VANCOUVER, BC, Aug. 25,
2022 /CNW/ -- Lithium South Development
Corporation (the "Company") (TSX-V: LIS) (OTC-QB: 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. The
first hole AS01 has now been completed to a depth of 270 meters. As
the first hole has progressed, drilling has become very difficult
due to geological instability. The decision was made to conclude
the hole at this depth, though geological basement was not reached.
Double-packer sampling is now underway and will continue for the
coming few days. Samples will be obtained from borehole intervals
deemed to be of interest. Alex Stewart Laboratories, an ISO
Certified laboratory located in Mendoza Argentina is conducting the
assay test work. Dr. Mark King, a
Qualified Person (QP) under NI 43-101 is supervising the
program.
A second drill rig operated by Andagala Perferaciones S.A. is
now on site. The unit will locate to the middle of the Alba Sabrina
Claim Block and initiate hole AS03.
Company Director and Chief Operating Officer, Fernando Villarroel states, "We are very pleased
to have completed our first hole at the Alba Sabrina claim block.
Our second drill rig is now on site, and we look forward to moving
the program ahead quickly."
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 to the 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