HIGHLIGHTS
1. Five double packer samples obtained from
first hole AS01
2. Lithium values range from 732 mg/l lithium to
772 mg/l lithium
3. Lithium magnesium ratio remains favorable at
under 4 to 1
4. Drilling will continue to basement
rock
VANCOUVER, Aug. 10,
2022 /CNW/ -- Lithium South Development
Corporation (the "Company") (TSX-V: LIS) (OTCQB: LISMF)
(FRANKFURT: OGPQ) is pleased to provide an update on the drilling
campaign currently underway at the Hombre Muerto North Lithium
Project (HMN Li Project) Salta
Province, Argentina.
First hole AS101 began to turn on June
12, 2022. The hole is located in the middle of the
Alba Sabrina Claim Block which, at 2,089 hectares, is the largest
in the project package. The drilling method is diamond drill hole
with double packer sampling at select intervals. Hole AS-01
has now been drilled to a depth of 262 meters, with the intention
of drilling to the basement rock.
High grade lithium values have been confirmed in five samples
taken by double packer at select locations within the drill string
completed to date. The program is supervised by Dr. Mark King, a Qualified Person under National
Instrument 43-101, and Principal Hydrogeologist and President of
Groundwater Insight, Inc. Dr. King has an extensive background in
lithium brine resource and reserve estimation.
Of further note is that the lithium to magnesium ratio remains
in a very favorable range of under 4 to 1. Samples were assayed at
Alex Stewart Laboratories of Mendoza, Argentina, an ISO Certified laboratory.
Table 1. Drill Samples of Hole AS-01
Sample
|
Depth
|
Lithium (mg
/ L)
|
Magnesium
(mg/L)
|
Calcium
(mg/L)
|
Potassium
(mg/L)
|
AS101
|
158 M
|
772
|
2746
|
513
|
7662
|
AS102
|
145 M
|
733
|
2625
|
303
|
7549
|
AS103
|
109 M
|
741
|
2648
|
351
|
7567
|
AS104
|
121 M
|
742
|
2657
|
381
|
7520
|
AS105
|
88 M
|
732
|
2605
|
360
|
7485
|
Hole AS-01 geology as observed is a mixture of sand and clay for
the first 49.6 meters, followed by a fractured basaltic zone from
49.6 meters to 159.25. The basaltic zone is underlain by a
cavern, to 164.5 meters. At 164.5 meters to 200 meters a sand
zone was penetrated, followed by a clay/sand/ortho quartzite zone
down to the current depth of 262 meters. Drilling fluid behavior
over most of the drilled interval indicates favorable permeability
and porosity. Interestingly, the basalt encountered at depth in the
borehole is considered to correlate with surface basalt adjacent to
the salar, indicative of an up-lifted block next to the salar. The
2,000-meter drill program is expected to continue for the next
several months. Results will be reported as they are obtained.
Resource Drill Expansion Program
The objective of the program is to potentially expand the
current Lithium Carbonate Resource which is defined with an average
grade of 756 mg/L lithium within 571,000 tons in the Measured
and Indicated Categories (See news release December 4, 2018, and NI 43-101 compliant
Technical Report titled, Initial Measured and Indicated Lithium
and Potassium Resource Estimate, Hombre Muerto North Project, Salta
and Catamarca Provinces, Argentina, prepared by independent consultants
Montgomery and Associates of Santiago,
Chile).
The current Resource is contained solely on the Tramo Claim
Block, which is 383 hectares in size. Tramo is one of five
Salar-located, non-contiguous claim blocks that comprise the total
project area of 3,287 hectares. The drilling program will focus on
exploration on the Alba Sabrina Claim Block, which is 2,089
hectares in size.
A recent TEM Study at the Alba Sabrina Claim Block (See
October 4, 2021, press release)
provides potential indication of a surficial halite aquifer of
approximately 75 meters of depth, with potential indication of a
clastic brine aquifer immediately below. The TEM Study was
limited to a depth of approximately 350 meters, with the basement
rock not confirmed. The drill program will attempt to drill to
basement, limited to approximately 700 meters by the depth
potential of the drill rig.
Company Director and Chief Operating Officer, Fernando Villarroel states, "We are very pleased
to encounter high lithium values in our first hole at the Alba
Sabrina Claim Block. We look forward to continued drilling and to
fulfilling our corporate milestone of substantially increasing the
lithium resource at the project."
About Lithium South
The Hombre Muerto North Lithium Project (HMN Li Project) is at
an advanced stage of evaluation, with a Preliminary Economic
Assessment completed in April 2019.
Lithium South is the 100% owner and expects to expand the known
resource with its current drill program. Preliminary results
support this expectation. Additional project work including
permitting, environmental studies and process test work is
ongoing.
The HMN Li Project is adjacent to a US$840 million lithium mine under development by
the Korean multinational corporation POSCO, which acquired their
holdings from Galaxy Resources Ltd. for US$280 million. Livent Corporation is
producing lithium south of the Hombre Muerto North Lithium Project
and has operated there for over twenty-five years.
The Company is evaluating a conventional evaporation process
method, and Direct Lithium Extraction (DLE) as an alternative
method. DLE test work on 2,000-liter brine samples is currently in
progress by Chemphys Chengdu, in China, and Eon Minerals in Salta, Argentina.
The technical and scientific information in this press release
was reviewed by Dr. Mark King, a
Qualified Person under National Instrument 43-101. Dr. King
participated in the preparation of this news release.
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