TSX Venture Exchange: "LITH"
CALGARY, Sept. 5, 2018 /CNW/ - Lithium Chile Inc.
("Lithium Chile" or the
"Company") is pleased to provide an update on their current
drilling program. Based on strong indicators from their first four
exploration holes on their Ollague prospect, Lithium Chile has been
approved for a fifth hole that will extend the drilling depth from
250 meters to 500 meters.
Four exploration holes were originally planned and have now been
successfully completed at Ollague. Results from the first hole were
disclosed in a News Release dated August 23,
2018 and results from the remaining three holes are pending.
Lithium Chile encountered grades
in the brine in the first hole ranging up to 480 mg/l lithium with
grades steadily increasing from 120 meters to its final depth of
300 meters. The first and second holes were drilled on the edge of
the Ollague salar while holes three and four moved into the center
of the basin.
Holes 3 and 4 were completed to a depth of 250 meters and were
still in a porous brine formation when drilling was suspended as
per the surface rights contract negotiated with the community of
Ollague. Data collected at the drill sites indicated high salinity
brines beginning at approximately 150 meters and open at depth at
the time drilling was suspended.
Based on these indicators, Lithium Chile has made the decision
to pursue a 5th hole in the center of the basin and
north of holes three and four. Surface access has been successfully
negotiated resulting in road and pad construction being completed
over the past weekend with drilling planned to commence on
Tuesday September 4th. The top 50
meters of this fifth hole will be cased with surface casing to
prevent up hole caving and to reduce the amount of contamination of
the deeper brine targets from near surface fresh water zones. The
target depth on the fifth hole is 500 meters which will allow
Lithium Chile to test the deeper levels of the salar.
Steve Cochrane President and CEO
of Lithium Chile commented "Drilling a fifth hole at Ollague not
only reflects the encouraging data we have collected on our first
four holes but also reflects our belief that Ollague has the
potential to be an exciting new lithium discovery".
This news release has been reviewed by Terence Walker, P. Geo., Vice President of
Exploration 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 155,800 hectares covering
sections of 14 salars and 1 laguna complex in Chile.
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; 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.