LSC Lithium Corporation (“
LSC” or together with
its subsidiaries, the “
Company”) (TSXV:LSC) is
pleased to announce that it has advanced exploration and
preliminary engineering study activities on its lead project, the
Pozuelos-Pastos Grandes Project (the “
PPG
Project”) and is continuing its strategic review
process with BMO Capital Markets.
HIGHLIGHTS
POZUELOS
- Five hole pump test program ongoing
- Access preparation underway for three Mineral Resource upgrade
holes
- Seismic survey nearing completion
- New camp build progressing
- Upgraded NI 43-101 Mineral Resource due Q4 2018
PASTOS GRANDES
- Resource drilling ongoing with first of two 500m holes near
completion
- Seismic survey completed with results pending
- Maiden NI 43-101 Mineral Resource due Q4 2018
STRATEGIC REVIEW UPDATE
- Retained BMO Capital Markets and a wholly owned subsidiary
of Haitong International Securities Group Limited as financial
advisors to review strategic alternatives
- Discussions ongoing with interested parties exploring a wide
variety of strategic alternatives with the objective of enhancing
shareholder value
LSC’s President and CEO Ian Stalker,
noted, “LSC’s strategy is to pursue the current development
program at its combined Pozuelos-Pastos Grandes project. This
project offers substantial synergies from brine chemistry
combinations as well as the potential size of resource. The project
development program is on track with the planned delivery of the
upgraded NI 43-101 Mineral Resource estimate on the Pozuelos
section and the maiden NI 43-101 Mineral Resource estimate on the
Pastos-Grandes section of the PPG Project later this year, as well
as delivery of the PEA on this project by year end. BMO Capital
Market’s strategic input is strongly welcomed and progress is being
made in a range of key alternatives.”
OPERATIONAL UPDATE
Pozuelos Section
The drilling and development of a further five
pump test wells on the Pozuelos section of the PPG Project started
with the first well, WPZ-18-01, being collared on April 19, 2018.
This program of test wells is designed 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 PPG Pre-Feasibility Study
(“PFS”), which is scheduled for completion in
mid-2019.
Furthermore, access preparation on the Pozuelos
section in order to drill three Mineral Resource delineation drill
holes at the northern end of the salar is ongoing. As part of this
drill program, a 400m exploration hole will also be drilled down to
the salar/basement contact to further test the mineralisation at
depth below the limit of the current assay data. The 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, and 497,000 tonnes of LCE in the Inferred
Mineral Resource category1 does not currently extend to the salar
basement. This hole will also further test the high grade nucleus
both as a step out hole and at depth.
A further 14 line km of seismic survey is
nearing completion at 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 accommodations 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 will house 40
people and can be scaled up when required for the operational phase
of the PPG Project.
Pastos Grandes Section
The 2018 development work on the Pastos Grandes
section 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. Steady progress has been made with this hole without
any major disruptions.
A 16km seismic survey has just been completed
with the data processing phase now ongoing. 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 Q4 2018.
As reported recently, a large mineralised foot
print 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 three main mineralised 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 three
principal mineralised 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.
Analysis of the brine samples shows
complementary chemistry between Pastos Grandes and Pozuelos,
opening up the opportunity to optimize brine extraction and
processing from the combined operation.
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.
As announced recently, LSC has completed its
engineering company selection process2 and selected GHD Limited as
the lead engineer for the PEA and subsequent studies. The PEA on
the PPG Project is expected to be completed in Q4 2018, followed by
a PFS in mid-2019. The studies will focus on leveraging the
promising results from the pump tests by pursuing selective
extraction of the resource and optimizing the feed grade in the
evaporation ponds.
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. 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; review of drill
core photographs to verify lithology; review of certified assay
certificates against the assay data base; review of pump test data.
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
material projects: Pozuelos and Pastos Grandes Project, Salar de
Rio Grande and Salar de Salinas Grandes. 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 Stalker, President
& Chief Executive Officer40 University Avenue, Suite
605Toronto, ON Canada M5J 1T1+416 306 8382Email:
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 and
PFS 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
outcome of the strategic review process, timing and likelihood of
relocating accommodations 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; timing and outcome of the
strategic review process; 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 June 12, 2018.
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