(via TheNewswire)
Guided by the strategic process undertaken by
HIGHLIGHTS:
22,629 hectares of Chilean gold properties are to be transferred to
Kairos Gold Inc. (Kairos”)111,978 hectares of Chilean lithium properties are to be transferred to
Lithium Chile 2.0 Inc. (Lith 2.0”)
CHILEAN GOLD PROPERTIES HIGHLIGHTS:
Las Garillas:
A property that consists of 9 exploration concessions and 1 exploitation concession totaling 2,000 hectares.
Part of the Oro Brillante mining district, Las Garillas lies within the Vicuña Fault system on the eastern edge of the Central Porphyry Copper-Gold Belt.
Recent exploration endeavors have yielded encouraging results, indicating the presence of significant gold mineralization. Assays sampled from 0.3 to 1 metre veins on the property returned grades as high as 61 g/t Au and 329 g/t Ag.
To further delineate the extent and grade of mineralization, an exploration drill program is scheduled to commence in
mid-April 2024 .
CHILEAN LITHIUM PROPERTY HIGHLIGHTS:
Consisting of 12 projects in
Llamara, Aguilar,
The Company recently announced a joint venture with Eramet, arenowned European mining company recognized as a global leader in metal extraction and transformation.
Eramet will undertake an exploration program, carried out in three separate phases.
The total projected exploration program is in the order of ~USD
$20 million .Upon completion of each phase, Eramet will earn interests in the joint venture holding the mining claims, totaling up to 70% at the end of phase 3.
Turi:
The Company is in a joint venture with Summit Nanotech, a pioneering technology company based in
Calgary that specializes in innovative lithium extraction methodologies from salar brines – principally “DLE” or “Direct Lithium Extraction”.Summit Nanotech will undertake an exploration program with an option to earn a 50.01% interest by completing certain obligations contained in an original option agreement between Monumental Energy, and
Lithium Chile that was assumed by Summit Nanotech.
SPINOUT PARTICULARS:
In anticipation of the Spinout, the Company is transferring all its rights of the Chilean projects to Kairos and Lith 2.0, newly established subsidiaries of the Company. The Company will then consider distributing the shares of both subsidiaries on a pro-rata basis to shareholders of the Company. Based on management's plans and the current share capital of the Company, it is anticipated that this will result in existing shareholders receiving approximately 1 share of Kairos for every 10 shares of the Company, and 1 share of Lith 2.0 for every 4 shares of the Company, that is held as of the record date for the Spinout.
The Board of Directors has not yet determined a record date for the potential distribution of Kairos or Lith 2.0 shares to the shareholders of
If the Spinout is completed, Kairos and Lith 2.0 are anticipated to become reporting issuers in accordance with applicable Canadian securities laws.
QUALIFIED PERSON:
Mr.
ABOUT
On
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
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
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"),including without limitation the successful completion of the strategic process, the completion of the Spinout, and Kairos and Lith 2.0 being reporting issuers and Canadian securities legislation. 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. 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 and the timely receipt of required regulatory approvals if required. You are cautioned that the foregoing list of material factors and assumptions is not exhaustive. Although
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