One World Lithium Announces Drilling Progress Report
VANCOUVER, BC / TheNewswire / May 23, 2019 - One World Lithium Inc. (OTCQB-OWRDF) (CSE-OWLI) ("OWL") (the "Company") has updated its 12 hole-4,250 meter (14,000 foot) drilling program on its Salar del Diablo Property located in the State of Baja California Norte, Mexico. The drill rig has been mobilized to the site and drilling of the first hole started today, May 23, 2019.
Photo of Drill Rig Being Mobilized from San Felipe on May 22, 2019
On April 30, 2019, the Company announced that the drilling program had started. However, there were unforeseen delays in reaching agreement on occupancy permits, which provides surface access rights that are required before drilling can start. The necessary occupancy permits have now been signed and drilling has started today.
As previously announced on April 30, 2019, the geophysical, geochemical, and geological pre-drilling programs identified geochemical anomalies that cover 150 square kilometers; three highly conductive geophysical zones, of which two may be more than 100 and 200 meters thick. All three zones cover more than 54 square kilometers and geological analysis confirms the presence of many active faults and linears as well as cross structures throughout the basin, which suggests structural conditions may exist to concentrate brines.
Doug Fulcher, the Company's CEO notes "The Salar del Diablo is one of the larger salars to be drill tested for lithium in a brine in 2019. The drill program is designed to intersect the geochemical, geophysical and geological targets that are very compelling as the Property has never been drilled before. I would also like to thank the occupancy permit holders for working with us and providing services to assist the drill program as well as our shareholders who have been more than patient".
The Company also announces that it has granted incentive stock options to two consultants of the Company to purchase up to 400,000 common shares of the Company at a price of $0.19 per common share. Three hundred thousand (300,000) stock options have been granted to one consultant and one hundred thousand (100,000) have been granted to the other consultant. The stock options are exercisable on or before May 22, 2021 with 100,000 being fully vested, 100,000 vesting on August 22, 2019 and the balance vesting on October 22, 2019.
About One World Lithium
One World Lithium Inc is an exploration company focused on lithium in brine projects. It currently has earned a 60% property interest in the 75,400 hectare (290 square mile) Salar del Diablo lithium brine project located in the State of Baja California Norte, Mexico and will earn an additional 20% interest on completion of this drill program. The Company also has the right to purchase a10% property interest for a total of a 90% property interest.
John E Hiner, SME Registered Member and a qualified person as defined by the Canadian National Instrument 43- 101 has reviewed and approved the scientific and technical disclosure contained in this news release.
On behalf of the Board of Directors of One World Lithium Inc.,
President and Chief Executive Officer
Forward-Looking Information: This press release may include forward looking information within the meaning of Canadian securities legislation concerning the business of the OWL. Forward looking information is based on certain key expectations and assumptions made by the management of the OWL, including the intention of OWL to proceed with the advancement of the Property. Although OWL believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because OWL can give no assurance that they will prove to be correct. Forward looking statements contained in this press release are made as of the date of this press release. OWL disclaims any intent or obligation to update publically any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from the those anticipated in such statements, important factors that could cause actual
results to differ materially from the company's expectations include: (I) inability of OWL to execute its business plan and raise the required financing and (II) risks and market fluctuations common to the mining industry and lithium sector in particular. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, some of which are beyond the control of the OWL. The reader is cautioned not to place undue reliance on any forward-looking information contained in this press release.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.