VANCOUVER, BC, Dec. 13, 2022 /PRNewswire/ -- Lithium South Development Corporation (the "Company") (TSX-V: LIS) (OTCQB: LISMF) (Frankfurt: OGPQ) is pleased to provide results from the ongoing drill campaign at the Hombre Muerto North Lithium Project (HMN Li Project) in Salta Province, Argentina. The resource expansion drill program is comprised of four core holes (Holes AS01, AS02, AS03 and AS04) located north to south, along a channelized extension off the main salar, and three core holes (Holes AS05, AS06 and AS07) along the west side of the channel (see enclosed drill map). Two drill rigs are operating on site.
The western boundary of the salar extension has now been expanded based on current results from Holes AS05 and AS06, which have encountered significant lithium brine (grade and thickness). Drilling results indicates a wider salar channel than the initial concept.
Hole AS05, located approximately 800 meters west of hole AS03, has been completed to a depth of 260 meters, with a brine zone of approximately 185 meters. Eight packer samples have been acquired. Assay work is being performed at Alex Stewart Laboratories of Mendoza, Argentina, on samples acquired under the supervision of Dr. Mark King, a Qualified Person under NI 43-101. The Company is reporting results from three samples received so far from Hole ASO5:
- Sample HMN 139 located at the top of the hole at 35 meters, and within an alluvial fan with freshwater influence, returned 434 milligrams per liter lithium (mg/L Li).
- Sample HMN 140 was taken at 52 meters depth and returned 725 mg/l Li.
- Sample HMN 141 was taken at 66 meters depth and returned 701 mg/l Li.
Hole AS06 located approximately 800 meters west of hole AS02 is encountering similar geology to hole AS05. The hole is currently at 170 meters and will be continued down to basement.
Hole AS02 located in the center of the salar channel, is now at 240 meters depth. Borehole logging indicates predominantly medium-grained sand. To avoid issues with collapse of the sandy materials, sampling will be conducted at the conclusion of the hole.
Site preparation work is underway to locate Hole AS07 at the southwest.
Company President and Chief Executive Officer Adrian F. C. Hobkirk is quoted, "The ongoing exploration is returning consistently excellent results. Holes located to the west of the claim area are delineating the Alba Sabrina salar channel to be wider than expected, which could positively impact the expansion of the total resource at the Hombre Muerto North Lithium Project."
About Lithium South
The HMN Li Project is at an advanced stage of evaluation, with a Preliminary Economic Assessment completed in April 2019. Lithium South is the 100% owner of the HMN Li Project and expects to expand the known resource with its current drill program. Preliminary results support this expectation. Additional project work including permitting, environmental studies and process test work is ongoing.
The Hombre Muerto North Lithium Project is adjacent to a US$4 billion lithium mine under development by the Korean multinational corporation POSCO, which acquired their holdings from Galaxy Resources Ltd. for US$280 million. Livent Corporation is producing lithium to the south of the Hombre Muerto North Lithium Project and has actively operated there for over twenty-five years.
The technical and scientific information in this press release was reviewed by Dr. Mark King, a Qualified Person under National Instrument 43-101. Dr. King participated in the preparation of this news release.
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 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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