Calgary, Alberta--(Newsfile Corp. - January 13, 2021) - Lithium Chile Inc. (TSXV: LITH) (OTC Pink: LTMCF) ("Lithium Chile" or the "Company") is pleased to announce that it has recommenced exploration efforts at its Laguna Blanca lithium/cesium property where a geological team is currently conducting a program of salts and liquids sampling. The program is intended to extend the initial sampling program which covered less than 10% of the 4600-hectare property but returned high lithium and cesium grades from surface salt-sediments to a depth of 1.2 meters as reported by ALS Labs.
HIGHLIGHTS:
- Lithium assay grades range from 1125 to 1450 ppm
- Cesium assay grades range from 112 to 688 ppm
The high grades of both lithium and cesium in the solid samples has made an advanced exploration program on the Laguna Blanca property a priority for Lithium Chile as the lithium and cesium grades were some of the highest grades seen by the Company to date.
The U.S. Geological Survey designated cesium as a strategic mineral in May 2018. Demand and prices for cesium have risen recently, primarily driven by its use in 5G mobile networks. There are currently only three producing cesium mines in the world, all of which are controlled by Chinese companies.
More importantly, the ability for Lithium Chile to get their exploitation team on the ground at Laguna Blanca reflects the easing of Covid 19 restrictions that have been in place in Chile since early in 2020. Easing of these restrictions will allow Lithium Chile to advance its other lithium projects as well.
Steve Cochrane, President and CEO of Lithium Chile, commented: "It gives me great pleasure to be able to advise shareholders that we are once again working on our lithium prospects. The proximity of our lithium properties, in the heart of the lithium triangle, to Bolivia and Argentina resulted in a year-long access restriction to our properties by the Chilean Government. The Government's wish to reduce the risk of cross border contamination resulted in these road and border closures. The lifting of these access restrictions coupled with the recent rise in Chinese lithium carbonate prices from 40,000 RMB/ton ($6,000US/ton) to 60,000 RMB/ton ($9,000 US/ton) over the last 15 weeks gives us a reason to be optimistic for 2021."
Qualified Person
Mr. Terence Walker, M.Sc., P.Geo., qualified person within the meaning of National Instrument 43-101, has reviewed the contents of this news release.During the course of the exploration program, all samples were collected by experienced Lithium Chile staff. Each salt and sediment sample consisted of 1 -1.5 kg of unconsolidated material taken from 0.5 - 1.2m deep holes using a hand-held auger that were bagged and sealed on site. All samples were delivered by Lithium Chile's staff to the ALS prep-lab in La Serena for processing. ALS subsequently shipped a 30g sub-sample to their laboratory in Lima, Peru where they were analyzed for 51 elements, including lithium and cesium, by the ICP-MS technique following Agua Regia digestion. Over limit (>500ppm Cs) sample were re-run using the ICP-MS81 technique following lithium borate fusion.
About Lithium Chile
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 now also owns 5 properties that are prospective for gold, silver and copper. Exploration efforts are also continuing on Lithium Chile's Carmona property which lies in the heart of the Chilean Mega Porphyry copper, gold and silver belt.
Lithium Chile's common shares are listed on the TSX-V under the symbol "LITH" and on the OTC-BB under the symbol "LTMCF".
To find out more about Lithium Chile Inc., please contact Steven Cochrane, President and CEO via email: steve@lithiumchile.ca or alternately, Terry Walker, VP Exploration at (011) 562 2455-6473 or via email: twalker@chilelithium.cl
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Forward Looking Statements
This news release may contain certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). 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. In particular, this news release contains forward-looking statements relating to assay results and plans for follow up exploration activities.
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; 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 news release are expressly qualified by this cautionary statement.
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