43-101 report which will be filed on SEDAR when completed.
Lithium Chile also owns 4 properties, totaling 21,329 hectares, that are prospective for gold, silver and copper. Exploration efforts are continuing on Lithium Chile’s Carmona gold/silver/copper property which 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 the symbol “LITH” and on the OTC-QB under the symbol “LTMCF”.
To find out more about Lithium Chile Inc., please contact:
Steven Cochrane
President CEO
www.lithiumchile.ca
or alternately:
Michelle DeCecco
Vice President and COO
About this press release:
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This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States. Any securities referred to herein have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") and may not be offered or sold in the United States or to or for the account or benefit of a U.S. person in the absence of such registration or an exemption from the registration requirements of the 1933 Act and applicable U.S. state securities laws.
Forward-Looking Statements:
This news release may contain certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "expected", "anticipated", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. In particular, this news release contains forward-looking statements relating to, among other things: the Company's ability to obtain necessary approvals from the TSX Venture Exchange. Such forward-looking statements are based on various assumptions and factors that may prove to be incorrect, including, but not limited to, factors and assumptions with respect to: the general stability of the economic and political environment in which the Company operates; the timely receipt of required regulatory approvals; the ability of the Company to obtain future financing on acceptable terms; currency, exchange and interest rates; operating costs; the success the Company will have in exploring its prospects and the results from such prospects. You are cautioned that the foregoing list of material factors and assumptions is not exhaustive. Although the Company believes that the assumptions and factors on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct or that any of the events anticipated by such forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive there from. Actual results could differ materially from those currently anticipated due to a number of factors and risks including, but not limited to: fluctuations in market conditions, including securities markets; economic factors; the risk that the new lithium exploration tender process does not yield the anticipated benefits to the Company, if at all; the risk that the Offering will not be completed as anticipated or at all, including the risk that the Company will not receive the approvals necessary in connection with the Offering; and the impact of general economic conditions and the COVID-19 pandemic. The Company does not undertake to update any forward-looking statements herein, except as required by applicable securities laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
