16:38:18 EDT Wed 08 May 2024
Enter Symbol
or Name
USA
CA



Lithium South Development Corp
Symbol LIS
Shares Issued 96,899,542
Close 2023-08-10 C$ 0.50
Market Cap C$ 48,449,771
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Lithium South hires contractor to drill 6 wells at HMN

2023-08-10 09:03 ET - News Release

Mr. Adrian Hobkirk reports

PRODUCTION WELL PROGRAM UPDATE

Lithium South Development Corp. has formalized a contract with Well Drilling of Salta, Argentina, for the provision of a two-phase program of up to six production/pumping wells for the Hombre Muerto North lithium project (HMN Li project), located in Salta province, Argentina. Phase 1 will locate wells P1 and P2 on the Alba Sabrina claim block, and well P3 on the Natalia Maria claim block. Phase 2 will site an additional three production wells within a zone across the Norma Edit and Viamonte claim blocks. The Lithium South technical team is reviewing geological and regulatory details prior to a phase 2 decision. The total program will range between 1,000 metres and 1,500 metres, with a budgeted value of between $1.2-million (U.S.) to $1.8-million (U.S.).

Adrian F.C. Hobkirk, president and chief executive officer of the company, is quoted: "We are excited to begin the next phase of the development of the HMN Li project. The installation of production/pumping wells will provide valuable information regarding brine flow rates and pumping potential."

Investor awareness and advertising program

As the HMN Li project continues to meet expectations, the company announces it is initiating an investor relations and advertising program to raise awareness of the project and company. To provide increased exposure, the company is pleased to announce Drew Martel has joined the team as corporate development adviser. Mr. Martel will assist in broadening the institutional investment base, research analyst, newsletter and media coverage. Terms for the one-year arrangement are $12,500 monthly and 750,000 incentive stock options at 46.5 cents per share.

Mr. Martel has been in the resource industry for 25 years as corporate development, communications and finance, holding senior positions with MAG Silver and Tan Range Resources. His experience in mergers and acquisitions includes New Millennium Metals Corp., which was merged with Platinum Group Metals Ltd., Balmoral Resources, which was acquired by Wallbridge Mining Company Ltd., and Constantine Metal Resources, which was acquired by American Pacific Mining Corp.

The company is pleased to announce it has retained Equedia Network Corp. to provide advertising, press release distribution, native advertising of editorial and additional services as may be determined. The program will utilize non-generic marketing channels to provide company exposure to fresh investment audiences. The advertising program is budgeted for $350,000 (U.S.) over a nine-month term.

About Lithium South Development Corp.

Lithium South owns 100 per cent of the Hombre Muerto North lithium project located in Salta province, Argentina, the heart of the lithium triangle. The Hombre Muerto salar has a history of lithium production with Livent Corp. in operation for over 25 years just south of the HMN Li project. The HMN Li project is surrounded by a $4-billion (U.S.) lithium development under way by POSCO (Korea) and the Sal de Vida project under development by Allkem. Lithium South has delineated a National Instrument 43-101 571,000-tonne lithium carbonate equivalent (LCE) resource on the Tramo claim block, one of five non-contiguous blocks that make up the HMN Li project. Recent drilling on the Alba Sabrina and Natalia Maria claim blocks has identified additional lithium zones that will allow a new and potentially larger LCE resource to be defined. Lithium South is now transitioning from being a lithium explorer to becoming a lithium developer.

The technical and scientific information in this press release was reviewed and approved by William Feyerabend, CPG, a consulting geologist and a qualified person under National Instrument 43-101, who also participated in its production.

We seek Safe Harbor.

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