Lithium Chiles Provides Operational Update ON the Phase TWO Drilling Program ON Its Salar de Arizaro Project Located IN Salta Province, Argentina
LITHIUM CHILES PROVIDES OPERATIONAL UPDATE ON THE PHASE TWO
DRILLING PROGRAM ON ITS SALAR de ARIZARO PROJECT LOCATED IN SALTA
PROVINCE, ARGENTINA
TSX Venture Exchange: LITH For Immediate Release
OTC-BB: LTMCF
CALGARY, ALBERTA, July 6, 2022 – Lithium Chile Inc. (“ Lithium Chile ” or the “ Company”) is
pleased to announce that the Phase 2 drilling program, designed to expand the Company’s
previously announced 1,420,000 metric tonnes (see February 8, 2022 News Release) of lithium
carbonate resource has commenced.
The first of 2 diamond drill rigs contracted was mobilized to the Salar de Arizaro on the 28th of
June such that drilling of the first of 4 exploration holes is now underway. Currently drilling
though the halite cap, it is anticipated that the target zone identified in Lithium Chile’s recently
completed pump test well will be entered within 10 days. While these holes are not designed to
be production holes, they will provide the company with valuable data such as porosity, grades,
and structural characteristics of the formation. It is anticipated that each of these exploration
holes will take 45 days to complete. Samples will be taken throughout the drilling program with
results being announced as they are received. One goal of these exploration holes is to increase
the Company’s knowledge of the deposit. However, by successfully expanding the known arial
extent of lithium bearing brines in the Salar de Arizaro, the Company expects that a material
upward revision to its resource estimate would follow.
The rotary rig contracted to drill the first fresh water well on the Salar de Arizaro was mobilized
on June 22, 2022, such that drilling on the Company’s southernmost claims is also underway. It
is anticipated that the water well will take 3 weeks to drill to a total depth of 120 meters. Fresh
water is critical for the production of lithium carbonate whether using traditional evaporation
methods or new direct lithium extraction (DLE) technologies. After completion of the water well,
the larger rotary rig will move on to the Company’s larger central claim block and begin drilling
the first of 3 planned production wells. These 3 production capable wells are also designed to
expand the Company’s initial resource estimate and provide the added benefit of accelerating
the production potential of the Salar de Arizaro deposit.
Concurrent with the start of our drilling program, a mobile camp was built to accommodate the
workers on-site. The on-site camp will house our employees which allows for non-stop
operations and will significantly reduce the Company’s travel costs.
Steve Cochrane, President & CEO comments, “We are extremely excited to have the second
phase of our Arizaro project underway. This program is designed to greatly enhance our initial
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resource numbers and expand the commercial potential of our Arizaro project. On top of this,
our team’s ability to not only acquire the personnel and equipment in these challenging times in
Argentina, but to deploy them in such a timely manner gives me great confidence in our ability
to execute our Phase 2 plan.”
On-site camp at the Salar de Arizaro
Rotary Rig setup on the Salar de Arizaro
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Rotary Rig setup on the Salar de Arizaro
About Lithium Chile
Lithium Chile is advancing a lithium property portfolio consisting of 79,700 hectares covering
sections of 11 salars and 2 laguna complexes in Chile and 23,300 hectares in Argentina.
Lithium Chile also owns 5 properties, totaling 22,429 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 403-390-9095.
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VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
NOT FOR RELEASE IN THE UNITED STATES
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 risk that the
new lithium or cesium exploration tender processes does not yield the anticipated benefits to the Company; 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 Company 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 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. 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.