VANCOUVER, BC, July 13, 2023 /PRNewswire/ -- Lithium South Development Corporation (the "Company") (TSX-V: LIS) (OTCQB: LISMF) (Frankfurt: OGPQ), is pleased to announce it has contracted Well Drilling of Salta, Argentina, for the provision of three pumping wells for the HMN LI Project. The program is expected to be undertaken in the immediate future with rig availability in August.
After recent completion of the highly successful resource expansion program at the project, management are fast tracking the development path. Two production wells, one 250 meters deep and one 400 meters deep will be located on the Alba Sabrina claim block. One single pumping well 250 meters deep will be located on the Natalia Maria claim block. With two production wells previously installed at the Tramo Claim block, the three project areas will host five production wells. The new wells will be utilized for long- term pumping tests to determine optimal pumping rates. This will determine the overall production potential for the three combined claims that make up the project area.
Company President and CEO, Adrian F. C. Hobkirk is quoted, "We are very happy to have arrived at the early development point of the project. Pumping well installation and testing will continue to enhance the value of the HMN Li Project."
About Lithium South
Lithium South (LIS) owns 100% of the Hombre Muerto North Lithium Project (HMN Li Project) located in Salta Province, Argentina, the heart of the lithium triangle. The Hombre Muerto Salar has a history of lithium production with Livent Corporation in operation for over twenty-five years just south of the HMN Li Project. The HMN Li Project is surrounded by a US$4 billion lithium development underway by POSCO (Korea) and the Sal de Vida Project under development by Allkem. LIS has delineated a NI 43-101 571,000 tonne Lithium Carbonate Equivalent (LCE) resource on the Tramo claim block, one of five non-contiguous blocks that make up the HMN Li Project. Recent drilling on the Alba Sabrina and Natalia Maria claim blocks have identified additional lithium zones that will allow a new and potentially larger LCE resource to be defined. LIS is now transitioning from being a lithium explorer to becoming a lithium developer.
The technical and scientific information in this press release was reviewed and approved by Mr. William Feyerabend, CPG, a consulting geologist, and a Qualified Person under National Instrument 43-101, who also participated in its production.
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 constitute 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.
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SOURCE Lithium South Development Corporation
