LSC Lithium Corporation (“
LSC” or together with
its subsidiaries, the “
Company”) (TSXV:LSC) is
pleased to announce the completion of its initial Mineral Resource
delineation phase with the recently announced delivery of Mineral
Resource statements on its Pozuelos Project and Rio Grande Project.
The imminent commencement of both the upgrading of the Pozuelos and
Rio Grande resources and the planned start of engineering studies
will culminate in the completion of a Preliminary Economic
Assessment (“
PEA”) for the Pozuelos-Pastos Grandes
Project this year.
HIGHLIGHTS
- Pozuelos NI 43-101 technical report filed with Measured
and Indicated Mineral Resource of 1,296,000 tonnes LCE and Inferred
497,000 tonnes LCE1
- Rio Grande Maiden Resource delivered with Inferred
Mineral Resource of 2,190,000 tonnes LCE2
- Lithium brine bearing formations indicated to 500m+
depth on Rio Grande
- High grade lithium footprint established on Pastos
Grandes
- High grade surface sample results on Salinas Grandes
reported
2018 PROJECT DEVELOPMENT
PLAN
- Deliver PEA on Pozuelos-Pastos Grandes
Project
- Deliver NI 43-101 Mineral Resource on Pastos
Grandes
- Deliver upgraded NI 43-101 Mineral Resource on
Pozuelos
- Deliver NI 43-101 Mineral Resource on Salinas
Grandes
- Deliver upgraded and expanded NI 43-101 Mineral
Resource on Rio Grande
LSC’s President and CEO, Ian Stalker, noted,
“The Company’s decision to accelerate its key projects through
initial mineral resource generation has resulted in the delivery of
key mineral resource estimates at Pozuelos and Rio Grande. The
Pozuelos-Pastos Grandes Project will continue to be fast tracked to
production with a PEA being produced by year end and thereafter
planned to be in production by 2021. We are extremely pleased with
the progress to date and look forward to the imminent commencement
of engineering studies on Pozuelos-Pastos Grandes Project and
delivery of the PEA this year.”
PROJECT DEVELOPMENT UPDATE
POZUELOS-PASTOS GRANDES PROJECT
The Company has decided to study the potential
for combining its Pozuelos and Pastos Grandes projects. Being only
17km apart, both projects may potentially benefit from common
infrastructure and plant facilities thereby reducing the capital
and operating costs. As a result, a combined PEA for the
Pozuelos-Pastos Grandes Project will be completed by year end. As
this would result in blending of brines from both salars, it
potentially represents an opportunity to optimise the overall
average grade of the combined operation. By combining production
from both projects, LSC anticipates that higher production levels
may be possible on a sustainable basis. LSC has assembled the team
to drive the PEA and test-work during 2018 and 2019 and is in the
preliminary phase of requesting expressions of interest from
engineering firms.
The Company also recently announced its maiden
Mineral Resource on the Pozuelos section of the project. This NI
43-101 Mineral Resource estimate included 1,296,000 tonnes of
lithium carbonate (Li2CO3) equivalent (LCE) in the Measured and
Indicated Mineral Resource category at an average grade of 387mg/l
Li and 497,000 tonnes LCE in the Inferred Mineral Resource category
at an average grade of 340mg/l Li.3 The phreatic level of the brine
is within 1m of the existing halite surface and there may be
additional potential below the current limit of drilling as
indicated by the recently acquired seismic data, for those holes
which did not reach the basement.
The planned exploration program for 2018 on the
Pozuelos-Pastos Grandes Project includes the following:
Pozuelos Section
- Additional core drilling to expand and upgrade the current
Mineral Resource and to test deeper intervals of the deposit below
current drill holes. The northern third of the salar has not been
drilled as of yet and surface sampling indicates increased grades
in that area.
- Step out drilling will be conducted to expand the high-grade
zone around the salar nucleus which returned high grades during
pump test work consistently between 480mg/l Li to 627mg/l Li.4
- Pump test work is also designed to test consistency of lithium
grades and other parameters while under production equivalent
pumping conditions and to be included in the dynamic
hydrogeological model to allow for conversion of resources to
reserves.
