First Production Well Installed at HMN Li Project

Rhea-AI Summary

Lithium South Development Corporation installs first production well at HMN Li Project in Argentina. Pump test to begin soon. RFQ issued for exploration of Sophia II and Sophia III claim blocks to confirm water source for lithium production.

Positive

• First production well installed at HMN Li Project in Argentina
• Pump test to begin immediately upon hole development
• RFQ issued for exploration of Sophia II and Sophia III claim blocks

Negative

• None.

VANCOUVER, BC, Oct. 25, 2023 /PRNewswire/ -- Lithium South Development Corporation (the "Company") (TSX-V: LIS) (OTCQB: LISMF) (Frankfurt: OGPQ) is pleased to report that the first production well at the HMN Li Project, located in Salta Province, Argentina, has been installed. The well has been drilled to a depth of 60 meters and is now being cased and screened.  A pump test will begin immediately upon hole development. Hole depth was determined by lithological history and at site drilling observations.

The Company is issuing a Request for Quotation (RFQ) for the exploration of the Sophia II and Sophia III claim blocks. The RFQ is for the drilling of one or two test wells to confirm the presence of a suitable and sustainable water source. A previous VES (Vertical Electrical Sounding) detected saturated sediments within the zone of interest. Water is a critical reagent for the production of lithium carbonate. Located approximately 10 kilometers north of the HMN Li Project area, the claim group is in close proximity to any future lithium production development.

About Lithium South

Lithium South (LIS) owns 100% of the Hombre Muerto North Lithium Project (HMN Li Project) located in Salta and Catamarca Provinces, Argentina, the heart of the lithium triangle. The Hombre Muerto Salar has a history of lithium production, with Livent Corporation 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 Livent/Allkem.  As disclosed in a news release dated September 12, 2023, LIS has delineated a NI 43-101 compliant 1,583,100 tonne Lithium Carbonate Equivalent (LCE) resource on the Alba Sabrina, Natalia Maria, and Tramo claim blocks, three of five non-contiguous blocks that make up the HMN Li Project. A National Instrument 43-10Technical Report is under preparation by Groundwater Instight of Halifax, Nova Scotia Canada, and is expected to be filed on or before October31,2023. A pumping/production well drilling campaign is now underway.  LIS is transitioning from being a lithium explorer to becoming a lithium developer.

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.

On behalf of the Board of Directors

Adrian F. C. Hobkirk
President and Chief Executive Officer
Investors / Shareholders call 1-855-415-8100 / 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 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

FAQ

What is the status of the first production well at HMN Li Project?

The first production well at HMN Li Project in Argentina has been installed and is now being cased and screened.

What is the purpose of the RFQ issued by Lithium South Development Corporation?

The RFQ is for the exploration of Sophia II and Sophia III claim blocks to confirm the presence of a suitable and sustainable water source for lithium production.

Where is the claim group located in relation to the HMN Li Project area?

The claim group is located approximately 10 kilometers north of the HMN Li Project area.