TSX Venture Exchange: "LITH"
CALGARY, Feb. 6, 2018 /CNW/ - Lithium Chile Inc. ("Lithium Chile" or the "Company") is pleased to announce that it has acquired an additional 5900 hectares at its Helados lithium brine property (map attached), where near-surface brine samples have assayed up to 1280 mg/L lithium (see news release dated Jan 23rd, 2017). Near-surface brine sample lithium assays from this newly acquired block range up to 760 mg/L and further highlight the 20+ kilometre (km) lithium enrichment trend along the Salar Tara - Laguna Helada Basin axis. The Helados property now comprises a total of 22,700 hectares. A geophysical work program is underway at the property, with drilling expected to commence in March.
- Increased Land Package: New total of 22,700 hectares.
- High-Grade Results from Sampling: Assays from near-surface sampling program of up to 1280 mg/L lithium.
- Excellent Chemistry: Sampled lithium brines at Helados have excellent chemistry including an Li:K ratio of 0.1 and an Mg:Li ratio of 2.6.
- Work Program Underway: Gravity and TEM geophysics programs currently underway and drilling is expected to commence in March.
- Close to Infrastructure: Located 80 km due east of Salar de Atacama in the Andean Lithium Belt and accessible year-round by paved highway and a short 5km gravel road from the town of San Pedro de Atacama.
- Largest Landholder: The Company now has a total land package of 140,100 hectares which is the largest lithium exploration property portfolio outside of the Chilean government.
Terry Walker, V.P. Exploration, commented: "The continuing strong lithium enrichment encountered in near surface brine samples along the whole Salar Tara - Laguna Helada Basin axis supports management's belief that our Helados property has potential to host large high-grade lithium resources."
The Company is also pleased to announce the appointment of Mr. Jeremy Ross to the position of Vice President of Business Development. Mr. Ross has twenty years experience in corporate development for small and mid-cap resource companies focusing on the mining and oil and gas sectors. Mr. Ross was the Corporate Development Consultant for Fission Energy Corp. where he played a key role in its development and performance until the majority of its assets were sold to Denison Mines Corp. Mr. Ross has been a director of several public companies including, until March 17, 2017, Fission Uranium Corp. which is listed on the Toronto Stock Exchange and has won a succession of industry awards.
The Company also announces its intention to grant 900,000 stock options to certain officers, directors and consultants of the Company at a price of $1.05 per share (the "Options"). The Options will have a 5 year term and vest as to one third immediately and one third on the first and second anniversaries of the date of the grant.
This news release has been reviewed by Terence Walker, P. Geo., Chief Geologist and Vice President of Exploration of the Company and a qualified person as that term is defined in National Instrument 43-101.
About Lithium Chile (TSX-V: LITH)
Lithium Chile Inc. is advancing a Lithium property portfolio consisting of 140,100 hectares covering sections of 13 salars and 1 laguna complex in Chile. The properties include 56 square kilometres on the Salar de Atacama which hosts the world's highest concentration Lithium brine production and is currently the source of about 30% of the world's Lithium production. Lithium Chile also owns a significant Copper/Gold/Silver property portfolio consisting of 28,184 hectares over 6 different properties located in Chile. Lithium Chile Inc.'s common shares are listed on the TSX-V under the symbol "LITH".
On Behalf of the Board of Directors,
LITHIUM CHILE CORPORATION
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 its properties and the ability of the Company to conduct exploration on its properties, the anticipated drilling program of the Company and the proposed Spin-Out Transaction.
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 Corp, please contact the Company at (587) 393-5801, Jeremy Ross, VP, at (604) 537-7556 or email [email protected]