LSC Lithium Corporation (“
LSC” or together with
its subsidiaries, the “
Company”) (TSXV:LSC) is
pleased to announce that it has commenced advanced exploration and
preliminary engineering study activities on its lead project, the
Pozuelos-Pastos Grandes Project.
HIGHLIGHTS
- Six pump test-well development program started on
Pozuelos
- Mobilized drill rig for final three resource
delineation holes on Pozuelos
- Additional seismic survey work on Pozuelos to start
shortly
- Drilling of two resource delineation drill holes
started on Pastos Grandes
- Pozuelos-Pastos Grandes Project Preliminary Economic
Assessment (“PEA”) engineering company selection
imminent
- New camp build started on Pozuelos
LSC’s President and CEO, Ian Stalker, noted,
“The fact that LSC has been in existence for approximately one year
and has already delivered a NI 43-101 Mineral Resource estimates
for its Rio Grande and Pozuelos projects and is now on track to
deliver a Preliminary Economic Assessment for the Pozuelos-Pastos
Grandes Project by year end, reflects both the high quality of the
projects and the commitment from LSC to get into production by
2021.”
After the summer rain period in Argentina, LSC
has re-commenced advanced exploration operations on its key
Pozuelos-Pastos Grandes (“PPG”) Project as
follows:
Pozuelos Section
The drilling and development of a further six
pump test wells on the Pozuelos section of the PPG Project has
started with the first well, WSP18-01, being collared on April 19,
2018. This program of test wells is to augment the site specific
pump test data acquired on the property to date. The pump test work
is also designed to further test the already established
consistency of lithium grades, well yields and other parameters.
This data will be used to develop the dynamic hydrogeological
model, which will support the conversion of mineral resources to
reserves during the Pre-Feasibility Study.
Furthermore, mobilization to site of a drill rig
and ancillary equipment to the Pozuelos section in order to drill
three Mineral Resource delineation drill holes at the northern end
of the salar is almost complete and drilling of these holes is
about to start. As part of this drill program, a 400m exploration
hole will be drilled down to the salar/basement contact to further
test the mineralization at depth below the limit of the current
assay data and recently announced NI 43-101 Mineral Resource
estimate, which 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 1. This hole will also further
test the high grade nucleus both as a step out hole and also at
depth.
A further 30km line of seismic survey is planned
for Pozuelos to better define the salar basal contact and confirm
the hard boundary for the upgraded Mineral Resource planned for
completion in Q3, 2018.
LSC will relocate its accommodation for field
staff and contractors to the Pozuelos site after being temporarily
located in the village of Pocitos 45 km away from the site for the
first phase of exploration work. The new camp is designed to house
40 people and can be scaled up when required for the operational
phase of the project.
Pastos Grandes Section
The 2018 Pastos Grandes Section development work
includes additional drilling in the form of two 500m deep drill
holes to complete the five hole program prior to producing a
Mineral Resource estimate. The first of these two holes was
collared on April 22, 2018 and is located in the eastern half of
the property.
A seismic survey and a three hole pump test work
program is planned for completion on the Pastos Grandes Section and
the delivery of a NI 43-101 Mineral Resource is planned for Q3,
2018.
As reported recently2, a large mineralized
footprint has been established on the Pastos Grandes section of the
PPG Project. 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.
Drill hole SPG-2017-5B delivered results which included an average
of 569mg/l Li over 430m and a range of between 543mg/l Li and
637mg/l Li.
Engineering work on the PPG Project has
commenced with process development and discussions with energy
suppliers. The Environmental Impact Statement baseline studies are
nearing completion and submission to the regulator is planned for
Q4, 2018.
LSC has started the process to select an
engineering company, which is expected to be completed at the end
of May. The PEA on the PPG Project is expected to be completed in
Q4, 2018, with the PEA for Rio Grande planned for delivery in Q1,
2019.
Qualified Person
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.
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 Officer40 University Avenue, Suite 605Toronto
ON, Canada M5J 1T1(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 timing and expected completion of delivering a PEA for
the PPG Project, results and use of data from the pump test work on
Pozuelos, ability, timing and successful completion of the drill
program and seismic survey at the PPG Project, timing and
likelihood of relocating accommodation to Pozuelos, timing of
completing engineering work on the PPG Project, LSC’s overall
contained lithium inventory, and ability to produce more results on
the Company’s properties. 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 Press
Release dated February 2, 2018.2 See LSC Press Release dated March
15, 2018.
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