TSX Venture Exchange: "LITH"
CALGARY, June 28, 2018 /CNW/ - Lithium Chile Inc. ("Lithium Chile" or the "Company") is pleased to announce that it has commenced a four-hole drill program at its Ollague project in Chile, where a recently-completed sampling program encountered lithium brines assaying from 160mg/l to a high of 1220mg/l.
Holes will be drilled to a minimum 250 metres (m) or deeper based on drilling conditions and brine content. The drill rig will run 24 hours per day.
Drilling will focus on high priority conductive targets identified in the recent transient electromagnetic survey (TEM) (see new release dated April 3, 2018). The survey indicated these conductive units to be open-ended horizontal zones varying from 20 to over 200 m in thickness and within 20 to 120 metres of surface. The company believes these low resistivity zones reflect saline aquifers. A recently re-entered 110m deep water well just outside the property border was flushed, allowed to recharge then sampled. The brine samples that were collected, contained 1220 mg/l of lithium.
Steve Cochrane, President and CEO of Lithium Chile, commented, "After amassing one of the largest lithium land packages in Chile, we have now begun drilling on one of our more advanced projects which have had sampling and geophysics completed on them. The new government has been clear in its support for the lithium sector and we are similarly encouraged by the strong community support we have received. This is an exciting new growth phase for the Company and our goal is to maximise our early-mover exploration advantage in Chile."
Ollague Project Highlights
- 3500 hectares on the Salar de Ollague.
- Located near the town of Ollague and close to infrastructure.
- Comprehensive sampling program has encountered near-surface lithium brines assaying from 160 to 1220mg/L lithium.
- Testing has shown good chemistry, which is an important factor in economic lithium production (Li:K ratio 0.1:1, Mg:Li ratio 7:1).
- Property-wide TEM geophysical survey has identified multiple, large, high-priority target areas.
- Recent, old water well sampling has encountered subsurface lithium bearing brines assaying 180 to 1220 mg/l lithium.
Data collection will include lithology, and depth-specific geochemical samples. Brine sampling will be completed using both drive point and hydraulic double packer systems, which have been tested and proved to provide a true depth-specific sample in addition to flow and porosity characteristics.
Subsequent Drilling Programs
Upon completion of the initial four-hole Ollague drilling program, it is the Company's intention to complete a similar drilling program of four holes on each of the other four advanced projects, all in continuous succession, such that drilling is expected to continue for until late into Q3, 2018.
This news release has been reviewed by Terence Walker, P. Geo., Vice President of Exploration of the Company and a qualified person as that term is defined in National Instrument 43-101.
About Lithium Chile
Lithium Chile is advancing a lithium property portfolio consisting of 152,900 hectares covering sections of 14 salars and 1 laguna complex in Chile. The properties include 64 square kilometres on the Salar de Atacama which hosts the world's highest concentration lithium brine production and is currently the source of approximately 30% of the world's lithium production. Lithium Chile's common shares are listed on the TSX-V under the symbol "LITH" and on the OTC-QB under the symbol "LTMCF".
On Behalf of the Board of Directors,
LITHIUM CHILE INC.
President & CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 information can be identified by the use of forward-looking terminology such as "expects", "believes", "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, management of the Company's views regarding the current and subsequent drilling programs.
You are cautioned that the following list of material factors and assumptions is not exhaustive. Specific material factors and assumptions include, but are not limited 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; and the success the Company will have in exploring its prospects and the results from such prospects. Accordingly, readers should not place undue reliance on forward-looking statements. 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 press release are expressly qualified by this cautionary statement.
SOURCE Lithium Chile Inc.
For further information: To find out more about Lithium Chile Inc., please contact Steven Cochrane, President and CEO at (403) 853 7117 or via e mail: [email protected] or alternately, Jeremy Ross, VP Business Development, at (604) 537-7556 or via email: [email protected]