Vancouver, BC – March 30, 2023 – Lithium South Development Corporation (TSX-V: LIS) (OTCQB: LISMF) (Frankfurt OGPQ) (the “Company”) is pleased to announce the completion of NM01, the final hole of the current resource expansion program at the Hombre Muerto North Lithium Project, Salta Province, Argentina. The hole is located on the Natalia Maria Claim Block, a 115 hectare area strategically located on the salar. Drilling at NM01 has intersected brine-bearing interbedded sediments and fractured halite from surface to a depth of approximately 200 meters. Below that, to the final borehole depth of 375 meters, the halite has lower permeability. Nine packer samples have been collected between 24 and 189 meters, with a density range of 1.215 to 1.218 g/mL and a conductivity range of 196.3 to 209.5 mS/cm. Samples will be sent to Alex Stewart Laboratories (ISO Certified Mendoza, Argentina) for analysis.
A monitoring well will be installed to test the upper, more permeable, halite. A separate shallow well will be installed on the same platform to test the shallow interbedded sediments. The goal of the monitoring wells are to provide a preliminary indication of whether the claim block will support one or more shallow pumping wells for potential future lithium production.
The 2022-2023 resource expansion program is comprised of a total of eight core wells, seven were drilled on the Alba Sabrina Claim Block, the largest in the project package at 2,089 hectares. Combined with the newly completed hole NM01 at the Natalia Maria Claim Block, and the 2018 drill program at the 383 hectare Tramo Claim, over 75 % of the salar located claims has now been drill tested.
A new updated lithium carbonate equivalent resource will be calculated under the supervision of Groundwater Insight, of Halifax, Nova Scotia, Canada. Management expects to substantially add to the current 571,000 tonne LCE resource identified at the Tramo Claim Block in 2018 (October 02, 2018 News Release). The intent of expanding the current resource is to increase the project size potential from the 5,000 tonne per year operation defined in the 2019 Preliminary Economic Assessment (filed August 12, 2019).
Lithium South Drill Map – drill targets for resource expansion on Alba Sabrina claim block.
Company President and CEO Adrian F. C. Hobkirk is quoted, “We are pleased to have completed the 2022-2023 resource expansion program at the HMN Li Project. We look forward to full results and the delineation of a new lithium resource.”
About Lithium South
Lithium South is focused on developing the Hombre Muerto North Lithium Project (HMN Li Project), located on the Hombre Muerto Salar, a major lithium-producing salar in Argentina. The property is adjacent to a US $4 billion lithium project 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 technical and scientific information in this press release was reviewed and approved by Dr. Mark King, a Qualified Person for the purposes of National Instrument 43-101. Dr. King participated in the preparation of this news release.
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.
SOURCE: Lithium South Development Corporation
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