Lithium South Drills Deep Well at HMN Li Project

Rhea-AI Summary

Lithium South Development Corporation (TSX-V: LIS, OTCQB: LISMF) announced results from its drill campaign at the Hombre Muerto North Lithium Project in Salta Province, Argentina. The final core well, AS02, reached a depth of 410 meters, uncovering significant brine resources deeper than previous findings. Samples were taken from six depths and sent for analysis to Mendoza, Argentina. The drill program aims to expand existing lithium resources, supported by preliminary results. The HMN Li Project is strategically located near major lithium operations, enhancing its potential value.

Positive

• Completion of core well AS02 to 410 meters, indicating resource depth.
• Drill program aims to expand known lithium resources.
• Proximity to significant lithium operations, increasing project attractiveness.

Negative

• None.

VANCOUVER, BC, Feb. 2, 2023 /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 wells (Holes AS01, AS02, AS03 and AS04) located north to south, and three monitor wells (Holes AS05, AS06 and AS07) located west of the core wells (see enclosed drill map). All seven drill holes are located on the Alba Sabrina claim block.  

The final core well AS02 has been completed to a depth of 410 meters. The hole has established a deep portion of the brine basin, much deeper than previous drilling. The geology is comprised of medium to fine sand from 0 to 131 meters, medium sand from 131 to 308 meters. After 308 meters, fractured ortho-quartz was encountered down to 410 meters where the hole is terminated. The rig will now move to drill the final hole, AS07. A final core hole will be completed on the Natalia Maria claim block upon completion of drilling at the Alba Sabrina claim block.

Brine samples using a double packer system have been obtained at 62, 84, 128, 217, 341 and 368 meters. All samples were collected using industry best practices and have been forwarded to Alex Stewart laboratories of Mendoza, Argentina for analysis.

Company President and Chief Executive Officer Adrian F. C. Hobkirk is quoted, "We are very excited to complete a hole to such significant depth at the Alba Sabrina claim block. We look forward to concluding the drill program and completing an updated resource study."   

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 and approved 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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SOURCE Lithium South Development Corporation

FAQ

What are the latest results from Lithium South's drill campaign at the Hombre Muerto North Lithium Project (LISMF)?

The latest results include the completion of core well AS02 to 410 meters, revealing deeper brine resources.

When was the drill campaign results for Lithium South announced?

The drill campaign results were announced on February 2, 2023.

What is the significance of the AS02 well for Lithium South (LISMF)?

The AS02 well reached a depth of 410 meters, indicating potential for significant lithium resources.

How does the Hombre Muerto North Lithium Project relate to existing lithium operations?

The project is adjacent to a $4 billion lithium mine being developed by POSCO and near Livent Corporation's long-standing operations.

What is the current status of resource expansion at the Hombre Muerto North Lithium Project (LISMF)?

The resource expansion is ongoing, with positive preliminary results supporting further drilling.