Neo Lithium Corp. (“
Neo Lithium” or the
“
Company”) (TSXV:NLC; OTCQX:NTTHF; FSE:NE2) is
pleased to provide an operational update for its wholly-owned Tres
Quebradas lithium brine project ("3Q Project") in Catamarca
Province, Argentina.
The Company’s lithium carbonate pilot plant,
which was built by the Instituto de Investigaciones Tecnologicas
from Universidad de Concepcion, Chile, was successfully reassembled
at Neo Lithium’s Fiambalá facility. The pilot plant was tested,
fine-tuned and commissioned to operate with concentrated brine from
the salar, with a designed capacity to produce 50 tonnes of lithium
carbonate per year.
The pilot plant includes a solvent extraction
phase (SX-B) for Boron removal, a sulfation plant to remove calcium
and a liming and carbonation phase to remove magnesium and any
remaining calcium. The process is then completed with 3 stages of
soda ash carbonation and drying. The Company has expanded its
engineering staff and is planning to produce lithium carbonate at
technical grade by August, and battery grade by September of the
current year.
The Company is also pleased to announce the
completion of its geochemical laboratory in Fiambalá and the
engagement of Alex Stewart International Argentina SA to assist
with setting up the equipment, protocols, and operating
procedures.
“After completing a successful PFS, we are now
fully engaged and focused in demonstrating that our technology is
capable to produce battery grade lithium carbonate at very
efficient levels,” stated Waldo Perez, President and CEO of Neo
Lithium. “Producing battery grade lithium carbonate in our pilot
plant is our ultimate goal, which will validate that the project is
scalable and economically viable as we push forward with our
objective to create and maximize shareholder value.”
Drilling Update
The 2019 summer drilling campaign focused on
areas below the high-grade zone to expand this valuable resource.
The northern sector of the 3Q project has a high-grade core that
was drilled in previous campaigns down to only 100 meters. Drilling
deeper is complicated due to the loose clastic units saturated in
brine increases the risk of the hole collapsing prior to installing
the filters. This year the Company drilled two rotary wells,
PB1-R-24 and PB1-R-25 much deeper than 100 meters. See location in
the company web site.
http://www.neolithium.ca/project/default.aspx#section=maps
PB1-R-24 was drilled down to
160 meters depth and provided 1,128 mg/l lithium, thus expanding
the high-grade zone significantly as reported in the press release
of April 8th, 2019.
PB1-R-25 was completed recently
in May 2019, drilling down to 280 meters depth. The hole is located
on the eastern border of the 3Q lake, an area where the reserve
estimation assumed brine to be present to only 10 meters depth,
however the hole encountered brine all the way from surface to 280
metres depth. The well was finished in 8 inches metal screen
from 100 metres deep to 265 metres and is blind with cement and
clay pellets from surface down to 100 metres (to avoid entrance of
brine from the lake). The well was pumped over 72 hours to collect
10 brine samples. Geochemical results are expected during Q2
2019.
About Neo Lithium Corp.
Neo Lithium Corp. has quickly become a prominent
new name in lithium brine exploration by virtue of its high quality
3Q Project and experienced team. Already well capitalized, Neo
Lithium is rapidly advancing its recently discovered 3Q Project - a
unique high-grade lithium brine lake and salar complex in Latin
America’s “Lithium Triangle”.
The 3Q Project is in Catamarca Province, the
largest lithium producing area in Argentina. The project covers
approximately 35,000 ha and the salar complex within this area is
approximately 16,000 ha.
The technical team that has discovered the 3Q
Project characterized this unique salar complex as one of the most
experienced in lithium salars. For example, this team discovered
and led the technical work, including resource definition and full
feasibility study, that established the Cauchari lithium salar as
one of the largest lithium brine resources in the world.
Additional information regarding Neo Lithium
Corp. is available on SEDAR at www.sedar.com under the Company's
profile and at its website at www.neolithium.ca, including various
pictures of ongoing work at the project.
For further information, please
contact:
Neo Lithium Corp. Carlos
Vicenscvicens@neolithium.ca
Neither 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. The TSX Venture Exchange Inc. has in no
way approved nor disapproved the contents of this press
release.
Cautionary Note Regarding Forward Looking
Statements - Certain information set forth in this news release may
contain forward-looking statements. Such statements include but are
not limited to, statements as to lithium brine grades at depth
being consistent with surface results, the potential for resource
expansion at depth, the potential of the northern salar sediments,
and deeper sediments, for hosting brine, the ability to proceed to
scoping studies quickly, proceeding with continued work for
additional economic studies the potential for production expansion
in the Company’s assessment of the economic potential of the 3Q
Project, that test results are indicative of future results, and
the additional of additional independent directors. Generally,
forward-looking statements can be identified by the use of words
such as “plans”, “expects” or “is expected”, “scheduled”,
“estimates” “intends”, “anticipates”, “believes”, or variations of
such words and phrases, or statements that certain actions, events
or results “can”, “may”, “could”, “would”, ”should”, “might” or
“will”, occur or be achieved, or the negative connotations thereof.
These forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of the
Company, which could cause the actual results, performance or
achievements of the Company to be materially different from the
future results, performance or achievements expressed or implied by
such statements. These risks include, without limitation, risks
related to failure to obtain adequate financing on a timely basis
and on acceptable terms, political and regulatory risks associated
with mining and exploration activities, including environmental
regulation, risks and uncertainties relating to the interpretation
of drill and sample results, risks related to the uncertainty of
cost and time estimation and the potential for unexpected delays,
costs and expenses, risks related to metal price fluctuations, the
market for lithium products, competition for experienced directors
in the junior mineral exploration and development sector, and other
risks and uncertainties related to the Company's prospects,
properties and business detailed elsewhere in the Company’s
disclosure record. Although the Company believes its expectations
are based upon reasonable assumptions and has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended and undue reliance should not be placed on forward-looking
statements.
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