VANCOUVER, May 30, 2017 /CNW/ - Lithium X Energy
Corp. ("Lithium X", or the "Company") (TSXV: LIX) (OTCQX:
LIXXF) is pleased to provide the following operational update
on the Sal de los Angeles lithium project (the "Project") located
in Salta province, Argentina.
As part of the Company's feasibility study inputs, a
comprehensive drill and pumping test program has been initated for
the Sal de los Angeles project. Diamond drilling will test
the northern extension of the Diabillios basin beyond the current
published resource limits (August 30,
2016 news release). A sonic drilling program will
provide additional stratigraphic and hydrogeological data for
increased resource confidence and a maiden reserve statement.
Based on a number of factors including the current
hydrological and resource model, Lithium X has outlined a potential
wellfield. The Company intends to drill a production well in this
area and complete long term pumping tests. Fieldwork is expected to
be completed by September 2017.
Results from this work will be incorporated into an upgraded
mineral resource and reserve statement and will be incorporated
into a feasibility study scheduled to be released in Q4 2017.
Seismic Survey
A seismic refraction tomography survey completed in February 2017 by Geophysical Exploration &
Consulting S.A, indicates that the basin extends up to 3 kilometers
north of the previously defined resource area, with basin depths up
to 275 meters below the surface. The basin fill material is
interpreted as a continuation of the known lithium bearing
aquifers. The existing resource covers a total strike length
of approximately 9.5 kilometres, with higher grade brines
concentrated in the northern half of the strike length. The
seismic survey results suggest a possible 30% increase in total
basin strike length.
Diamond Drilling
Diamond drilling activities at the Project are focused on
resource expansion, by incorporating potential brines to the north
of the existing resource area.
Diamond drilling commenced in early May to test this northern
extension of the Diablillos basin as defined by the seismic survey,
focusing on delineating additional resources. The program
consists of three diamond drill holes down to basement depth.
HQ-sized core is collected to facilitate laboratory porosity
analysis and brine sampling is performed at specific depth
intervals during the drilling. A total of 700 metres of drilling is
planned and conducted by Hidrotec S.A., with supervision by
FloSolutions (Chile).
Sonic Drilling
Sonic drilling shall be completed within the current estimated
resource areas and will focus on increasing the confidence level of
the resource, with the objective of producing a feasibility level
reserve estimate.
Lithium X has commissioned one of the few sonic drills available
in Argentina to complete a further
three holes throughout the basin, including the selected well field
location. An additional sonic drill hole is planned in the
northern extension, subject to positive results from the diamond
drilling program. The purpose of the sonic drilling is to increase
recovery of undisturbed core samples for additional drainable
porosity testing; brine sampling will take place at specific depth
intervals. The results are expected to increase resource confidence
levels in order to increase measured & indicated resources and
support the maiden reserve estimate. The first sonic drill hole is
to be completed in the proposed well field location so as to
provide accurate lithologies for efficient well field design.
The sonic drill program shall consist of 600 to 800 metres
performed by Boart Longyear Argentina S.A. and shall be supervised
by FloSolutions (Chile). The
drill rig is currently on site with an anticipated start date
within 10 days upon arrival of new drill rods.
Production Well Drilling
Production well drilling and testing will help prove the
viability of the proposed well field location.
Following completion of the first sonic drill hole, a production
well (DDP-02) is planned to be drilled and developed in the
proposed wellfield site. The wellfield is to be located near the
northern margin of the salar surface, where the best combination of
high grade lithium brine and favourable hydrogeological parameters
have been identified.
The production well shall be drilled to bedrock at an 18-inch
diameter and be completed with 12-inch diameter stainless-steel
blank and screened casing. Screened intervals are to match
favourable aquifer lithologies, anticipated to start within the top
25 metres down to basement depth. Three observation wells will be
completed to distinct depth intervals adjacent to the production
well to monitor water level responses during the planned pumping
test program.
This production well shall be the second production well
installed at the Project. The first (DDP-01) was drilled and
installed approximately 2 kilometres south.
Pumping Test Program
Lithium X will complete a pumping test program consisting of two
long-term pumping tests to support the current feasibility study.
The first 30-day test will be carried out in the existing
production well (DPP-01) and its surrounding monitoring wells. The
test is anticipated to commence immediately by AGV Falcon Drilling
S.A. and will be supervised by FloSolutions (Chile). The second 30-day pumping test
will be carried out on the new production well (DDP-2).
The long term pump tests are an important component of the
feasibility study and have been designed to provide the following
information:
- Specific yield (drainable porosity) data to be incorporated in
the updated resource estimate;
- Information on the design and construction of the future brine
wellfield;
- Evolution of brine concentrations under a long term pumping
regime;
- Quantify hydaulic parameters of the hydrogeological units with
the Salar for use in the 3D numerical brine reserve model and tools
for the calibration of the reserve model.
The 3D numerical brine model will be developed using the FEFLOW
software package and will be used to estimate the brine reserves
for the Project and aid in the optimization of the future brine
wellfield configuration and brine production pumping.
The scientific and technical content and interpretations
contained in this news release have been reviewed and approved by
VP of Project Development William Randall, a Qualified Person as
defined by NI 43-101, Standards of Disclosure for Mineral
Projects.
ABOUT LITHIUM X ENERGY CORP.
Lithium X Energy Corp. is a lithium exploration and development
company with a goal of becoming a low-cost supplier for the
burgeoning lithium battery industry. The Company holds two
projects in in the prolific "Lithium Triangle" in mining friendly
Salta province, Argentina as well
as its Clayton Valley project in
Nevada. The Company's flagship
project is the Sal de los Angeles lithium brine project, in which
it owns a 50% interest, with an option to acquire up to 80%.
The project consists of 8,154 hectares covering 95% of Salar de
Diablillos, and has a NI 43-101 mineral resource estimate of 1.037
million tonnes of lithium carbonate equivalent in the indicated
category and 1.007 million tonnes of lithium carbonate equivalent
in the inferred category. The Company's second Argentinian
project, the Arizaro lithium brine project, consists of 33,846
hectares covering part of the western and eastern portions of the
Salar de Azario, one of the largest known salt lakes in the
world. Lithium X will also own 19.99% of Pure Energy
Minerals, a company exploring and developing a large land package
surrounding Albemarle's Silver Peak lithium mine in Clayton Valley,
Nevada.
For additional information about Lithium X Energy Corp., please
visit the Company's website at www.lithium-x.com or review the
Company's documents filed on www.sedar.com. Join the
Company's email list at http://lithium-x.com/subscribe.
ON BEHALF OF THE BOARD OF DIRECTORS
Paul
Matysek
Executive Chairman
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
This news release contains certain forward-looking
information and forward-looking statements within the meaning of
applicable securities legislation (collectively "forward-looking
statements"). Certain information contained herein constitutes
"forward-looking information" under Canadian securities
legislation. 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. Such information includes,
but is not limited to the use of proceeds from the Offering.
Forward-looking statements are based on the opinions and estimates
of management as of the date such statements are made and they are
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of the Company to be materially different from
those expressed by such forward-looking statements or
forward-looking information, including the business of the Company,
the speculative nature of mineral exploration and development,
fluctuating commodity prices, competitive risks, and delay,
inability to complete a financing or failure to receive regulatory
approvals. Although management of the Company has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements or forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements and forward looking information. The Company does not
undertake to update any forward-looking statements or
forward-looking information that are incorporated by reference
herein, except as required by applicable securities laws.
SOURCE Lithium X Energy Corp.