VANCOUVER, BC, March 17, 2022 /CNW/ -- Lithium South
Development Corporation (the "Company") (TSX-V: LIS)
(OTCQB: LISMF) (Frankfurt: OGPQ) is pleased to announce
finalization of the Environmental Baseline Study for the Hombre
Muerto North Lithium Project (HMN Li Project), Salta,
Argentina.
E&C Consultores of Salta have been completing the final in
field survey, collecting data on the Flora, Fauna, hydrology, and
climate in areas of project influence during the rainy
season. The final results are being prepared under the
General Environmental Law of the Mining Code 24.585 and are
expected to be tabulated by the end of March, for filing with the
Mining Authority.
Completion of the Environmental Baseline Study is an important
milestone for the development of the HMN Li Project as it will form
the base data to prepare the final Environmental Report for any
future lithium production facility. Work to date has covered
all 3,287 hectares comprising the salar portion of the project.
Finalization of the Environmental Report will provide a key part in
the completion of a Feasibility Study.
A 2,000-meter drill program is being scheduled for the Alba
Sabrina claim block to potentially expand the total current project
resource. Other claim blocks within the package may
also be drilled in the future. Process test work utilizing
both conventional evaporation and Direct Lithium Extraction
technology is also nearing completion, with results expected
shortly
Property Transfer Update
Pursuant to the third addendum to the Acquisition Agreement for
the HMN Lithium Project, a final tranche of 500,000 common shares
has been issued to the property vendor(s), Jorge E. Moreno and Alba
Silvia Sala, at a deemed price of CDN$0.55. The property title is now in the
transfer process and expected to conclude in the coming days with
the Company obtaining 100% ownership of the HMN Li Project, subject
to a 3% production royalty to the vendors.
About Lithium South
Lithium South is focused on developing the Hombre Muerto North
Lithium Project, located on the Hombre Muerto Salar, a major
lithium-producing salar in Argentina. The property is
adjacent to a US$840 million lithium
mine development being undertaken by the Korean multinational
corporation POSCO, which acquired the raw 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 evaluating conventional evaporation as a process
method, and Direct Lithium Extraction (DLE) as an alternative
method. Three candidates for DLE are currently being
evaluated. Two, 2,000-liter bulk brine samples are being
evaluated outside of Argentina. One sample is being tested by
Lilac Solutions of Oakland,
California. A second 2,000-liter bulk sample is being tested
by Chemphys Chengdu, in China. DLE test work is also
currently underway in Salta, Argentina by Eon Minerals.
On behalf of the Board of Directors
Adrian F. C. Hobkirk
President and Chief Executive Officer
Investors / Shareholders call 855-415-8100 / website:
www.lithiumsouth.com
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.
This news release contains certain "forward-looking statements"
within the meaning of Section 21E of the United States Securities
and Exchange Act of 1934, as amended. Except for statements of
historical fact relating to the Company, certain information
contained herein constitutes forward-looking statements.
Forward-looking statements are based upon opinions and estimates of
management at the date the statements are made and are subject to a
variety of risks and uncertainties and other factors which could
cause actual results to differ materially from those projected in
the forward-looking statements. The reader is cautioned not
to place undue reliance on forward- looking statements. We
seek safe harbor.
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SOURCE Lithium South Development Corporation