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Lithium Chile Inc
Symbol LITH
Shares Issued 162,327,627
Close 2022-06-20 C$ 0.60
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Lithium Chile unit signs MOU with Recursos Energeticos

2022-06-20 10:28 ET - News Release

Mr. Steve Cochrane reports

LITHIUM CHILE EXECUTES AN MOU WITH REMSA FOR ADDITIONAL CLAIMS ON THE SALAR DE ARIZARO, SALTA PROVINCE, ARGENTINA

Lithium Chile Inc. has executed a memorandum of understanding (MOU) between its 100-per-cent-owned Argentinian subsidiary, Argentum Lithium SA, with Recursos Energeticos Y Mineros De Salta SA (REMSA), the state-owned mining company of the province of Salta, Argentina.

The MOU, signed at the PDAC convention in Toronto on June 15, 2022, provides Lithium Chile with a collaborative framework for exploration and development of over 4,680 additional hectares on the salar de Arizaro in Argentina. Lithium Chile previously announced an initial resource of 1.42 million tonnes of lithium hydroxide as a result of its maiden well drilled on the Arizaro salar. The addition of this significant land position on the salar will take the company's Arizaro salar land position to over 27,980 hectares -- representing a very significant and strategic land position.

The MOU marks the beginning of a collaboration between REMSA and Lithium Chile. REMSA will carry out preliminary tasks, including scientific and technological research, to ensure that the parties have accurate technical information pertaining to the potential resource on the additional lands on the Arizaro salar. These tasks will include additional geophysical surveys designed to determine geological setting and characteristics, chemical composition via surface sampling, preliminary drilling, and subsequently an in-depth analysis of those results to determine levels of recovery, depth and accessibility -- all targeted to establish the concentrations of, and extent of, lithium, potassium and other associated minerals that could exist within the area of interest.

Subject to results of the exploration activities described above, Lithium Chile is entitled to exercise the option contained in the MOU after which a public consultation will be initiated for continuing exploitation pursuant under a joint venture or alternative transactional agreement.

The additional acreage is on the north side of the Arizaro salar which is the company's strategic flagship exploration project.

Alberto Castillo, chief executive officer of REMSA, commented: "We deeply appreciate the confidence that Lithium Chile has shown in REMSA and the government of the province of Salta. This is another example of the positive investment conditions created through the leadership of Governor Gustavo Saenz and implemented in Salta in recent years. Salta has established consistent and transparent policies toward responsible mineral exploration and development, while offering clear protection for the environment and our people."

Lithium Chile's president and CEO Steve Cochrane: "This unique agreement with REMSA allows for a co-operative joint venture with the state-owned mining company of the province of Salta, Argentina. This reaffirms our strategy aimed at proving up and expanding our lithium resource on the Arizaro salar. It is our continued belief that the Arizaro project has the potential to be a significant commercial property and this JV is another opportunity to prove and expand our exploration and development efforts on this very significant project. This partnership is just another way that Lithium Chile intends to increase value for its stakeholders -- through respectful relationships with the countries we invest in."

About Lithium Chile Inc.

Lithium Chile is advancing a lithium property portfolio consisting of 79,700 hectares covering sections of 11 salars and two laguna complexes in Chile and 23,300 hectares in Argentina.

Lithium Chile also owns five properties, totalling 22,429 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 megaporphyry gold/silver/copper belt.

Lithium Chile's common shares are listed on the TSX Venture Exchange under the symbol LITH and on the OTCBB under the symbol LTMCF.

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