VANCOUVER, BC, April 27, 2021 /CNW/ -- Lithium South
Development Corporation (the "Company") (TSX-V: LIS) (OTCQB:
LISMF) (Frankfurt: OGPQ) is pleased announce it is moving ahead
with plans to potentially expand the current lithium resource at
the Hombre Muerto North Lithium Project (HMN Li Project), located
in Salta Province, Argentina.
The 3,287-hectare project is comprised of five separate areas
located in the northern portion of the salar. The current resource
of 571,000 tonnes of lithium carbonate equivalent is located on the
383-hectare Tramo Claim. The resource was detailed in a National
Instrument 43-101 compliant report filed December 4th, 2018 titled, Initial
Measured Lithium and Potassium Resource Estimate Hombre Muerto
North Project, Salta and Catamarca Provinces, Argentina, authored by independent
consultants Montgomery and Associates, is summarized below:
Table 1. Hombre Muerto North Lithium Brine Resource
Statement
Tonnages are rounded off to the nearest 1,000. Cutoff grade:
500 mg/L lithium, but no laboratory results were less than the
cutoff grade. The conversion used to calculate the equivalents from
their metal ions is based on the molar weight for the elements
added to generate the equivalent. The equations are Li x 5.3228 =
lithium carbonate equivalent and K x 1.907 = potassium chloride
equivalent. The reader is cautioned that mineral resources are not
mineral reserves and do not have demonstrated economic
viability.
After technical review, management believes the current
identified resource has excellent potential to be expanded. To
accomplish this, the Gaston Enrique, Natalia Maria and Alba Sabrina claims will be
sited for drill programs. The Company has located a service
provider who has a drill rig located on the salar near the Alba
Sabrina claim block and is negotiating a drill contract. The Gaston
Enrique claim block is located on the Catamarca side of the Hombre
Muerto salar, and is the oldest claim located within the dual
jurisdiction area. Management believes an Environmental Impact
Report and drill permits can be obtained for this project area,
which is located approximately 100 meters north of a drill hole
recently completed by POSCO. A recent corporate video of the HMN Li
Project can be viewed at the Company website at
www.lithiumsouth.com.
The project area under purchase option to the Company is
situated contiguous to significant lithium development. Korean
giant POSCO are moving ahead with plans to construct a 25,000 tonne
per year conventional lithium extraction operation contiguous to
the Company area. The recently announced 4-billion-dollar merger between Galaxy Resources
and Orocobre will likely see further development of the Galaxy
owned portion further to the south.
About Lithium South
Lithium South is focused on developing the HMN Li Project,
located on the Hombre Muerto Salar, a major lithium-producing salar
in Argentina. The property is adjacent to land under
development by the Korean multinational corporation POSCO, which
acquired the ground from Galaxy Resources Ltd. for US $280 million. The Company completed a Preliminary
Economic Assessment of the HMN Li Project in 2019, utilizing
conventional evaporation extraction. The Company is focused on
evaluating alternative extraction methods for the HMN Li Project
and plans to become a leader in the application of Direct Lithium
Extraction technology at the project level.
The technical and scientific information contained in this news
release was reviewed by Mr. William
Feyerabend, a Consulting Geologist and Qualified Person
under NI 43-101. Mr. Feyerabend participated in the production of
this news release.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release. The TSX Venture Exchange has not reviewed the content
of this news release and therefore does not accept responsibility
or liability for the adequacy or accuracy of the contents of this
news release.
The securities referred to in this news release have not been,
nor will they be, registered under the United States Securities Act
of 1933, as amended, and may not be offered or sold within
the United States or to, or for
the account or benefit of, U.S. persons absent U.S. registration or
an applicable exemption from the U.S. registration
requirements.
This news release does not constitute an offer for sale of
securities for sale, nor a solicitation for offers to buy any
securities. Any public offering of securities in the United States must be made by means of a
prospectus containing detailed information about the company and
management, as well as financial statements.
On behalf of the board of directors of Lithium South
Development Corporation
Adrian F. C. Hobkirk
President and Chief Executive Officer
Investors / Shareholders call +1-855-415-8100 / website:
www.lithiumsouth.com
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SOURCE Lithium South Development Corporation