First Lithium Minerals Receives Environmental Approval and Signs Cooperation Agreement with The Cebollar-Ascotan Indigenous Community

Rhea-AI Summary

First Lithium Minerals Corp. receives favorable response for environmental approval and signs Cooperation Agreement with Indigenous Community for OCA Project in Chile, reaffirming commitment to sustainability and social responsibility.

Toronto, Ontario--(Newsfile Corp. - March 4, 2024) - First Lithium Minerals Corp. (CSE: FLM) (OTC Pink: FLMCF) (FSE: X28) ("First Lithium Minerals" or the "Company") is pleased to announce the receipt of a favorable official response to its "Consulta de Pertinencia de Ingreso al SEIA del Proyecto de Sondajes OCA" (the "Environmental Approval") for the upcoming drilling exploration program and signing of a Cooperation Agreement (the "Agreement") that formalizes the Company's relationship with The Cebollar-Ascotan Indigenous Community "Comunidad Indígena Cebollar-Ascotán" (the "Community") at the Salar de Ascotan, which forms Company's 100%-owned OCA project ("OCA Project") in the Antofagasta Region of northern Chile.

The Company received an official response from the Environmental Evaluation Service of Chile "Servicio de Evaluación Ambiental (SEA)", which states that the Company is not obliged to enter the Environmental Impact Assessment System "Sistema de Evaluación de Impacto Ambiental (SEIA)" to conduct its upcoming drilling program on the Company's exploration concessions at the salar de Ascotan. The northeastern property areas at the salar de Ascotan (approx. 1,775 ha) were previously identified as priority exploration drill targets following promising Transient Electromagnetic ("TEM") and Magneto-Telluric (MT) geophysical surveys. (Ref.: Press Release, March 24, 2023: "First Lithium Minerals Announces Drill Targets and Upcoming Exploration Program").

Upon the receipt of the Environmental Approval, the Company has entered into the Cooperation Agreement with the Cebollar-Ascotan Indigenous Community for the formation of a long-term mutually beneficial partnership for the Community to benefit from the participation in the employment opportunities and social infrastructure improvements.

First Lithium Minerals is dedicated to contributing to environmental sustainability and socio-economic health of the Community. The Agreement establishes provisions for information-sharing, monitoring, and environmental protection. The Community and the Company will oversee the Agreement's implementation and provide active site monitoring to protect the land and water in the project exploration area.

Rob Saltsman, CEO and Director of First Lithium Minerals, commented: "Securing environmental approval and signing the community agreement are important milestones that effectively make our project drill-ready. Through this Agreement, First Lithium Minerals is confirming its commitment and dedication to the environmental and socio-economic sustainability of the Cebollar-Ascotan Indigenous Community. We are extremely pleased to have signed this Agreement with the Community, which provides acknowledgement, consent, and support for our exploration activities, as we continue to advance the OCA project in an environmentally sustainable and responsible way with a full focus on a social license to operate."

The Company is currently in the process of selecting a qualified and experienced drilling contractor and conducting site visits for the drill program logistics and operational planning.

About First Lithium Minerals

First Lithium Minerals is a Canadian mineral exploration and development company. The Company is currently focusing on exploring for alkali metals at its 100% owned OCA Project comprised of approximately 9,000 ha of mineral exploration concessions located in the salars of Ollague, Carcote, and Ascotan in the Antofagasta Region of northern Chile. In Q4/22 and Q1/23 the Company conducted two property-wide geophysical surveys, identified two priority exploration targets for potential brine mineralization, and is currently planning its inaugural drilling program at the Salar de Ascotan pending obtaining required drilling permits and licences. First Lithium Minerals is also exploring for lithium and critical metals at its 100% owned exploration properties comprised of 5,640 ha of mining claims in northwestern Ontario, Canada.

Additional information about the Company is available on the Company's website: www.firstlithium.ca.

Qualified Person

Aldo Moreno Salinas is the VP of Exploration for First Lithium Minerals and the Qualified Person ("QP") as defined by NI 43-101 has reviewed and approved the technical content of this press release. Mr. Moreno is a seasoned geologist with 40 years of experience in exploration and evaluation of metallic and non-metallic mineral deposits, has a degree in geology from Universidad de Chile, is a member of the Chilean Professional Association of Geologists No. 437 and registered in the Public Records of Competent Persons No. 328.

For further information please contact:

First Lithium Minerals Corp.

77 King St. W Suite 3000
Toronto, ON M5K 1G8
Tel: 416-402-2428 Email: rob@firstlithium.ca

Rob Saltsman, CEO and Director

Caution Regarding Forward-Looking Statements

This news release contains "forward-looking information" within the meaning of applicable securities laws. Any such forward-looking information may be identified by words such as "expects", "anticipates", "intends", "contemplates", "believes", "projects", "plans", and similar expressions. Readers are cautioned not to place undue reliance on forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: prospecting and exploration activities, geophysical and geochemical surveys, its results and interpretation, studies and interpretations of historical exploration and geological information, drill target definition, permitting, licences, environmental laws and regulations, changes in government regulations and laws, obtaining social licence to explore and operate, community engagements, timing of exploration activities, the discovery and delineation of mineral deposits/resources/reserves, general business, economic, competitive, reliance on third parties, the actual results of operations, and other risks of the resources industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any obligation to update or revise any forward-looking statements information, except in accordance with applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/200266

FAQ

What is the significance of the official response received by First Lithium Minerals Corp.?

The official response states that the Company is not obligated to enter the Environmental Impact Assessment System for its upcoming drilling program at the salar de Ascotan.

What is the purpose of the Cooperation Agreement signed by First Lithium Minerals Corp.?

The Agreement formalizes a partnership with The Cebollar-Ascotan Indigenous Community, focusing on employment opportunities, social infrastructure improvements, and environmental protection.

Who is the CEO and Director of First Lithium Minerals Corp.?

Rob Saltsman is the CEO and Director of First Lithium Minerals Corp.

What is the Company's focus in terms of environmental and socio-economic sustainability?

First Lithium Minerals is dedicated to contributing to environmental sustainability and socio-economic health of the Community through the Agreement provisions for information-sharing, monitoring, and environmental protection.

What is the current status of the Company's drill program logistics?

The Company is in the process of selecting a qualified drilling contractor and conducting site visits for operational planning.