- Pumping tests have re-started with pumping wells completed in
the south-west on previously drilled hole SP-2017-10 which returned
an average grade of 458mg/l Li which is aimed at testing deeper
brine bodies in clastic formations. Similarly, pump test work is
planned at the previously drilled site SP-2017-02 which returned an
average grade of 446mg/l Li.5
Pastos Grandes Section6
As recently reported, a large mineralized
footprint has been established on the Pastos Grandes section of the
project. Drill hole SPG-2017-5B delivered results which included an
average of 569 mg/l Li over 430m and a range of between 543mg/l Li
and 637mg/l Li. Drill hole SPG-2017-2B returned a peak value of
511mg/l Li with 3 main mineralized zones including 91m at 377mg/l
Li from 57m, 38m at 459mg/l Li from 354m, 14m at 466mg/l Li from
466m with mineralization being present to 512m and is open at
depth. Drill hole SPG-2017-4A returned a peak value of 528mg/l Li
with 3 principal mineralized zones including 62m at 500mg/l Li from
342m, 110m at 388mg/l Li from 192m and 83m at 326mg/l Li from
9m.
The 2018 Pastos Grandes section development work
includes additional drilling, a seismic survey and pump test
work. The issuance of a NI 43-101 Mineral Resource in Q3-2018
is planned.
RIO GRANDE PROJECT
On February 15, 2018, the Company announced its
maiden Mineral Resource on its Rio Grande Project which included a
NI 43-101 Mineral Resource of 2,190,000 tonnes LCE in the Inferred
Mineral Resource category with the top 50m of the deposit amounting
to 1,375,435 tonnes grading at 338mg/l Li and the lower 50m to 100m
amounting to 814,582 tonnes grading at 410mg/l Li.7 Available
brine assay data shows a trend to increased lithium grades between
50m to 100m below surface and this trend indicates potentially
improved grades at depth.
The Company also recently completed a CS-AMT
subsurface conductivity survey which indicates that there could be
significant depth to the lithium bearing formations on the project
with two deep depocenters being present in excess of 500m, one of
which is open ended at depth and to the north and the second
centrally located on the salar. The salar was historically a
sulphate producing operation which successfully extracted sulphate
from the brines on the property.
The 2018 drill program will investigate both the
deep targets and is designed to deliver an upgraded NI 43-101
Mineral Resource.
SALINAS GRANDES PROJECT
As previously reported by the Company on January
15, 2018, the Company completed a surface sampling verification
program designed to validate assay data used in the Orocobre Ltd.
Mineral Resource8 estimate on the Salta portion of Salinas Grandes,
which will allow for a revised Mineral Resource to be issued by the
Company. High grades were confirmed peaking at 2,736mg/l Li with
80% of assays >500mg/l Li and 44% >1000mg/l Li. This confirms
the Company’s belief that the Salinas Grandes salar represents a
high grade and potentially large lithium in brine opportunity.
Historical geophysical information including a
gravity and AMT survey indicates that the Salinas Grandes salar
basin could host a deep target which could be in excess of 400m
deep.9 Exploration work for the 2018 year includes seismic and
CS-AMT surveys to establish the depth of the Salinas Grandes basin
and confirm the historical information referred to.
A recently completed surface sampling survey
conducted on the Company’s joint venture property on the San
Jose/Navidad tenement located in the Jujuy section of the Salinas
Grandes project returned a peak grade of 1,353mg/l Li with 60% of
the assays >500mg/l Li and 8% > 1000mg/l Li. These results
indicate a continuation of high grade that extends to the east of
the current established mineralised footprint on the
project.
The Company has recently consolidated and
expanded its land holding over the majority of the salar surface
and also controls the majority of the surrounding alluvial fan
areas adjacent to the salar. With the completion of the previously
announced acquisition of the Bolera tenements and Mina Teresa
tenements, LSC acquired an additional 3,178ha in Salinas Grandes
and now controls approximately 95% of the salar surface on the
Salta side and approximately 44% of the salar surface of the Jujuy
side.
JAMA
An 80km seismic survey was recently completed
with results pending and expected shortly.
Qualified Person/Data
Verification
The scientific and technical information
included in this press release is based upon information prepared
and approved by Donald H. Hains, P.Geo. Mr. Hains is a
qualified person, as defined in NI 43-101 and is independent of
LSC. Mr. Hains has verified all sampling, analytical and test data
underlying the information contained in this press release by
on-site inspection during drilling, brine sampling, and selection
of RBRC samples; review of drill core photographs to verify
lithology; review of certified assay certificates against the assay
data base; review of pump test data; and review of RBRC results
received from DBSA. There are no drilling, sampling, recovery or
other factors that could materially affect the accuracy and
reliability of the data.
