Lithium Chile Commences Phase TWO of the Resource Expansion Program ON Their Salar de Arizaro Project.
LITHIUM CHILE COMMENCES PHASE TWO OF THE RESOURCE EXPANSION
PROGRAM ON THEIR SALAR DE ARIZARO PROJECT.
TSX Venture Exchange: LITH For Immediate Release
OTC-BB: LTMCF
CALGARY, ALBERTA, February 14, 2022 – Lithium Chile Inc. (“Lithium Chile” or the
“Company”) is pleased to announce it has commenced their phase 2 drilling program
consisting of three, 500-metre-deep step-out holes aimed at expanding the lithium resource
and increasing the grade on the Arizaro property. The program is announced after an initial
resource of 1,420,000 tonnes of lithium carbonate (“Li2CO3”) equivalent in the Indicated
and Inferred Resource categories was reported on their maiden well (see February 8, 2022
News Release). Well permitting and an environmental impact study are currently underway.
Drilling of the first well is anticipated by the end of March. The 3 well program is scheduled
to take 6 months.
As recommended by the company's QP, Montgomery & Associates, steel casing will be
installed down the wellbore and the upper halite will be cemented off to prevent dilution by
lithium-poor brine from the upper zones. On the Company’s initial well, samples during
various tests returned values up to 555 mg/ls.
Steve Cochrane, President and CEO of Lithium Chile, commented on the Salar de Arizaro
Project: “After such encouraging results on the NI 43-101 resource estimate of our maiden
well, the important next steps for our Company and its Shareholders are to expand the
lithium resource and prove the overall grade with the phase 2 drilling program on the Arizaro
property. As a result of our deep relationships with the Argentina community, we have
secured a drilling rig for the duration of the project, which we estimate to take around 6
months”
Phase 2 – Well Locations
The Company also reports on their successful Warrant Program. An additional 1,959,043
common shares have been issued in consideration of C$1,175,425 as the result of the
exercise of outstanding warrants. A total of 3,789,528 Warrants from the February 23, 2021,
financing remain outstanding at C$0.60 and are due to expire on February 23, 2023 (see
February 23, 2021 News Release).
About Lithium Chile
Lithium Chile is advancing a lithium property portfolio consisting of 69,200 hectares covering
sections of 10 salars and two laguna complexes in Chile and 23,300 hectares in Argentina.
Lithium Chile also owns 5 properties, totaling 20,429 hectares, that are prospective for gold, silver
and copper. Exploration efforts are continuing on Lithium Chile’s Carmona gold/silver/copper
property which lies in the heart of the Chilean mega porphyry gold/ silver/copper belt.
Lithium Chile’s common shares are listed on the TSX-V under the symbol “LITH” and on the OTC-
BB under the symbol “LTMCF”.
To find out more about Lithium Chile Inc., please contact Steven Cochrane, President and CEO via
email: [email protected], Jose de Castro Alem, Argentina Manager via email
[email protected] or Michelle DeCecco, Vice President of Corporate Development via
email [email protected] or at 587-393-1990.
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 statements can be identified by the use of forward-looking terminology
such as "expected", "anticipated", "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: the estimates in the Report, future drilling programs and the
results thereof. Such forward-looking statements are based on various assumptions and factors that may prove to be
incorrect, including, but not limited to, factors and assumptions with respect 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.
You are cautioned that the foregoing list of material factors and assumptions is not exhaustive. Although the
Company believes that the assumptions and factors on which such forward-looking statements are based are
reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no
assurance that they will prove to be correct or that any of the events anticipated by such forward-looking statements
will transpire or occur, or if any of them do so, what benefits the Company will derive there from. Actual results
could differ materially from those currently anticipated due to a number of factors and risks including, but not
limited to: fluctuations in market conditions, including securities markets; economic factors; the risk that the new
lithium exploration tender process does not yield the anticipated benefits to the Company, if at all; the risk that the
Offering will not be completed as anticipated or at all, including the risk that the Company will not receive the
approvals necessary in connection with the Offering; and the impact of general economic conditions and the COVID-
19 pandemic. 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 news release are expressly qualified by
this cautionary statement.