Lithium Chile Completes Production Well Drilling on Its Arizaro Property in Argentina
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Calgary, AB – November 16, 2021 – Lithium Chile Inc. (“Lithium Chile” or the “Company”) (TSXV: LITH – OTC: LTMCF – FRA:KC3) is pleased to announce that it has completed its production well drilled on its 23,300-hectare property located in the Salar de Arizaro, Salta Province, Argentina.
Arizaro Production Test Well Update
- The production well has been completed on time and on budget with a depth of 452 meters.
- Drilling determined that the Arizaro salar contains distinct formations deposited in layers– the upper halite cap and below that a clastic layer containing sands and gravel. These clastics are the favorable formation to host brine solutions.
- The well was logged with the following tools:
- QL40-SGR. Measurement of formation natural radioactivity and contributions of Uranium, Thorium and Potassium. Between 0-443 m depth.
- QL40-FTC. Borehole fluid conductivity and temperature measurement. Between 0-443 m depth.
- QL40-IND-C. Formation resistivity measurement. Between 0-443 m depth.
- QL40-ABI-2G. Measurement of ultrasonic images. Entre 0 y 443 m de profundidad.
- BMR-90. Measurement of borehole magnetic resonance for porosity and permeability. Between 4-443 m with TE (time spacing) of 1200 microseconds. First meters below casing were avoided due to the metal interference on magnetic field.
- Geophysical results confirm promising clastic brines between 330 meters and 452 meters.
- Drilling went smoothly through the halite cap and hit the clastics layer at approximately 330 meters and ran back into a clay layer at 452 meters. The key clastic target was 120 meters thick. The down-hole geophysical logs show greater than 25% porosity.
- The next stage in the evaluation of the well involves of the running of custom-made casing and liners to ensure that the samples are not contaminated such that accurate lithium grades can be obtained during pump testing. The casing and liners will arrive at the well site on November 17th.
- Currently the well diameter is being expanded from 8.5 inches in diameter to 14 inches to accommodate a larger down hole pump to handle the anticipated higher flow rates.
- Drilling continued below the top of the clay layer to a depth of 464 meters so as to allow a cellar below the clastic layers intended to catch sediments that will inflow during the production test.
- The current drilling will be completed by November 17th such that the new casings and liners can be installed immediately thereafter. Upon installation pump testing and sampling is planned to commence in early December.
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Steve Cochrane, President and CEO of Lithium Chile commented: “ We are pleased that our production test well has been completed - on time and on budget - on Salar de Arizaro property, Argentina. Our team on the ground is very encouraged by the results to date with the down hole geophysics confirming a thick 120 meter formation with all the clastic brine indicators. We look forward to the running of production casing and liners within the next few weeks such that the main production testing can commence immediately.”
About Lithium Chile
Lithium Chile is advancing a lithium property portfolio consisting of 68,800 hectares covering sections of 10 salars and two laguna complexes in Chile and 1 property of 23,300 hectares in Argentina.
Lithium Chile also owns 5 properties, totaling 22,429 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-BB under the symbol “LTMCF”.
To find out more about Lithium Chile Inc., please contact:
Steven Cochrane
President & CEO
www.lithiumchile.ca
or alternately:
Jose de Castro Alem
Argentina Manager
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: that the new participation in developing Chile's assets is anticipated to drive prices for existing and new lithium properties; that the new process is expected to dramatically cut red tape and timing to allow exploitation and more production; that companies like Lithium Chile with existing prospective lithium properties are anticipated to benefit from the new rules, including that this will cut application times and make it significantly easier to develop their properties; that prices for exploration properties are expected to increase; the use of proceeds from the Offering; and 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.
