Alpha Lithium Accelerates Drilling Program At Tolillar Lithium Project in Argentina

Rhea-AI Summary

Alpha Lithium Corporation (TSX.V: ALLI) (OTC: ALLIF) has begun Phase Two of its drilling program at the 27,500-hectare Tolillar Salar in Argentina, a key area for lithium production. The company added a second rig to expedite drilling, aiming to complete a resource estimate under NI 43-101 standards. Recent financing of $20 million was oversubscribed, indicating strong institutional support. This effort, along with a new team of lithium chemistry experts, aims to enhance lithium extraction methods, marking significant progress in resource mapping and development within the Lithium Triangle.

Positive

• Commencement of Phase Two drilling program at Tolillar Salar.
• Added a second drilling rig to accelerate exploration.
• Oversubscribed $20 million financing indicates strong institutional support.
• Hiring of lithium chemistry experts to improve extraction techniques.

Negative

• None.

VANCOUVER, British Columbia, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Alpha Lithium Corporation (TSX.V: ALLI) (OTC: ALLIF) (Frankfurt: 2P62) (“Alpha” or the “Company”), sole owner of one of the last large, undeveloped salars in Argentina’s Lithium Triangle, is pleased to announce that it has commenced drilling of Phase Two of its three-phase drilling program on Alpha’s 100% owned, 27,500-hectare Tolillar Salar.

Further to its press release dated January 26, 2021, Alpha added a second drilling rig to accelerate the Company’s planned campaign by starting Phase Two before Phase One is complete. The current drill program is an additional step towards the completion of a 43-101 Resource Estimate. In that regard, engineers and geologists have been dispatched to ensure proper sampling protocols are undertaken to ensure a Resource Estimate can be completed expeditiously, upon completion of the drilling program.

The second drilling rig is exploring on the portion of the Tolillar Salar that was previously acquired from the Salta Province energy and mining resources company, Recursos Energeticos y Mineros de Salta SA (“REMSA”). This new wellbore is the Company’s first foray into the southern extension that was previously identified using Vertical Electrical Sounding (“VES”) technology (see press release August 26, 2020). This part of Tolillar Salar has not been previously explored; however, the geophysics program identified deeper horizons indicated to contain brine and, if so, would add significant brine-bearing acreage to a corporate Resource Estimate.

Brad Nichol, Chief Executive of Alpha, commented, “Last week was an incredible week for Alpha shareholders. We reported a three-times oversubscribed $20 million bought deal financing, demonstrating fantastic support from global institutions for our company and we reported the acceleration of our drilling program. We have previously determined the presence of lithium in Tolillar Salar and our job now is to map out and size the resource so that our internal lithium chemistry experts can begin testing of different Direct Lithium Extraction (“DLE”) technologies.”

Alpha recently added a renowned group of lithium chemistry experts to its team (see press release November 18, 2020) for the purpose of examining and evaluating different DLE techniques that have been shown to economically extract lithium at concentrations lower than 100 mg/L.

Qualified Person

Michael Rosko, MS, PG, of E. L. Montgomery and Associates (M&A) of Santiago, Chile, is a registered geologist (CPG) in Arizona, California and Texas, a registered member of the Society for Mining, Metallurgy and Exploration (SME No. 4064687), and a qualified person as defined by National Instrument 43-101. Mr. Rosko has extensive experience in salar environments and has been a qualified person on many lithium brine projects. Mr. Rosko and M&A are completely independent of Alpha Lithium. Mr. Rosko has reviewed and approved the scientific and technical content of this news release.

ON BEHALF OF THE BOARD OF ALPHA LITHIUM CORPORATION

“Brad Nichol”

Brad Nichol
President, CEO and Director

For more information:
Alpha Lithium Investor Relations
Tel: +1 844 592 6337
info@alphalithium.com

About Alpha Lithium (TSX.V: ALLI) (OTC: ALLIF) (Frankfurt: 2P62)

Alpha Lithium is a growing team of industry professionals and experienced stakeholders focused on the development of the Tolillar Salar. Together, we have assembled 100% ownership of what may be one of Argentina’s last undeveloped lithium salars, encompassing 27,500 hectares (67,954 acres), neighboring multi-billion-dollar lithium players in the heart of the renowned “Lithium Triangle”. Other companies in the area exploring for lithium brines or currently in production include Galaxy Lithium, Livent, and POSCO in Salar del Hombre Muerto; Orocobre in Salar Olaroz; Eramine SudAmerica S.A. in Salar de Centenario; and Gangfeng and Lithium Americas in Salar de Cauchari.

For more information visit: https://alphalithium.com/ and follow us on Twitter or Facebook.

Forward-Looking Statements
This news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. While these statements reflect management's current plans, projections, and intents, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of the Company. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements. The Company’s actual results, programs, production decisions (if any) activities and financial position could differ materially from those expressed in or implied by these forward-looking statements. The Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.

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.

 

FAQ

What is Alpha Lithium Corporation's latest announcement regarding the ALLIF stock?

Alpha Lithium announced the commencement of Phase Two of its drilling program at Tolillar Salar, Argentina, to expedite lithium resource estimation.

How much financing did Alpha Lithium secure recently?

Alpha Lithium secured an oversubscribed financing of $20 million, demonstrating strong support from institutional investors.

What is the area of the Tolillar Salar that Alpha Lithium is exploring?

Alpha Lithium is exploring the 27,500-hectare Tolillar Salar in Argentina, part of the renowned Lithium Triangle.

What is the purpose of adding a second drilling rig for Alpha Lithium?

The second drilling rig is intended to accelerate the exploration and drilling process in the Tolillar Salar.

Who is leading the lithium chemistry efforts at Alpha Lithium?

Alpha Lithium has recently added a team of lithium chemistry experts to evaluate different extraction techniques.