VANCOUVER, BC, May 29, 2024
/CNW/ -- Lithium South Development Corporation (the
"Company" or "Lithium South") (TSX-V: LIS) (OTCQB: LISMF)
(Frankfurt: OGPQ) is pleased to update progress at Pumping Well
PW23-AS-02 on its flagship Hombre Muerto North Lithium Project (HMN
Li), which is the first pumping well to be located at the Alba
Sabrina claim block. Spanning 2,089 hectares, Alba Sabrina is the
largest claim block in the 5 claim salar located HMN Li package and
a key component of the corporation's lithium development
efforts.
Well PW23-AS-02 is currently pumping at a rate of 25 liters per
second. The hole geology is mainly sand therefore the hole is
encountering sediment contamination. This has been resolving over
the past five days and is expected to continue to clear. Upon
achievement of clarification, the pumping rate will be increased.
Full results are expected by the end of May.
Corporate Interest and Site Visit
The Company is reviewing expressions of interest from several
companies involved in the lithium industry. Discussions regarding
potential financial support and / or project participation are
ongoing. A recent three-day site visit was completed by a lithium
project developer with which the Company is discussing the
potential of the project. Further updates will be provided in the
future.
Private Placement
The Private Placement announced May
22,2024 has received very significant interest from current
and potential shareholders. The financing has now been placed and
is expected to close in several days.
About Lithium South
Lithium South owns 100% of the HMN Li Project located in Salta
and Catamarca Provinces, Argentina, in the heart of the lithium
triangle. The Salar del Hombre Muerto has a history of lithium
production, with Arcadium Lithium (as a result of the Alkem and
Livent merger) in operation for over twenty-five years, in an area
just south of the HMN Li Project. The HMN Li Project is surrounded
by a US$4 billion lithium development
under construction by POSCO (Korea) and the Sal de Vida Project
under development by Arcadium. Exploration work to date has
delineated a National Instrument 43-101 compliant 1,583,200 tonne
Lithium Carbonate Equivalent ("LCE") Resource (Note 1) on the Alba
Sabrina, Natalia Maria, and Tramo
claim blocks, three of five non-contiguous blocks that make up the
HMN Lithium Project. A recent Preliminary Economic Assessment
(Note 2) announced on March 04, 2024
delineates the exciting potential of a 15,600 tonne per year
lithium carbonate project. With pumping well installation underway,
Lithium South is transitioning from being a lithium explorer to
becoming a lithium developer.
On behalf of the Board of Directors
Adrian F. C. Hobkirk
President and Chief Executive Officer
Investors / Shareholders call 855-415-8100 /
website:lithiumsouth.com
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.
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.
Note 1: A report titled, Updated Mineral Resource Estimate –
Hombre Muerto North Project, NI 43-101 Technical Report Catamarca
and Salta, Argentina,
Mark King, PhD, PGeo, Peter Ehren, M.Sc, MAusIMM, September 5th, 2023.
Note 2: The report titled, N.I. 43-101 Preliminary
Economic Assessment Hombre Muerto North Lithium Project, Salta,
Argentina, was
completed by Knight Piesold Consulting and JDS Energy and Mining
Inc., both industry leading independent engineering consulting
firms.
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