- Hole AS01 seven samples range from 693 mg/L Li to 744 mg/L
Li
- Hole AS01 hole lithium average is 722 mg/L Li
- Hole AS01 brine zone is defined across a 240 m zone
- Hole AS03 five samples collected with two assays
received
- Hole AS03 two assays 749 mg/L Li and 752 mg/L Li
- Hole AS03 hole lithium average is 751 mg/L Li```
- Hole AS03 brine zone is defined across a 140 m zone
- Drilling will begin on newly added hole AS02
VANCOUVER, BC, Nov. 1, 2022
/CNW/ -- Lithium South Development Corporation (the
"Company") (TSX-V: LIS) (OTCQB: LISMF) (Frankfurt: OGPQ) is pleased
to provide results from the ongoing drill campaign at the Hombre
Muerto North Lithium Project (HMN Li Project) in Salta Province, Argentina. The Company is reporting results
from two completed wells. Two rigs are operating on site, and the
program has been expanded to include an additional hole for a total
of four core wells.
The current exploration is located within the Alba Sabrina claim
block. The claim block is comprised of 2,089 hectares and is the
largest of the 3,287-hectare salar located claim package. The newly
revised drill plan (see enclosed map) has four holes located north
to south, identified as AS01 (completed), AS02 (completed), AS03
(completed) and AS04 now drilling, along a six-kilometer
section.
Results have now been received from Alex Stewart Laboratories of
Mendoza, Argentina, an ISO
Certified laboratory. Hole AS01 was completed to 299 m depth. Seven double packer samples were
acquired from AS01 using industry best practices, and under the
supervision of Dr. Mark King, a
Qualified Person under NI 43-101. Lithium results range from 693
mg/L to 744 mg/L, for a hole average of 722 mg/L lithium. The zone
of interest from the interpreted lithology is determined to exceed
240 m.
South of hole AS01, hole AS03 has been completed to a depth of
216 m. Five double packer samples
were acquired from AS03. Thus far, the Company has received two
results of the five samples acquired. One returned 749 mg/L Li and
one returned 752 mg/L Li. Three assays are pending. The zone of
interest from the interpreted lithology is determined to exceed
140 m.
All completed holes have encountered zones of potentially
significant porosity that include fine to medium grained sands and
porous breccia. Porosity testing will be completed at Daniel B.
Stevens Laboratory located in Albuquerque, New Mexico, USA.
Hole AS04 was the first hole completed with results announced on
August 10, 2022. The overall
average of the three wells sampled to date is 734 mg/L Li.
Site preparation work is underway to locate four control wells
to the west of the current drilling, to define the west boundary of
the salar. In addition, Hole AS02 will be located between AS01 and
AS03, for in-filling in the high-grade zone.
Company President and Chief Executive Officer Adrian F. C. Hobkirk is quoted, "We are very
encouraged with the exceptional results from the drilling completed
to date. We are making excellent progress towards expanding the
total resource at the Hombre Muerto North Lithium Project."
About Lithium South
The Hombre Muerto North Lithium
Project is at an advanced stage of evaluation, with a Preliminary
Economic Assessment completed in April 2019. Lithium South is
the 100% owner of the HMN Li Project and expects to expand the
known resource with its current drill program. Preliminary results
support this expectation. Additional project work including
permitting, environmental studies and process test work is
ongoing.
The Hombre Muerto North Lithium Project is adjacent to a
US$4 billion lithium mine under
development by the Korean multinational corporation POSCO, which
acquired their holdings from Galaxy Resources Ltd. for US$280 million. Livent Corporation is producing
lithium to the south of the Hombre Muerto North Lithium Project and
has actively operated there for over twenty-five years.
The technical and scientific information in this press
release was reviewed by Dr. Mark
King, a Qualified Person under National Instrument 43-101.
Dr. King participated in the preparation of this news release AND
APPROVES ITS CONTENT.
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