Lithium Chile Increases Resource BY 81% - Bringing Total Indicated Resource to 1,337,000 and Inferred Resource to 1,250,000 Metric Tonnes of Lithium Carbonate Equivalent. Lithium Chile Also Awarded “Lithium Company of the Year” at 2022
LITHIUM CHILE INCREASES RESOURCE BY 81% - BRINGING TOTAL INDICATED
RESOURCE TO 1,337,000 AND INFERRED RESOURCE TO 1,250,000 METRIC
TONNES OF LITHIUM CARBONATE EQUIVALENT.
LITHIUM CHILE ALSO AWARDED “LITHIUM COMPANY OF THE YEAR” AT 2022
MINES AND MONEY LONDON CONFERENCE.
TSX Venture Exchange: LITH For Immediate Release
OTC-QB: LTMCF
CALGARY, ALBERTA, December 5, 2022 – Lithium Chile Inc. (“Lithium Chile”) is pleased to announce the
results of an updated resource report at the Salar de Arizaro. The update resulted in a significant
increase to Lithium Chile’s lithium carbonate equivalent resource. The increase is a result of the success
of its second production well. That second well, drilled 3.6 kilometers away from the initial production
test well, encountered significantly increased thickness in the brine reservoir between 343 meters and
598 meters of depth.
HIGHLIGHTS:
Total Indicated and Inferred resource from second well of 1,167,000 metric tonnes of lithium
carbonate equivalent.
Total Indicated resource from the first two wells is 1,337,000 metric tonnes and Inferred
resource is 1,250,000 metric tonnes for a total of 2,587,000 metric tonnes of lithium carbonate
equivalent an 81% increase over the first well.
The third production test well is expected to start drilling within a week.
The updated resource estimate was prepared by Montgomery and Associates, an independent
engineering firm that has supervised the drilling program such that all parameters necessary to meet the
requirements of NI 43-101 are fulfilled.
CONTINUED DRILLING
Lithium Chile is proceeding with a production test well program that involves a total of 4 production test
wells. Drilling of the third production test well slated to begin within the next week. It is noteworthy
that Lithium Chile has designed the drilling program to include four production test wells in total. While
each individual test well has a radius of investigation for resource estimate calculations, it is intended
that upon completion of the fourth production test well, if successful, the area between the wells will
thereafter be included in resource estimate calculations - all in accordance with the requirements of NI
43-101.
Steve Cochrane, President, and CEO commented, “This is a significant resource increase as a result of
just one additional well - almost doubling the size of the initial resource. This success gives us great
confidence in the areal extend of the Salar de Arizaro – one of the largest in Argentina. What is
important to note is that should our next two test wells be successful in establishing a continuation of
the brine reservoir, the resources attributable to Lithium Chile may be even more significantly increased
as a result of filling in the area between the test wells. We look forward to reporting the results of the
third production well in the near future - and those of the fourth test well thereafter”.
Figure 1 – Area of Resource Estimates, Salar de Arizaro, Argentina
RESOURCE
CATEGORY
BRINE VOLUME
(m3)
AVG. Li
(mg/l)
IN SITU Li
(tonnes)
Li2CO3
EQUIVALENT
(tonnes)
INDICATED 8.83E+08 284 251,000 1,337,000
INFERRED 7.59E+08 310 235,000 1,250,000
Figure 2 – Summary of Indicated and Inferred Resource, Salar de Arizaro, Argentina
WATER WELL:
Lithium Chile is also pleased to announce the completion of a successful fresh water well on the
southern flank of the Salar de Arizaro. In June 2022, Lithium Chile identified a potential freshwater
aquifer and drilled the target during July and August. A 100-meter-thick freshwater aquifer was
encountered and during September, the well was completed, and equipment was installed to determine
the productivity of the well. Based on data collected over September and October, a water usage
application was submitted to the Salta Environmental Ministry for a permit allowing Lithium Chile to use
up to 75 cubic meters of fresh water per hour. This production rate is more then sufficient to support
Lithium Chile’s plans for a 15,000 tonne a year production facility - using either DLE or evaporation
production methods.
AWARD:
Lithium Chile is honoured to announce it was awarded “Lithium Company of the Year” at the 2022,
Mines and Money, International Event in London.
Michelle DeCecco, Vice President & CCO comments, “This award belongs to the entire Lithium Chile
team. 2022 has been a transformational year for the Company; that has been a result of the dedication
and talents shown by our incredible group across the globe. Being recognized as “Lithium Company of
the Year” is foretelling to the exciting plans, and goals we have for 2023”.
QUALIFIED PERSON, QA/QC STATEMENTS:
Michael Rosko, MS, PG, of Montgomery and Associates (M&A) of Santiago, Chile, is a registered
geologist (CPG) in Arizona, California and Texas, a registered member of the Society for Mining,
Metallurgy and Exploration (SME No. 4064687), and a qualified person as defined by National
Instrument 43-101. Mr. Rosko has extensive experience in salar environments and has been a qualified
person on many lithium brine projects. Mr. Rosko and M&A are completely independent of Lithium
Chile. Mr. Rosko has reviewed and approved the scientific and technical content of this news release.
ABOUT LITHIUM CHILE:
Lithium Chile is advancing a lithium property portfolio consisting of 84,478 hectares covering sections of
11 salars and 2 laguna complexes in Chile and 23,300 hectares in Argentina.
The Company has a NI 43-101 report with an indicated and inferred resource of 2,587,000 tonnes of
lithium carbonate equivalent (LCE) from its Salar de Arizaro, Argentina. The Phase 2 development
program on the Salar de Arizaro is currently underway with its results to be included in an updated NI
43-101 report which is expected to be completed during the first quarter of 2023.
Lithium Chile also owns 5 properties, totaling 21,329 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] or Michelle DeCecco, Vice President and COO, via email [email protected]
or at 403-390-9095.
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.
NOT FOR RELEASE IN THE UNITED STATES OF AMERICA
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. 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 and the COVID-19 pandemic. You are cautioned that the foregoing list of material factors and
assumptions is not exhaustive. Although the Lithium Chile believes that the assumptions and factors on which such
forward-looking statements are based upon are reasonable, undue reliance should not be placed on the forward-
looking statements because the Lithium Chile 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 Lithium Chile will derive there from. Lithium Chile 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.