Mr. Steven Cochrane reports
LITHIUM CHILE COMPLETES SALE OF CLAIMS ON OLLAGUE SALAR TO WEALTH MINERALS IN EXCHANGE FOR 2,000,000 SHARES OF WML
Lithium Chile Inc. has received TSX Venture Exchange acceptance of the sale agreement (see news release dated May 3, 2022) with Wealth Minerals Ltd. to sell 1,600 hectares of a minority, non-core asset in the Ollague basin.
The transaction terms include a payment of two million shares of Wealth Minerals, with an additional payment of one million shares to the company within 12 months if Wealth Minerals establishes within the acquired licences either a resource with an average grade of 300 parts per million lithium content or a test well on the acquired licences that produces material testing no less than 300 parts per million lithium content. If Wealth Minerals does not conduct work necessary to potentially determine a resource or does not have a test well to produce material for lithium testing within 12 months, then Wealth Minerals is obligated to pay 500,000 shares to Lithium Chile. If the work necessary to potentially determine a resource or run a test well is completed but a resource or test well does not produce an average grade higher than 300 parts per million lithium, then no further share payments are due by Wealth Minerals to the company.
About Lithium Chile
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.
We seek Safe Harbor.
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