Lithium South Pumping/Production Well Drilling Update

Rhea-AI Summary

Lithium South Development Corporation provides an update on the ongoing development of the HMN Li Project in Salta Province, Argentina. The Alba Sabrina Production Well One has been drilled to 340 meters depth and is nearing the target depth of 400 meters. The Preliminary Economic Assessment (PEA) is nearing completion, with an Initial Design Capacity of 15,000 tonnes per year Lithium Carbonate Equivalent.

Positive

• Development of the HMN Li Project in Argentina is progressing well, with the Alba Sabrina Production Well One nearing completion.
• The Preliminary Economic Assessment (PEA) is expected to have an Initial Design Capacity of 15,000 tonnes per year Lithium Carbonate Equivalent.

Negative

• None.

VANCOUVER, B.C., Jan. 18, 2024 /PRNewswire/ -- Lithium South Development Corporation (the "Company") (TSX-V: LIS) (OTCQB: LISMF) (Frankfurt: OGPQ) is pleased to provide an update regarding the ongoing development of the HMN Li Project, located on the Hombre Muerto salar, in Salta Province, Argentina.

Spanning 3,287 salar located hectares, the HMN Li Project is comprised of five key claim blocks: Alba Sabrina (2089 hectares), Norma Edit (115 hectares), Viamonte/Natalia Maria (595 contiguous hectares), Gaston Enrique (55 hectares), and Tramo (383 hectares).

Alba Sabrina Production Well One (ASPW1) has been drilled to 340 meters depth and is nearing the target depth of 400 meters.  The well has encountered sand and sand/broken rock from surface to the current depth.  Porosity is anticipated to be good.  Upon target depth, the well will then be cased, developed, and a pumping test will be completed.  A technical review is underway to determine the optimal location for further pumping wells on the Alba Sabrina claim block.

Company President and CEO, Adrian F. C. Hobkirk is quoted, "We are excited to be nearing the completion of our first deep pumping well at the Alba Sabrina claim block. We look forward to pumping test results."

The Preliminary Economic Assessment (PEA) announced October 18, 2023, is nearing completion.  Knight Piesold Consulting and JDS Energy and Mining are now completing the financial model. Full results are expected shortly.  The PEA will have an Initial Design Capacity of 15,000 tonnes per year Lithium Carbonate Equivalent.

Further details are available at the Company website at www.lithiumsouth.com.

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 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 Arcadium Lithium.  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 pumping/production well drilling campaign is underway.  A Preliminary Economic Assessment  based on the Tramo, Alba Sabrina and Natalia Maria claim blocks is expected in January, 2024.  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.

View original content:https://www.prnewswire.com/news-releases/lithium-south-pumpingproduction-well-drilling-update-302038008.html

SOURCE Lithium South Development Corporation

FAQ

What is the current depth of the Alba Sabrina Production Well One?

The well has been drilled to 340 meters and is nearing the target depth of 400 meters.

When is the Preliminary Economic Assessment (PEA) expected to be completed?

The PEA is nearing completion, with full results expected shortly.

What is the Initial Design Capacity of the PEA?

The PEA is expected to have an Initial Design Capacity of 15,000 tonnes per year Lithium Carbonate Equivalent.

Where can further details be found?

Further details are available at the Company website at www.lithiumsouth.com.