Mr. Steve Cochrane reports
LITHIUM CHILE COMMENCES PHASE TWO OF THE RESOURCE EXPANSION PROGRAM ON THEIR SALAR DE ARIZARO PROJECT
Lithium Chile Inc. has commenced its phase 2 drilling program consisting of three, 500-metre-deep step-out holes aimed at expanding the lithium resource and increasing the grade on the Arizaro property. The program is announced after an initial resource of 1.42 million tonnes of lithium carbonate (Li2CO3) equivalent in the indicated and inferred resource categories was reported on its maiden well (see Feb. 8, 2022, news release). Well permitting and an environmental impact study are currently under way. Drilling of the first well is anticipated by the end of March. The three-well program is scheduled to take six months.
As recommended by the company's qualified person, Montgomery & Associates, steel casing will be installed down the wellbore and the upper halite will be cemented off to prevent dilution by lithium-poor brine from the upper zones. On the company's initial well, samples during various tests returned values up to 555 mg/ls.
Steve Cochrane, president and chief executive officer of Lithium Chile, commented on the Salar de Arizaro project: "After such encouraging results on the NI 43-101 resource estimate of our maiden well, the important next steps for our company and its shareholders are to expand the lithium resource and prove the overall grade with the phase 2 drilling program on the Arizaro property. As a result of our deep relationships with the Argentina community, we have secured a drilling rig for the duration of the project, which we estimate to take around six months."
The company also reports on their successful warrant program. An additional 1,959,043 common shares have been issued in consideration of $1,175,425 as the result of the exercise of outstanding warrants. A total of 3,789,528 warrants from the Feb. 23, 2021, financing remain outstanding at 60 cents and are due to expire on Feb. 23, 2023 (see Feb. 23, 2021, news release).
About Lithium Chile
Lithium Chile is advancing a lithium property portfolio consisting of 69,200 hectares covering sections of 10 salars and two laguna complexes in Chile and 23,300 hectares in Argentina.
Lithium Chile also owns five properties, totalling 20,429 hectares, that are prospective for gold, silver and copper. Exploration efforts are continuing on Lithium Chile's Carmona gold-silver-copper property which lies in the heart of the Chilean mega porphyry gold-silver-copper belt.
Lithium Chile's common shares are listed on the TSX Venture Exchange under the symbol LITH
and on the OTCQB market under the symbol LTMCF.
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