TSX Venture Exchange: "LITH"
OTC-QB: LTMCF
CALGARY, June 20, 2018 /CNW/ - Lithium Chile Inc.
("Lithium Chile" or the
"Company") is pleased to announce that it has received
written consent from the community of Ollague to begin an
exploration drilling program on its Ollague project. With drill
mobilization now underway, Lithium Chile expects drilling to begin
shortly.
The program will consist of four holes drilled to a minimum 250
metres (m) or deeper based on drilling conditions and brine
content. 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.
Lithium Chile previously
completed a transient electromagnetic survey (TEM) covering 25
square kilometres of the Ollague project (see new release dated
April 3, 2018). Analysis indicates
several continuous conductive units over much of the property. In
addition, the survey indicated these conductive units to be several
open-ended horizontal zones varying from 20 to over 200 m in thickness and within 20 to 120 m of surface. The Company believes the zones
reflect saline aquifers (resistivity values of generally less than
three ohms). Highly conductive readings have generally been found
to indicate a high content of lithium brine in most other salar
basins in the area.
SAMPLE RESULTS ON OLD WATER WELLS RETURN 1220 MG/L
LITHIUM
A recently completed sampling program from a series of shallow
water wells drilled to test a near surface aquafer in the central
sector of Salara Ollague yielded significant lithium values.
Sampling procedure consisted of bailing the wells, allowing them to
refill and sampling the fresh flow. One well, just outside Lithium
Chile's property border was drilled to 110m depth and lithium concentration of the water
sample taken from this well assayed 1220 mg/l. This well appears to
have penetrated the top of the thicker more extensive conductive
horizon indicted by our TEM surveys and the prime target of the
current drill program.
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 1140mg/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.
Subsequent Drilling Programs. Upon successful
completion of the first 4 holes of this program, the Company will
seek to permit additional exploration and development programs at
Ollague. In addition, upon completion of the initial Ollague
drilling program, it is the Company's intention to begin drilling
each of the other four high priority salars in continuous
succession. The company is fully funded for this exploration
program
Steve Cochrane, President and CEO
of Lithium Chile, commented, "With a range of high-grade,
near-surface lithium samples, excellent TEM survey results and no
competition in the region, Ollague is one of our most exciting
projects. We are delighted to have received final drilling approval
and more importantly becoming one of the first of the new wave of
Chilean lithium exploreco's to begin a drilling program on one of
our lithium prospects."
This news release has been reviewed by Terence Walker, M.Sc., P. Geo., VP Exploration
for Lithium Chile 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
commencement of its anticipated drilling program.
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.