Lithium Chile Provides Corporate Update and Announces Expansion to its Helados Prospect
TSX VENTURE: LITH
CALGARY, Nov. 20, 2018 /CNW/ - Lithium Chile Inc. ("Lithium Chile" or the "Company") is pleased to provide shareholders with an operational update.
SALAR DE COIPASA: While Lithium Chile has successfully negotiated terms for surface access to the salar de Coipasa with the community executive, the Company is currently waiting for final approval by the community council. Once that occurs, a reconnaissance drilling program will commence immediately. At 129 km2 (as shown on the map below) Coipasa is Lithium Chile's second largest lithium prospect upon which a very large and highly conductive target, covering 65% of the property, was identified during the geophysical survey completed in the first quarter of 2018.
SALAR DE HELADOS: Lithium Chile is pleased to announce that it has acquired an additional 2000 hectares on the Salar Laguna Blanca which is a NW extension to Lithium Chile's landholdings in the Helados basin. A recent reconnaissance sampling program conducted at surface and 1.3m depth returned lithium concentrations of 220 -780 mg/l with Mg:Li ratios of 5.7 – 6.0 which are on par with the Company's main property complex to the SE.
SALAR DE TURI: Lithium Chile is also pleased to announce that the executive committee of the local indigenous community at Salar de Turi has recently reached out to the Company to discuss possible exploration of their lands. At a recently held meeting, community executives expressed their willingness to support an extension of the TEM geophysical survey on Turi. Subject to the successful completion of that TEM program, community executives also expressed their willingness to support a follow up drilling program. This is significant for two reasons. First and most importantly, this is the first time a local community has initiated discussions with the Company regarding surface access for an exploration program on a prospect controlled by the local community. Management views this willingness to work with the Company as encouraging and reflects the professionalism the Company has exhibited in its community relations work to date. Secondly, Lithium Chile controls 100% of the 7600 hectare Salar de Turi. As with its other properties, Lithium Chile owns its interests outright with no additional option payments, no overriding royalties nor any other such encumbrances. With two hydrothermal springs located on the property having surface brine sample grades exceeding 580/l mg, the Company has made Turi one of its 6 priority properties.
Steve Cochrane President and CEO of Lithium Chile commented "We are very encouraged by the traction we are gaining with the local communities to further our exploration efforts. We are pleased and grateful for their ongoing support."
Mr. Terence Walker, M.Sc., P.Geo, qualified person within the meaning of National Instrument 43-101, has reviewed the contents of this news release.
About Lithium Chile
Lithium Chile is advancing a lithium property portfolio consisting of 159,700 hectares covering sections of 15 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.
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.
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.