Lithium South Expands Production Well Drill Program
VANCOUVER, BC, April 18, 2024 /PRNewswire/ -- Lithium South Development Corporation (the "Company or Lithium South") (TSX-V: LIS) (OTCQB: LISMF) (Frankfurt: OGPQ) is pleased to announce significant progress at Well PW23-AS-02 on its flagship Hombre Muerto North Lithium Project (HMN Li Project), 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 HMN Li Project package and a key component of the corporation's lithium development efforts.
Recent efforts at Well PW23-AS-02, have successfully cleared the well of sediment, leading to the flow of clear brine with strong artesian characteristics. These developments suggest potential for enhanced brine extraction rates. To maximize these benefits, an 80-kilowatt pump, significantly larger than the initially planned 50-kilowatt pump, has been contracted for the HMN Li Project.
Adrian F. C. Hobkirk, President and CEO of Lithium South Development Corporation states, "These developments on the Alba Sabrina claim block could potentially enhance our operational capacity. The completion of this pumping test, anticipated by the end of May, will provide critical technical insight into the capacity potential of this area of the salar. We're excited about the future and are committed to delivering value to our shareholders and contributing responsibly to the global energy transition."
In response to these developments, Lithium South has decided to significantly expand its well installation program. This expansion includes an additional well of up to 400 meters at the Alba Sabrina block and three more within the adjoining Norma Edith and Viamonte blocks, subject to a 50/50 brine share with neighbor POSCO.
Concurrently, the technical team is preparing the biannual Environmental Impact Report, incorporating the expanded drilling plans. This report, essential to the strategic objectives of Lithium South, will be submitted by the end of April.
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 (See Note 1 Below) 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 announced on March 04, 2024 and with report to follow, delineates the exciting potential of the 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: www.lithiumsouth.com
Mr. William Feyerabend, CPG, a Consulting Geologist and Qualified Person under NI 43-101 contributed to the production of this press release and approves of the technical and scientific information contained herein.
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.
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 constitutes 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
