VANCOUVER, BC, Feb. 10, 2022 /CNW/ -- Lithium South
Development Corporation (the "Company") (TSX-V: LIS)
(OTCQB: LISMF) (Frankfurt: OGPQ) is pleased to announce that the
Mining Secretariat of Salta
Province, Argentina, has
advised the Company that a proposed drill program for the Hombre
Muerto Lithium Project (HMN Li Project) has been approved. The
formal documentation is expected in the coming days. The
program is scheduled to begin this month. Recent road construction
and drill pad construction are nearing completion. Drill pad
dimensions are thirty meters by thirty meters. A drill
contract for the program is expected to be concluded
shortly.
The property package of 5,687 hectares comprises of nine mining
concessions. The project is strategically located with
developed infrastructure. The HMN Li Project is surrounded by
two leading lithium producers, Korean giant POSCO which is making
an $ U.S. 840 million development for their project, and Livent
which produces lithium at the Northern end of the renowned Hombre
Muerto Salar.
Based on the results from a recent TEM study (see October 4 News release) three core wells are
planned for the Alba Sabrina claim block. The Alba Sabrina
claim (2,089 hectares) is the largest block of the HMN Li Project
and has never been drill tested. To date only the Tramo claim
block (383 hectares) has been explored and contains
the current Ni 43-101 defined LCE resource. With only
14% of the whole property explored, there is significant resource
expansion potential.
Company Vice President Fernando
Villarroel said, "Salta is considered the best investment
district in the Lithium Triangle according to the Fraser Institute.
So, we are in the right place at the right time. In
light of record lithium carbonate prices, we are very excited to
undertake a large drill program to potentially expand the resource
size at HMN. The Alba Sabrina block is the largest in the
package and represents an excellent drill target."
About Lithium South
Lithium South is focused on developing the Hombre Muerto North
Lithium Project, located on the Hombre Muerto Salar, a major
lithium-producing salar in Argentina. The property is
adjacent to land under development by the Korean multinational
corporation POSCO, which acquired the ground from Galaxy Resources
Ltd. for US $280 million. The
Company completed a Preliminary Economic Assessment of the HMN Li
Project in 2019, utilizing conventional evaporation
extraction.
The Company is evaluating conventional evaporation as a process
method, and Direct Lithium Extraction (DLE) as an alternative
method. Three candidates for DLE are currently being
evaluated. Two, 2,000-gallon bulk brine samples are in
transit; one sample is heading to Oakland
California for testing by Lilac Solutions, and the second
sample is heading to Chengdu China
for testing by Chemphys. DLE test work is also currently
underway in Salta, Argentina by
Eon Minerals.
This news release has been reviewed and approved by
Marcela Casini, advisor to the
Company and a Qualified Person as that term is defined in National
Instrument 43-101.
On behalf of the Board of Directors
Adrian F. C. Hobkirk
President and Chief Executive Officer
Investors / Shareholders call 855-415-8100 / website:
www.lithiumsouth.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release. The TSX Venture Exchange has not reviewed the content
of this news release and therefore does not accept responsibility
or liability for the adequacy or accuracy of the contents of this
news release.
This news release contains certain "forward-looking statements"
within the meaning of Section 21E of the United States Securities
and Exchange Act of 1934, as amended. Except for statements of
historical fact relating to the Company, certain information
contained herein constitutes forward-looking statements.
Forward-looking statements are based upon opinions and estimates of
management at the date the statements are made and are subject to a
variety of risks and uncertainties and other factors which could
cause actual results to differ materially from those projected in
the forward-looking statements. The reader is cautioned not
to place undue reliance on forward- looking statements. We
seek safe harbor.
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SOURCE Lithium South Development Corporation