LITHIUM CHILE INC. (via TheNewswire)
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HIGHLIGHTS
Two diamond drill holes completed at the
Arizaro Project (the “Project”),Argentina .Both holes encountered brine rich formations in areas not previously drilled.
Results from drilling provide for significant resource upside on the Project.
Prefeasibility Study on the Project to be completed in
April 2024 .Three diamond drill holes completed on the
Molle Verde Project ,Chile .All three holes encountered brine with two holes displaying good porosity.
1) ARDDH-02-8 has been drilled to 538 metres with a very brine-rich, sandy formation encountered at 487 metres.
505-metres to 506.5-metres 282 mg/l Li
524.7-metres to 526.2-metres300 mg/l Li
More sample results from the lower section of the well are pending
The results from ARDHH-02-8 represent a significant exploration upside for the northern part of the Project, see Figure 1, where the Company currently does not have any Mineral Resource Estimate.
2) ARDDH-03-7 has been drilled to 600 metres. A 120-metre brine bearing formation of sands and gravels was encountered from 480 metres to end of hole at 600 metres. Prior to testing, a clay band at 170-metres swelled, restricting access of the sampling and logging tools intended to test the brine formation for lithium grades. The hole will be re-entered, opening the clay bottle neck to allow for casing to be installed, followed by sampling.
3) This week a newly contracted rotary rig will begin drilling two additional water production wells on the Company’s 100% owned, Chascha Sur freshwater concession where Lithium Chiles first water well was drilled. The intention of these two additional water wells is to collect the necessary data to apply for further water usage permits and secure water production for the Company’s proposed Direct Lithium Extraction (“DLE”) production facility.
4) After completion of the two water production wells, the rig will move back to the main Arizaro property and drill two new production wells, AR-04 and AR-05. The wells are being drilled toprovide additional data for the Pre-feasibility Study (PFS) as well as to provide future production wells on the salar.
5) The two additional production wells, along with three new diamond drill holes will provide the supplementary data analysis required to better understand the reason behind the significantly improved lithium grades from the resampling program recently announced (Press Release
6) Ausenco Engineering was contracted in early September and has commenced work on the Company’s Pre-feasibility Study (“PFS”) further advancing the economics and engineering on the Arizaro project. It is anticipated that the PFS will be completed by
7) Lithium Chile’s wholly owned Argentinian subsidiary, Argentum Lithium, has been shortlisted on Block 4, one of five properties on the northern section of the Salar de Arizaro, released for bid by the
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Figure 1 -
Drilling at Molle Verde (Llamara) has just finished with the completion of the third hole. The rig is now moving to the last pad to drill the fourth hole. The first three wells encountered brine, with holes one and three exhibiting exceptional porosity, with hole 3 flowing brine up the drill pipe naturally.
Sampling is underway and once completed, samples from all exploration holes will be batched and sent together for assay. Results will be announced when received.
While sampling is being completed at Molle Verde,
Lithium Chile will commence exploration work at its Aguilar property. This work will include sampling grid and TEM geophysics to define the position of three exploratory holes. Drilling on Aguilar to commence before year end.Interest continues to build amongst the major mining companies in Chile’s lithium potential. The National Lithium Strategy introduced by the Chilean Government earlier this year has stimulated new interest in Chilean partnerships.
Lithium Chile continues to explore various opportunities and potential joint ventures.
The Company is also pleased to announce that it intends to extend the expiry date of an aggregate of 6,922,817 outstanding common share purchase warrants ("Warrants") issued by the Company as part of a unit of the Company in connection with a non-brokered private placement announced on
The Extension is subject to approval by the
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in
ABOUT
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
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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. 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. You are cautioned that the foregoing list of material factors and assumptions is not exhaustive. Although
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