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HIGHLIGHTS:
Total LCE resource increased by 24% since reporting the results of the Preliminary Economic Assessment (Press release of
August 8, 2023 ) for a new total of 4,122,000 tonnes LCE.The increased LCE resource related to the Salar de Arizaro project is comprised of:
261,000 tonnes in the measured category; and
2,237,000 tonnes in the indicated category; and
1,624,000 tonnes in the inferred category.
Diamond drill hole ARDDH-08 contributed an increase of 559,518 tonnes of indicated and 188,886 tonnes of inferred LCE resource. The resourceincrease at ARDDH-08 resulted from an average lithium grade of 538 mg/L from well depths between approximately 200-300 metres and an average lithium grade of 343 mg/l from well depths between approximately 300 to 570 metres, such that a total sampled interval of 370 metres of the reservoir containing lithium brines has been established.
Over 260,000 tonnes LCE associated with the ARGENTO-02 well was reclassified from the indicated category to the measured category due to the long-term pumping test and additional brine sampling that was conducted.
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Table 1: Summary Of Values from the Updated Lithium Chile Resource Estimate
(Note: total tonnages are rounded to the nearest thousand and a 200 mg/ cut-off grade was assumed based on the expected processing method).
Figure 1: Map of Resource Estimation Areas, Salar de Arizaro (Shallowest Polygons)
NEXT STEPS IN RESOURCE UPDATE:
An updated analysis of the area around ARDDH-08 contained in the reserve model is underway and will be added to the NI 43-101 compliant report once completed.
An update to the Company’s 2023 Prefeasibility Study Report is expected by the end of the second quarter which will confirm reserve volumes and a potential production profile.
OTHER ARGENTINIAN DEVELOPMENTS:
Block IV Permitting
The baseline Environmental Impact Study for the new Block IV exploration program was completed and submitted to the
Water Wells
Drilling of hole ARDDH-09 is nearing completion at which time the drilling rig will be moving to a number of locations on the Company’s south-western claims with the objective of substantiating the fresh-water aquifer characteristics needed for production. These locations surround and offset Lithium Chile’s existing fresh water well that substantiated significant fresh-water deliverability. Drilling is also continuing with a rotary rig on production well ARGENTO-06. Those results will be released when they become available.
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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 if required. You are cautioned that the foregoing list of material factors and assumptions is not exhaustive. Although
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