CALGARY, April 30, 2019 /CNW/ - Lithium Chile Inc. ("Lithium Chile" or the "Company") is pleased to announce positive results from an extended TEM geophysical survey on its Salar de Turi property. New data indicates that the highly conductive anomaly identified in earlier surveys is: wider and thicker, continues to the northeast along the salar basin axis and extends beyond the Company's earlier property boundary. As a direct result, the Company has staked an additional 22 claims totaling 5,400 hectares to cover the anomaly extension, which now covers at least 63 Km2.
- Extended TEM survey has encountered a large addition to a highly-conductive anomaly on the Turi project
- Additional 5,400 hectares has been staked to cover the newly identified anomaly extension
- Community approval is already in place for a 3 hole drill program
Analysis of previous water well drilling in the local area indicates that one of these wells appears to have penetrated the top 20 metres of the main TEM anomaly and encountered saline brines in a coarse sand and gravel aquifer.
Lithium Chile has an access agreement in place with the Indigenous Community of Turi for an exploration program that includes three exploration drill holes. The Company has determined favorable locations for its upcoming drill program and is working collaboratively with community representatives to ensure access and environmental considerations are met. At 13,000 hectares, Salar de Turi is now the third largest property in Lithium Chile's Andean and Pre-Andean Salar belt portfolio.
Terry Walker, Vice President of Exploration for Lithium Chile, commented, "The expansion in both size and quality of the main TEM anomaly boosts our confidence in the quality and potential asset value of the Turi property. It also supports Management's belief that our Turi property has potential to host large lithium brine resources."
Steven Cochrane, President and CEO for Lithium Chile, said, "We are extremely pleased with the results from our geophysical program on Salar de Turi as we now have a very large and highly-prospective target to drill. This also means that, along with the recently-announced Coipasa project activity, the Company can now proceed with two active field exploration programs."
About Lithium Chile
Lithium Chile is advancing a lithium property portfolio consisting of 164,250 hectares covering sections of 14 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
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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. In particular, this news release contains forward-looking statements relating to, among other things, management of the Company's views regarding the current and subsequent drilling programs.
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.