TSX Venture Exchange: "LITH"
CALGARY, Feb. 28, 2018 /CNW/ - Lithium Chile Inc. ("Lithium Chile" or the "Company") is pleased to announce that it has identified a 60+ square kilometre (km2) lithium brine target area at its Helados project in Chile. The open-ended, low resistivity zone was discovered by Transient Electromagnetic surveys (TEM) within the northwest trending axis of the Salar Tara-Laguna Helada basin. Importantly, this area displays the same characteristics as the lithium-rich principal aquifers at Salar de Atacama, home to the world's largest and highest-grade lithium brine mine. The Company is currently prepping for an initial drill program at Helados, expected to commence March, 2018.
- High-Priority Target: Large (60km2) lithium brine target area identified at Helados project in Chile.
- Imminent Drilling: Drill program will commence in March, 2018, focusing on the high-priority target area.
- Project Size and Grades: Helados consists of 22,700 hectares. It has high-grade results from sampling, including 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.
- 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 5km gravel road from the town of San Pedro de Atacama.
The reconnaissance survey completed to date, which partially covers the south half of the Helados property, indicates a horizontal zone varying from 100 to 300 metres (m) in thickness, starting at about 150-200 m depth, which the Company believes reflects a saline aquifer (resistivity values of generally less than 3 ohms). The SW flank of the zone underlies the sectors of Laguna Helada and the south end of Salar Tara, from which the Company has obtained lithium values of 1110 – 1280 mg/l.
The northeast (NE) flank of the zone is open to expansion across the NE half of the Helados property and extensions of the TEM survey are in progress to cover this area.
Steve Cochrane, President and CEO of Lithium Chile, commented, "We are very pleased to have discovered such a large, high-priority target area for our upcoming drill program. With drill rigs expected to arrive on site in March, our exploration activity at Helados is about to enter a particularly exciting phase."
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 Steven Cochrane, President and CEO or Jeremy Ross, VP Business Development, at (604) 537-7556 or via email to: [email protected]