Li3 Lithium Increases Interest in Mutare Lithium Project to 50%
Li3 Lithium Increases Interest in Mutare Lithium Project to 50%
Toronto, Canada, May 18, 2023 – Li3 Lithium Corp. (TSXV LILI) (“Li3 Lithium” or the “Company”)
is pleased to announce that it has increased its interest in th e Mutare Lithium Project (the “ Mutare
Project”), located in Zimbabwe, to 50% from 25%. The Company recently acquired the remaining 50% of
Li3 Resources Inc. (“ Li3 Resources”) that it did not own for US $200,000, thereby increasing its i nterest
in Li3 Resources to 100%. Li3 Resources in turn owns a 50% int erest in the Mutare Project with Premier
Africa Minerals owning the remaining 50%.
In conjunction with this increase in project ownership to 50%, the Company has assumed operatorship of
the Mutare Project and taken over management of the exploration program. The exploration program
includes geological mapping, soil geochemical survey, rock chip sampling and a trenching program to assist
in identifying priority targets for a 5,000-metre exploration d rilling program, scheduled to start in the
upcoming weeks.
François Auclair, CEO of Li3 Lithium, has visited the Mutare Pr oject twice since February and believes
that the Mutare Project has excellent potential for large-scale lithium mineralization.
According to Mr. Auclair: “ There are numerous spodumene rich pegmatites visible at surface and the
project is adjacent to the large-scale Sabi Star Lithium Mine which recen tly commenced production. Li3
Lithium is confident about the presence of lithium but what remains to be determined are its tonnage, grade
and mineralogy. For this reason, we have mobili zed a full exploration team. An aggressive exploration
program on the Mutare Project is now underway w ith initial results expected in the coming weeks and
months.”
Lastly, the Company also announ ces that it has granted an aggre gate of 100,000 options to purchase
common shares of the Company exercisable at a price of $0.18 per common share for a period of three (3)
years to a consultant of the Company. The common shares issuable upon exercise of the options are subject
to a four month hold period from the original date of grant.
Mutare Lithium Project, Zimbabwe
The Mutare Project consists of 1,500 hectares of licences retai ned within the Mutare Greenstone Belt and
is located approximately 30 kilometres from the Sabi Star Lithi um Tantalum Mine in eastern Zimbabwe’s
lithium district. The area was de emed prospective for lithium-c esium-tantalum pegmatites based on prior
target generation work. Management believes the lithium explor ation 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. In November 2021, Chengxin Lithium Group acquired a 51 percent 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 sp odumene lithium assets in Zimbabwe
where the founders have significant experience and relationship s. As evidenced by recent market growth,
hard rock lithium deposits are fo recast to continue to dominate the global supply of lithium given the
scarcity, complexity and capital-intensive nature of alternative brine sources.
Contact Information:
Li3 Lithium Corp
Francois Auclair, CEO
Tel: 514-889-5089
Email: [email protected]
www.lithium3.com
CAUTIONARY STATEMENT:
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV)
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.