VANCOUVER, BC / TheNewswire / June 05, 2019 - One World Lithium Inc. ( OTCQB -OWRDF) ( CSE-OWLI) (the "Company") ("OWL") is pleased to announces it has completed the first three drill holes of a 12 hole, 4,250 metre drill program on its Salar del Diablo Property (the "Salar") located in the State of Baja California, Mexico.
Drill holes 2019 - 6, 9 & 11, all intersected aquifers with water samples having a pH (meaning not acidic) of approx. 8.6, which may indicate that there are brines. This will be confirmed on analysis of the water samples at the lab. The samples will also be assayed for lithium and other related minerals including potassium, boron, magnesium and cesium.
Drill holes 2019 - 6, 9 & 11 have drilled through a dark brown mudstone layer near the Salar surface that is watertight and has formed a cap, which has trapped significant water filled aquifers to depth. There is substantial water in coarse quartz sands below the mudstone cap that contain high flow rate aquifers. Drilling to date demonstrates that there are multiple aquifers in the northern part of the Salar which indicates that the entire Salar could be very prospective. The distance between drill hole 2019-9 in the north and 2019-11 to the south is 14 kilometers apart.
Starting with the 4th drill hole, an extra drill crew has been added allowing continuous drilling for 24 hours a day, which should help alleviate intermittent drilling problems experienced to date.
Local ranchers have reported that several wells in the area contain brine, which (if the holes are open or can be located) will be sampled by the operator during the latter part of the program.
The 12 hole drill program as previously announced is designed to intersect a geochemical anomaly that covers 150 square kilometeres; three highly conductive geophysical zones of which two zones may be more than 300 and 600 feet thick. All three zones are more than 54 square kilometers with two zones being open ended; and geological analysis confirms many active faults and linears as well as cross structures throughout the basin. These features suggest that structural conditions may exist to concentrate brines.
Closing of Private Placement
The Company is also pleased to announce that it has closed its third and final tranche of its non-brokered private placement (the "Offering") as previously announced on June 29, 2018. The Company has raised $298,700 CDN through the issuance of 1,991,334 units (the "Unit") at a price of $0.15 per unit. The aggregate gross proceeds of this Offering under the first, second and final tranche totalled $2,073,250 CDN.
Each Unit consists of one common share of the Company (a "Common Share") and one-half of a non-ransferable Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.20 for a period of 24 months from the closing of the offering. All securities are subject to a four month and one day hold from the closing date.
Use of Proceeds
The net proceeds will be used primarily for funding the Salar del Diablo Lithium Property drilling program and working capital.
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 with an option to acquire a further 30% property interest for a total of a 90% property interest in the 75,400 hectare (290 square mile) Salar del Diablo lithium brine project located in the State of California Baja, Mexico.
John E. Hiner, SM 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. Forward looking information in this press release includes statements about whether the water samples having a pH of approx. 8.6 may be brines, the Company's anticipation that the addition of an extra drill crew on the 4th drill hole should help alleviate intermittent drilling problems experienced in the field to date, and that structural conditions may exist to concentrate brines 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 (II) accuracy of mineral or resource exploration activity (III) continued access to mineral property and (IV) 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.