ABOUT LSC LITHIUM
CORPORATION:
LSC Lithium has amassed a large portfolio of
prospective lithium rich salars and is focused on developing its
tenements located in five salars: Pozuelos, Pastos Grandes, Rio
Grande, Salinas Grandes, and Jama. All LSC tenements are located in
the “Lithium Triangle,” an area at the intersection of Argentina,
Bolivia, and Chile where the world’s most abundant lithium brine
deposits are found. LSC Lithium has a land package portfolio
totaling approximately 300,000 hectares, which represents extensive
lithium prospective salar holdings in Argentina.
For further information please
contact:
LSC Lithium Corporation Ian StalkerPresident
& Chief Executive Officer151 Yonge Street, 11th floorToronto
ON, Canada M5C 2W7(416) 304 9384Email: info@lsclithium.comWeb:
lsclithium.com
Forward-Looking Statements
Certain statements contained in this news
release constitute forward-looking information. These statements
relate to future events or future performance, including statements
as to the ability of LSC to confirm prior historical exploration
work conducted on Salinas Grandes, ability and anticipated timing
to complete an upgraded NI 43-101 report on the Salar de Pozuelos
and Salar de Rio Grande, ability and anticipated timing to complete
a NI 43-101 report on the Salar de Pastos Grande and Salar de
Salinas Grandes, anticipated timing to complete a PEA on the
Pozuelos-Pastos Grandes Project, timing for commencing engineering
studies, timing of planned production, potential reduction of
costs, optimization of grades and higher production levels as a
result of combining the Pozuelos and Pastos Grandes projects,
ability, timing and successful completion of the drill and
exploration program at all the Company’s properties, LSC’s overall
contained lithium inventory, ability to produce more results on the
Company’s property, the existence of extensive and open ended
mineralization and improved grades at depth at Rio Grande,
existence of large grade lithium opportunity at Salinas Grandes,
ability and timing to complete seismic survey on Jama and
commencement of CSAMT. The use of any of the words “could”,
“anticipate”, “intend”, “expect”, “believe”, “will”, “projected”,
“estimated” and similar expressions and statements relating to
matters that are not historical facts are intended to identify
forward-looking information and are based on LSC's current belief
or assumptions as to the outcome and timing of such future events.
Whether actual results and developments will conform with LSC's
expectations is subject to a number of risks and uncertainties
including factors underlying management's assumptions, such as
risks related to: title, permitting and regulatory risks;
exploration and the establishment of any resources or reserves on
the LSC properties; volatility in lithium prices and the market for
lithium; exchange rate fluctuations; volatility in LSC’s share
price; the requirement for significant additional funds for
development that may not be available; changes in national and
local government legislation, including permitting and licensing
regimes and taxation policies and the enforcement thereof;
regulatory, political or economic developments in Argentina or
elsewhere; litigation; title, permit or license disputes related to
interests on any of the properties in which the Company holds an
interest; excessive cost escalation as well as development,
permitting, infrastructure, operating or technical difficulties on
any of the Company's properties; risks and hazards associated with
the business of development and mining on any of the Company's
properties. Actual future results may differ materially. The
forward-looking information contained in this release is made as of
the date hereof and LSC is not obligated to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained herein.
For more information, see the Company's filing statement on SEDAR
at www.sedar.com.
Neither the TSX Venture Exchange Inc. nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
The TSX Venture Exchange Inc. has neither
approved nor disapproved the contents of this press release.
__________________________________________________
1 See LSC’s press release dated March 5, 2018
and Technical Report titled “Mineral Resource Estimate &
Technical Report on the Salar de Pozuelos Project, Salta
Province, Argentina” with an effective date of February 28, 2018
(“Pozuelos Report”) filed on the Company’s SEDAR
profile.
2 See LSC’s press release dated February 15, 2018.
3 See the Pozuelos Report.
4 See the Pozuelos Report.
5 See LSC’s Press Release dated November 13, 2017.
6 See LSC’s Press Releases dated November 14, 2017, December 11,
2017 and February 21, 2018.
7 See LSC’s Press Releases dated February 15, 2018.
8 Orocobre Ltd completed a NI 43 - 101 technical
report with an Inferred Mineral Resource estimate on its Salinas
Grandes tenements in 2013. See Technical Report on the Salinas
Grandes Lithium Project – April 16, 2012, amended August 12, 2013,
prepared for Orocobre Ltd. and filed under Orocobre’s SEDAR
profile.
9 See the Technical Report titled, “Technical Report on the
Salinas Grandes and Guayatayoc Project, Jujuy-Salta Provinces,
Argentina” dated April 30, 2010”prepared for Orocobre and filed on
Orocobre’s SEDAR Profile.
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