Lithium Chile Provides Operational Update on Its Argentinian Lithium Project
CALGARY, ALBERTA – TheNewswire - JUNE 09, 2021 – Lithium Chile Inc. (“Lithium Chile” or the “Company”) (TSXV:LITH) (OTC:LTMCF) is pleased to announce that significant progress has been made towards the drilling of the Company’s initial production test well on its Arizaro property in Salta Province, Argentina.
- Work program outlined and budget completed;
- Total cost below forecast;
- Drilling Contractor retained;
- Senior consulting geologist 30+ years lithium experienced retained
The initial operational meeting was held within a week of signing the LOI (May 17, 2021 press release) and plans continue to unfold quickly. Once the definitive agreement is completed prior to July 12th, the Company hopes to begin drilling the production test well. Drilling should take approximately 8 weeks with a 30-day pumping test to follow. The test is designed to analyze and collect data from the target zone that will prove the potential commerciality of the aquifer identified in an earlier exploration program.
Steve Cochrane, President and CEO of Lithium Chile commented: “I am very pleased that our Argentinian team was established so quickly allowing us to initiate our production well drilling program. It is exciting that we now have two programs underway in two of the major countries forming the “Lithium Triangle.” We are confident that this will create substantial shareholder value going forward.”
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 and now, 23,300 hectares in Argentina.
Lithium Chile also owns 5 properties, totaling 22,429 hectares, 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.
Lithium Chile’s common shares are listed on the TSX-V under the symbol “LITH” and on the OTC-BB under the symbol “LTMCF”.
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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.
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.