Li3 Lithium Completes Earn-in on Zimbabwe Lithium Project
Li3 Lithium Completes Earn-in on Zimbabwe Lithium Project
Toronto, Canada, December 21, 2022 – L i 3 L i t h i u m C o r p . ( T S X V LILI) (“ Li3 Lithium ” or the
“Company”) is pleased to announce that Li3 Resources Inc. (“ Li3 Resources ”), 50% owned by Li3
Lithium, has earned a 50% interest in the Mutare Lithium Proj ect (the “ Mutare Lithium Project ”),
located in Zimbabwe, by funding US$250,000 of initial exploration work on the property (the “Spend”).
Li3 Resources had until December 31, 2022, to complete the Spen d to exercise its option to acquire the
50% interest in the Mutare Lithium Project. The exploration program completed under the Spend included
surface rock-soil sampling and a geochemical survey to assist in identifying priority areas for a 5,000-metre
exploration drilling program. Exploration drilling on the Mutare Lithium Project is scheduled to commence
in the 1 st quarter of 2023, toward completing an initial mineral resource estimate as defined in National
Instrument 43-101 Respecting Standards of Disclosure for Mineral Projects (NI 43-101).
Mutare Lithium Project, Zimbabwe
The Mutare Lithium Project consists of 1,500 hectares of licenc es retained within the Mutare Greenstone
Belt. The area was deemed pro spective for lithium-cesium-tanta lum pegmatites based on prior target
generation work. Management believes the lithium exploration potential of the Mutare Greenstone Belt is
analogous to that of the Pilbara Craton pegmatites in Western Australia.
Zimbabwe, which is estimated to hold Africa’s largest lithium r esources and the fifth largest globally, is
rapidly emerging as an important player within the lithium supply chain. Over the past year, major Chinese
battery metals companies have committed approximately US$1.4 bi llion to acquire and develop lithium
projects in Zimbabwe. The Mutare Lithium Project is located ap proximately 30 kilometres from the Sabi
Star Lithium Tantalum Mine in eastern Zimbabwe’s lithium district. In November 2021, Chengxin Lithium
Group acquired a 51% ownership interest in the Sabi Star Lithium Tantalum Mine for US$76.5 million.
About Li3 Lithium Corp.
Li3 Lithium is focused on acquiring and developing hard rock spodumene lithium assets in Zimbabwe and
Argentina, where the founders h ave significant experience and r elationships. As evidenced by recent
market growth, hard rock lithium deposits are forecast to continue to dominate the global supply of lithium
given the scarcity, complexity and capex-intensive nature of al ternative brine sources. At present,
spodumene concentrate is at a record high price of US$5,500/tonne and forecast to go higher.
Li3 Lithium has a 50% interest in Li3 Resources Inc., a private company with a 50% interest in the Mutare
Lithium Project, which consists of 1,500 hectares of licenses w ithin the Mutare Greenstone Belt of
Zimbabwe.
Contact Information:
Li3 Lithium Corp
Stephen Dunn, CEO
Tel: 416-361-2827
Email: [email protected]
www.lithium3.com
CAUTIONARY STATEMENT:
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accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain “forward-looking information ” within the meaning of applicable
securities laws. Forward looking information is frequently characterized by words such as “plan”, “expect”,
“project”, “intend”, “believe”, “anticipate”, “estimate”, “may” , “will”, “would”, “potential”, “proposed”
and other similar words, or stat ements that certain events or c onditions “may” or “will” occur. These
statements are only predictions . Forward-looking information is based on the opinions and estimates of
management at the date the inf ormation is provided, and is subj ect to a variety of risks and uncertainties
and other factors that could cause actual events or results to differ materially from those projected in the
forward- looking information. For a description of the risks an d uncertainties facing the Company and its
business and affairs, readers should refer to the Company’s Man agement’s Discussion and Analysis. The
Company undertakes no obligation to update forward-looking info rmation if circumstances or
management’s estimates or opinions should change, unless required by law. The reader is cautioned not to
place undue reliance on forward-looking information.