TSX Venture Exchange: "LITH"
OTC-QB: LTMCF
CALGARY, June 28, 2018 /CNW/ - Lithium Chile Inc.
("Lithium Chile" or the
"Company") is pleased to announce that it has commenced a
four-hole drill program at its Ollague project in Chile, where a recently-completed sampling
program encountered lithium brines assaying from 160mg/l to a high
of 1220mg/l.
Holes will be drilled to a minimum 250 metres (m) or deeper
based on drilling conditions and brine content. The drill rig will
run 24 hours per day.
Drilling will focus on high priority conductive targets
identified in the recent transient electromagnetic survey (TEM)
(see new release dated April 3,
2018). The survey indicated these conductive units to be
open-ended horizontal zones varying from 20 to over 200 m in thickness and within 20 to 120 metres of
surface. The company believes these low resistivity zones reflect
saline aquifers. A recently re-entered 110m deep water well just outside the property
border was flushed, allowed to recharge then sampled. The brine
samples that were collected, contained 1220 mg/l of lithium.
Steve Cochrane, President and CEO
of Lithium Chile, commented, "After amassing one of the largest
lithium land packages in Chile, we
have now begun drilling on one of our more advanced projects which
have had sampling and geophysics completed on them. The new
government has been clear in its support for the lithium sector and
we are similarly encouraged by the strong community support we have
received. This is an exciting new growth phase for the
Company and our goal is to maximise our early-mover exploration
advantage in Chile."
Ollague Project Highlights
- 3500 hectares on the Salar de Ollague.
- Located near the town of Ollague and close to
infrastructure.
- Comprehensive sampling program has encountered near-surface
lithium brines assaying from 160 to 1220mg/L lithium.
- Testing has shown good chemistry, which is an important factor
in economic lithium production (Li:K ratio 0.1:1, Mg:Li ratio
7:1).
- Property-wide TEM geophysical survey has identified multiple,
large, high-priority target areas.
- Recent, old water well sampling has encountered subsurface
lithium bearing brines assaying 180 to 1220 mg/l lithium.
Data collection will include lithology, and depth-specific
geochemical samples. Brine sampling will be completed using both
drive point and hydraulic double packer systems, which have been
tested and proved to provide a true depth-specific sample in
addition to flow and porosity characteristics.
Subsequent Drilling Programs
Upon completion of the initial four-hole Ollague drilling
program, it is the Company's intention to complete a similar
drilling program of four holes on each of the other four advanced
projects, all in continuous succession, such that drilling is
expected to continue for until late into Q3, 2018.
This news release has been reviewed by Terence Walker, P. Geo., Vice President of
Exploration of the Company and a qualified person as that term is
defined in National Instrument 43-101.
About Lithium Chile
Lithium Chile is advancing a
lithium property portfolio consisting of 152,900 hectares covering
sections of 14 salars and 1 laguna complex in Chile. The
properties include 64 square kilometres on the Salar de Atacama
which hosts the world's highest concentration lithium brine
production and is currently the source of approximately 30% of the
world's lithium production. Lithium Chile's common shares are
listed on the TSX-V under the symbol "LITH" and on the OTC-QB under
the symbol "LTMCF".
On Behalf of the Board of Directors,
LITHIUM CHILE INC.
Steven Cochrane
President & CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward Looking Statements
This news release may
contain certain forward-looking information and forward-looking
statements within the meaning of applicable securities legislation
(collectively "forward-looking statements"). Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "expects", "believes", "aims
to", "plans to" or "intends to" or variations of such words and
phrases or statements that certain actions, events or results
"will" occur. In particular, this news release contains
forward-looking statements relating to, among other things,
management of the Company's views regarding the current and
subsequent drilling programs.
You are cautioned that the following list of material factors
and assumptions is not exhaustive. Specific material factors
and assumptions include, but are not limited to: the general
stability of the economic and political environment in which the
Company operates; the timely receipt of required regulatory
approvals; the ability of the Company to obtain future financing on
acceptable terms; currency, exchange and interest rates; operating
costs; and the success the Company will have in exploring its
prospects and the results from such prospects. Accordingly,
readers should not place undue reliance on forward-looking
statements. The Company does not undertake to update any
forward-looking statements herein, except as required by applicable
securities laws. All forward-looking statements contained in
this press release are expressly qualified by this cautionary
statement.
SOURCE Lithium Chile Inc.
