VANCOUVER, BC , Aug. 17,
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) in Salta
Province, Argentina. Andalgala Perforaciones S.A. of
Catamarca, Argentina have been
contracted to provide a second core rig for drilling at the project
site. The rig is expected to be located by this coming weekend at
the northern portion of the Alba Sabrina claim block. The rig
has the depth potential required for the drilling
program.
Company Director and Chief Operating Officer, Fernando Villarroel states, "We are very pleased
to have obtained a second drill rig to move our drill program
forward in a timelier manner. We look forward to providing further
results from the two operating drill rigs."
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 current drill program is
focused on exploration of the Alba Sabrina Claim Block, which is
2,089 hectares in size.
About Lithium South
The 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 Mr. William
Feyerabend, a Consulting Geologist and Qualified Person
under National Instrument 43-101. Mr. Feyerabend participated in
the production of this press 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