TSX Venture Exchange: LITH
OTC-QB: LTMCF
CALGARY, Nov. 20, 2018 /CNW/ - Lithium Chile Inc.
("Lithium Chile" or the "Company") is pleased to provide
shareholders with an operational update.
SALAR DE COIPASA: While Lithium Chile has successfully
negotiated terms for surface access to the salar de Coipasa with
the community executive, the Company is currently waiting for final
approval by the community council. Once that occurs, a
reconnaissance drilling program will commence immediately. At
129 km2 (as shown on the map below) Coipasa is Lithium
Chile's second largest lithium prospect upon which a very large and
highly conductive target, covering 65% of the property, was
identified during the geophysical survey completed in the first
quarter of 2018.
SALAR DE HELADOS: Lithium Chile is pleased to announce that it
has acquired an additional 2000 hectares on the Salar Laguna Blanca
which is a NW extension to Lithium Chile's landholdings in the
Helados basin. A recent reconnaissance sampling program
conducted at surface and 1.3m depth
returned lithium concentrations of 220 -780 mg/l with Mg:Li ratios
of 5.7 – 6.0 which are on par with the Company's main property
complex to the SE.
SALAR DE TURI: Lithium Chile is also pleased to announce that
the executive committee of the local indigenous community at Salar
de Turi has recently reached out to the Company to discuss possible
exploration of their lands. At a recently held meeting,
community executives expressed their willingness to support an
extension of the TEM geophysical survey on Turi. Subject to
the successful completion of that TEM program, community executives
also expressed their willingness to support a follow up drilling
program. This is significant for two reasons. First and most
importantly, this is the first time a local community has initiated
discussions with the Company regarding surface access for an
exploration program on a prospect controlled by the local
community. Management views this willingness to work with the
Company as encouraging and reflects the professionalism the Company
has exhibited in its community relations work to date. Secondly,
Lithium Chile controls 100% of the 7600 hectare Salar de Turi. As
with its other properties, Lithium Chile owns its interests
outright with no additional option payments, no overriding
royalties nor any other such encumbrances. With two
hydrothermal springs located on the property having surface brine
sample grades exceeding 580/l mg, the Company has made Turi one of
its 6 priority properties.
Steve Cochrane President and CEO
of Lithium Chile commented "We are very encouraged by the traction
we are gaining with the local communities to further our
exploration efforts. We are pleased and grateful for their
ongoing support."
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.
About Lithium Chile
Lithium Chile is advancing a
lithium property portfolio consisting of 159,700 hectares covering
sections of 15 salars and 1 laguna complex in Chile.
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
President & CEO
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
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 press release are expressly qualified by this cautionary
statement.
SOURCE Lithium Chile Inc.