Lithium Chile Announces Drilling Plans for a 5th Hole to 500 Meters on Ollague Property TSX Venture Exchange: "LITH"
Lithium Chile Announces Drilling Plans for a
5th Hole to 500 Meters on Ollague Property
TSX Venture Exchange: "LITH"
CALGARY
,
Sept. 5, 2018
/CNW/ - Lithium Chile Inc. ("
Lithium
Chile
" or the "
Company
") is pleased
to provide an update on their current drilling program. Based on strong indicators from their first four
exploration holes on their Ollague prospect, Lithium Chile has been approved for a fifth hole that will
extend the drilling depth from 250 meters to 500 meters.
Four exploration holes were originally planned and have now been successfully completed at
Ollague. Results from the first hole were disclosed in a News Release dated
August 23, 2018
and
results from the remaining three holes are pending. Lithium
Chile
encountered grades in the brine in
the first hole ranging up to 480 mg/l lithium with grades steadily increasing from 120 meters to its
final depth of 300 meters. The first and second holes were drilled on the edge of the Ollague salar
while holes three and four moved into the center of the basin.
Holes 3 and 4 were completed to a depth of 250 meters and were still in a porous brine formation
when drilling was suspended as per the surface rights contract negotiated with the community of
Ollague. Data collected at the drill sites indicated high salinity brines beginning at approximately 150
meters and open at depth at the time drilling was suspended.
Based on these indicators, Lithium Chile has made the decision to pursue a 5
th
hole in the center of
the basin and north of holes three and four. Surface access has been successfully negotiated
resulting in road and pad construction being completed over the past weekend with drilling planned
to commence on
Tuesday September 4th
. The top 50 meters of this fifth hole will be cased with
surface casing to prevent up hole caving and to reduce the amount of contamination of the deeper
brine targets from near surface fresh water zones. The target depth on the fifth hole is 500 meters
which will allow Lithium Chile to test the deeper levels of the salar.
Steve Cochrane President
and CEO of Lithium Chile commented "Drilling a fifth hole at Ollague not
only reflects the encouraging data we have collected on our first four holes but also reflects our
belief that Ollague has the potential to be an exciting new lithium discovery".
Ollague 5th Drilling Location (CNW Group/Lithium Chile Inc.)
This news release has been reviewed by
Terence Walker
, P. Geo., Vice President of Exploration
and a qualified person as that term is defined in National Instrument 43-101.
About Lithium Chile
Lithium
Chile
is advancing a lithium property portfolio consisting of 155,800 hectares covering
sections of 14 salars and 1 laguna complex in
Chile
.
Lithium
Chile's
common shares are listed on the TSX-V under the symbol "
LITH
" and on the OTC-
QB under the symbol "
LTMCF
".
On Behalf of the Board of Directors,
LITHIUM
CHILE
INC.
Steven Cochrane
President & CEO
NEITHER THE TSX VENTURE EXCHANGE 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.
Forward Looking Statements
This news release may contain certain forward-looking information and forward-looking statements
within the meaning of applicable securities legislation (collectively "
forward-looking statements
").
Generally, forward-looking information can be identified by the use of forward-looking terminology
such as "expects", "believes", "aims to", "plans to" or "intends to" or variations of such words and
phrases or statements that certain actions, events or results "will" occur. In particular, this news
release contains forward-looking statements relating to, among other things, management of the
Company's views regarding the current and subsequent drilling programs.
You are cautioned that the following list of material factors and assumptions is not exhaustive.
Specific material factors and assumptions include, but are not limited to: the general stability of the
economic and political environment in which the Company operates; the timely receipt of required
regulatory approvals; the ability of the Company to obtain future financing on acceptable terms;
currency, exchange and interest rates; operating costs; the success the Company will have in
exploring its prospects and the results from such prospects. Accordingly, readers should not place
undue reliance on forward-looking statements. The Company does not undertake to update any
forward-looking statements herein, except as required by applicable securities laws. All forward-
looking statements contained in this press release are expressly qualified by this cautionary
statement.
SOURCE
Lithium Chile Inc.
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For further information:
To find out more about Lithium Chile Inc., please contact Steven
Cochrane, President and CEO via e mail: [email protected]
or alternately, Jeremy Ross, VP
Business Development, at (604) 537-7556 or via email: [email protected].
CO: Lithium Chile Inc.
CNW 08:30e 05-SEP-18