Li Chile hires Geoxploraciones for Los Morros EM survey

Feb 3, 2021

2021-02-03 10:04 ET – News Release

Mr. Steven Cochrane reports

LITHIUM CHILE ANNOUNCES TEM GEOPHYSICAL PROGRAM ON ITS LOS MORROS PROPERTY AND AN UPDATE ON SUBSCRIPTIONS FOR ITS RECENTLY ANNOUNCED PRIVATE PLACEMENT

Lithium Chile Inc. has contracted Geoxploraciones SA Chile to run a 17-kilometre transient electromagnetic survey on its 100-per-cent-owned Los Morros lithium-bearing property. TEM has been shown to be a valuable tool in identifying highly conductive subterranean brine aquifers. Lithium Chile’s prior TEM surveys have proven highly accurate in defining the principal brine aquifers on both of the company’s previously drilled Ollague and Turi properties.

Salar de Los Morros property highlights

17 square km covering 30 per cent of the south sector of the salar;
Brine samples taken by Lithium Chile from historic bore holes returned lithium grades up to 700 milligrams per litre;
Historic drill hole logs describe the conductive zone as loose gravel and sands containing brine beginning at 50 to 75 metres below surface;
Historic down-hole geophysical surveys indicate 100-plus-metre thick conductive anomaly underlying the whole property.

The TEM survey is intended to identify locations for three additional exploration holes which the company will seek permits for immediately after evaluation of the TEM survey. The absence of Indigenous surface claims on the Salar de Los Morros property is expected to expedite the permitting process.

Private placement

The company has received expressions of interest for the full amount of the recently announced (Feb. 2, 2021) $3.5-million private placement of units. The company is pleased to have received such a positive reception to the proposed financing. Although Lithium Chile’s treasury has recently strengthened as a result of numerous warrant exercises, the proceeds from the proposed financing will substantially improve Lithium Chile’s financial flexibility going forward.

Qualified person

Terence Walker, MSc, PGeo, qualified person within the meaning of National Instrument 43-101, has reviewed and approved the contents of this news release. Individual brine samples were collected from the old bore holes by Lithium Chile staff using a double-valve bailer system, placed in sterile 250-millilitre vials that were sealed and tagged on site. All samples were shipped to ALS Patagonia Laboratories, Santiago, Chile, where they were prepared and subsequently shipped to ALS’s Vancouver, Canada, laboratory where the brine analysis was performed.

About Lithium Chile Inc.

Lithium Chile is advancing a lithium property portfolio consisting of 71,900 hectares covering sections of 10 salars and two laguna complexes in Chile. Lithium Chile also owns five properties that are prospective for gold, silver and copper. Exploration efforts are continuing on Lithium Chile’s Carmona gold/silver/copper property which lies in the heart of the Chilean mega porphyry gold/silver/copper belt.

We seek Safe Harbor.

https://lithiumchile.ca/