- LSC to acquire 583 hectares in Salinas Grandes, Salta Province
- Following the acquisition, LSC will control over 90% of Salinas Grandes, Salta Province
- Exploration data verification program has commenced on Salinas Grandes
- Historic 239,200 tonne lithium carbonate equivalent Inferred Mineral Resource to be confirmed and potentially upgraded
- LSC updated NI 43-101 Mineral Resource on Salinas Grandes planned for Q1 2018
TORONTO, Nov. 20, 2017 /CNW/ - LSC Lithium Corporation ("LSC" or together with its subsidiaries, the "Company") (TSXV:LSC) is pleased to announce its wholly owned subsidiary has entered into a purchase agreement with Bolera Minera S.A. ("Bolera") to purchase tenements covering approximately 583 hectares in Salinas Grandes, Salta Province (the "Bolera Tenements"). The acquisition will increase LSC's land package with LSC owning over 90% of the Salta tenements in Salinas Grandes following the acquisition.
The Bolera Tenements are strategically located immediately adjacent to LSC's tenements Negrita I, Prode IV, Martana I and Romina I (see Map 1). LSC will acquire the Bolera Tenements and corresponding technical data for cash consideration totalling US$900,000 payable in three installments. Closing of the acquisition is expected to take place on or about February 6, 2018. Following closing, LSC will commence exploration on the Bolera Tenements to verify prior data from the previous operator. LSC understands that a previous operator completed geophysics and sampling on the properties.
Exploration Update
LSC is also pleased to announce that it has commenced exploration work on its other tenements in Salinas Grandes, Salta Province. The Company intends to resample 11 drill holes, two trenches and 53 surface sample points on the tenements previously held by Orocobre Ltd. in order to verify the historic data associated with the property and thereby adopt and potentially upgrade the current NI 43-101 Mineral Resource report 1 on these tenements. It is anticipated the work will be completed by the end of Q1 2018.
The Orocobre Report estimated an Inferred Mineral Resource over 11,620 ha within the Salar de Salinas Grandes based on a boundary cut-off grade of 1,000 mg/L lithium and an average specific yield of 4.1% to a depth of 13.3m. The estimated brine volume was 56.5 million m3 at an average lithium grade of 795 mg/L lithium. This is equivalent to a resource of 239,200 tonnes of lithium carbonate equivalent.1
Until such time as LSC has completed its verification work, LSC considers data related to the Orocobre Report and the data related to the Salinas Grandes tenements acquired by LSC to be historical data and/or historical resource estimates. LSC is not considering the historical resource estimate as a current resource estimate. No Qualified Person as defined by NI 43-101 has undertaken sufficient work to classify the historical resource estimate as a current resource estimate.
Qualified Person/Data Verification
The scientific and technical information included in this press release is based upon information prepared and approved by Donald H. Hains, P.Geo. Mr. Hains is a qualified person, as defined in NI 43-101 and is independent of LSC, Orocobre Ltd. and Bolera.
ABOUT LSC LITHIUM CORPORATION:
LSC Lithium has amassed a large portfolio of prospective lithium rich salars and is focused on developing its tenements located in five salars: Pozuelos, Pastos Grandes, Rio Grande, Salinas Grandes, and Jama. All LSC tenements are located in the "Lithium Triangle," an area at the intersection of Argentina, Bolivia, and Chile where the world's most abundant lithium brine deposits are found. LSC Lithium has a land package portfolio totaling approximately 300,000 hectares, which represents extensive lithium prospective salar holdings in Argentina.
1 See technical report titled "Technical Report on Salinas Grandes Lithium Project" dated April 16, 2012, amended August 12, 2013 prepared for Orocobre Ltd filed on Orocobre's SEDAR profile (the "Orocobre Report").
