07:28:19 EDT Mon 03 Oct 2022
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Lithium Chile Inc
Symbol LITH
Shares Issued 162,327,627
Close 2022-08-17 C$ 0.57
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Lithium Chile options 51% of Las Garillas to Volos

2022-08-18 13:00 ET - News Release

Mr. Steven Cochrane reports


Lithium Chile Inc. has entered into an option agreement with Volos Minerals Inc., a privately held mining exploration company, whereby Volos may earn 51 per cent in the Las Garillas property located in north-central Chile. The Las Garillas property consists of nine exploration concessions totalling 1,900 hectares.

The Las Garillas property covers several large zones of phyllic to silicic hydrothermal alteration and gold-silver-bearing epithermal vein systems that encompass an old high-grade, pre-Columbian, gold-silver mining camp. Regionally, it lies on the eastern flank of the central Cretaceous-Palaeocene porphyry copper-gold belt in a similar, geological-structural setting as the Andacolla gold mine operated by Teck Resources. The Las Garillas property is readily accessible year-round from the town of Monte Patria, 12 kilometres to the southwest, via paved and gravel roads, heading northeast to several old mines in the interior of the property.

Recent surface chip sampling by Lithium Chile along vein extensions within the Las Garillas claims of an adjacent property, currently producing high-grade, gold-silver vein systems, returned values of up to 21.4 grams per tonne gold, 329 g/t silver and 1.8 per cent copper.

To earn 51 per cent in Las Garillas, within two years of signing the agreement, Volos must incur a minimum of $250,000 in exploration expenditures and make cash payments to Lithium Chile of $100,000. In addition, Volos must issue Lithium Chile a number of common shares representing 9.9-per-cent ownership in Volos immediately following the listing of Volos shares on a Canadian stock exchange and a further 9.9 per cent on the first anniversary of the listing.

Steve Cochrane, president and chief executive officer of Lithium Chile, commented: "I am pleased to have entered into this option agreement on our Las Garillas property with Volos, as part of our stated objective of advancing our non-lithium assets in Chile through these types of joint ventures. Preliminary exploration on Las Garillas points to an exciting gold-silver-copper-cobalt prospect."

Alain Lambert, co-founder and a director of Volos Minerals, remarked: "We look forward to taking Volos Minerals public before the end of this year. Having Lithium Chile as a significant shareholder demonstrates their commitment to the long-term success of the Las Garillas project and Volos's plan to be active in mining exploration in Chile."

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.

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