Lithium Chile Commences Drilling at Ollague, Chile
Lithium Chile Commences Drilling at Ollague, Chile |
[28-June-2018] |
TSX Venture Exchange: "LITH" CALGARY, June 28, 2018 /CNW/ - Lithium Chile Inc. ("Lithium Chile" or the "Company") is pleased to announce that it has commenced a four-hole drill program at its Ollague project in Chile, where a recently-completed sampling program encountered lithium brines assaying from 160mg/l to a high of 1220mg/l.
Holes will be drilled to a minimum 250 metres (m) or deeper based on drilling conditions and brine content. The drill rig will run 24 hours per day. Drilling will focus on high priority conductive targets identified in the recent transient electromagnetic survey (TEM) (see new release dated April 3, 2018). The survey indicated these conductive units to be open-ended horizontal zones varying from 20 to over 200 m in thickness and within 20 to 120 metres of surface. The company believes these low resistivity zones reflect saline aquifers. A recently re-entered 110m deep water well just outside the property border was flushed, allowed to recharge then sampled. The brine samples that were collected, contained 1220 mg/l of lithium. Steve Cochrane, President and CEO of Lithium Chile, commented, "After amassing one of the largest lithium land packages in Chile, we have now begun drilling on one of our more advanced projects which have had sampling and geophysics completed on them. The new government has been clear in its support for the lithium sector and we are similarly encouraged by the strong community support we have received. This is an exciting new growth phase for the Company and our goal is to maximise our early-mover exploration advantage in Chile." Ollague Project Highlights
Data collection will include lithology, and depth-specific geochemical samples. Brine sampling will be completed using both drive point and hydraulic double packer systems, which have been tested and proved to provide a true depth-specific sample in addition to flow and porosity characteristics. Subsequent Drilling Programs Upon completion of the initial four-hole Ollague drilling program, it is the Company's intention to complete a similar drilling program of four holes on each of the other four advanced projects, all in continuous succession, such that drilling is expected to continue for until late into Q3, 2018. This news release has been reviewed by Terence Walker, P. Geo., Vice President of Exploration of the Company and a qualified person as that term is defined in National Instrument 43-101. About Lithium Chile Lithium Chile is advancing a lithium property portfolio consisting of 152,900 hectares covering sections of 14 salars and 1 laguna complex in Chile. The properties include 64 square kilometres on the Salar de Atacama which hosts the world's highest concentration lithium brine production and is currently the source of approximately 30% of the world's lithium production. Lithium Chile's common shares are listed on the TSX-V under the symbol "LITH" and on the OTC-QB under the symbol "LTMCF". On Behalf of the Board of Directors, LITHIUM CHILE INC. Steven Cochrane 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 RELEASE. Forward Looking Statements You are cautioned that the following list of material factors and assumptions is not exhaustive. Specific material factors and assumptions include, but are not limited to: the general stability of the economic and political environment in which the Company operates; the timely receipt of required regulatory approvals; the ability of the Company to obtain future financing on acceptable terms; currency, exchange and interest rates; operating costs; and the success the Company will have in exploring its prospects and the results from such prospects. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements herein, except as required by applicable securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement. SOURCE Lithium Chile Inc. | ||
Company Codes: OTC-QB:LTMCF, TorontoVE:LITH |
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