- LSC to acquire 583 hectares in Salinas Grandes, Salta Province
- Following the acquisition, LSC will control over 90% of Salinas Grandes, Salta Province
- Exploration data verification program has commenced on Salinas Grandes
- Historic 239,200 tonne lithium carbonate equivalent Inferred Mineral Resource to be confirmed and potentially upgraded
- LSC updated NI 43-101 Mineral Resource on Salinas Grandes planned for Q1 2018
TORONTO, Nov. 20, 2017 /CNW/ - LSC Lithium Corporation ("LSC" or together with its subsidiaries, the "Company") (TSXV:LSC) is pleased to announce its wholly owned subsidiary has entered into a purchase agreement with Bolera Minera S.A. ("Bolera") to purchase tenements covering approximately 583 hectares in Salinas Grandes, Salta Province (the "Bolera Tenements"). The acquisition will increase LSC's land package with LSC owning over 90% of the Salta tenements in Salinas Grandes following the acquisition.
The Bolera Tenements are strategically located immediately adjacent to LSC's tenements Negrita I, Prode IV, Martana I and Romina I (see Map 1). LSC will acquire the Bolera Tenements and corresponding technical data for cash consideration totalling US$900,000 payable in three installments. Closing of the acquisition is expected to take place on or about February 6, 2018. Following closing, LSC will commence exploration on the Bolera Tenements to verify prior data from the previous operator. LSC understands that a previous operator completed geophysics and sampling on the properties.
LSC is also pleased to announce that it has commenced exploration work on its other tenements in Salinas Grandes, Salta Province. The Company intends to resample 11 drill holes, two trenches and 53 surface sample points on the tenements previously held by Orocobre Ltd. in order to verify the historic data associated with the property and thereby adopt and potentially upgrade the current NI 43-101 Mineral Resource report 1 on these tenements. It is anticipated the work will be completed by the end of Q1 2018.
The Orocobre Report estimated an Inferred Mineral Resource over 11,620 ha within the Salar de Salinas Grandes based on a boundary cut-off grade of 1,000 mg/L lithium and an average specific yield of 4.1% to a depth of 13.3m. The estimated brine volume was 56.5 million m3 at an average lithium grade of 795 mg/L lithium. This is equivalent to a resource of 239,200 tonnes of lithium carbonate equivalent.1
Until such time as LSC has completed its verification work, LSC considers data related to the Orocobre Report and the data related to the Salinas Grandes tenements acquired by LSC to be historical data and/or historical resource estimates. LSC is not considering the historical resource estimate as a current resource estimate. No Qualified Person as defined by NI 43-101 has undertaken sufficient work to classify the historical resource estimate as a current resource estimate.
Qualified Person/Data Verification
The scientific and technical information included in this press release is based upon information prepared and approved by Donald H. Hains, P.Geo. Mr. Hains is a qualified person, as defined in NI 43-101 and is independent of LSC, Orocobre Ltd. and Bolera.
ABOUT LSC LITHIUM CORPORATION:
LSC Lithium has amassed a large portfolio of prospective lithium rich salars and is focused on developing its tenements located in five salars: Pozuelos, Pastos Grandes, Rio Grande, Salinas Grandes, and Jama. All LSC tenements are located in the "Lithium Triangle," an area at the intersection of Argentina, Bolivia, and Chile where the world's most abundant lithium brine deposits are found. LSC Lithium has a land package portfolio totaling approximately 300,000 hectares, which represents extensive lithium prospective salar holdings in Argentina.
Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or future performance, including statements as to timing of repayment of the purchase price for the Bolera tenements, timing relating to the receipt of historical technical information to be received from Bolera, the Company's expectations regarding the extent of its aggregate land position in Salinas Grandes and its development potential, the Company's expectations regarding the increase and aggregate size of the Orocobre resource, ability of LSC to confirm prior historical exploration work conducted on Salinas Grandes, and the ability and anticipated timing to complete a NI 43-101 report on Salar de Salinas Grandes tenements in the Salta Province. The use of any of the words "could", "anticipate", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on LSC's current belief or assumptions as to the outcome and timing of such future events. Whether actual results and developments will conform with LSC's expectations is subject to a number of risks and uncertainties including factors underlying management's assumptions, such as risks related to: title, permitting and regulatory risks; exploration and the establishment of any resources or reserves on the Bolera tenements or other LSC properties; volatility in lithium prices and the market for lithium; exchange rate fluctuations; volatility in LSC's share price; the requirement for significant additional funds for development that may not be available; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; regulatory, political or economic developments in Argentina or elsewhere; litigation; title, permit or license disputes related to interests on any of the properties in which the Company holds an interest; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the Company's properties; risks and hazards associated with the business of development and mining on any of the Company's properties. Actual future results may differ materially. The forward-looking information contained in this release is made as of the date hereof and LSC is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. For more information, see the Company's filing statement on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange Inc. 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.
The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release.
1 See technical report titled "Technical Report on Salinas Grandes Lithium Project" dated April 16, 2012, amended August 12, 2013 prepared for Orocobre Ltd filed on Orocobre's SEDAR profile (the "Orocobre Report").
SOURCE LSC Lithium Corporation
For further information: LSC Lithium Corporation: Ian Stalker, President & Chief Executive Officer, Suite 3001, 1 Adelaide Street East, Toronto, Ontario M5C 2V9, (416) 304 9384, Email: [email protected], Web: lsclithium.com