Alpha Lithium Corporation (TSX.V: ALLI) (OTC: APHLF)
(Germany WKN: A3CUW1) (“
Alpha” or the
“
Company”) is very pleased to announce that it has
completed a Vertical Electrical Sounding (“VES”) campaign across a
portion of its Salar del Hombre Muerto project in Argentina’s
Lithium Triangle (see June 28, 2022 news release). The Company
controls over 5,000 hectares in the prolific Hombre Muerto salar
and the results of this VES campaign indicate the presence of
significant subsurface brine bodies on the Company’s Santo Tomas
property.
Alpha’s Santo Tomas property is surrounded by
POSCO’s multi-billion-dollar Hombre Muerto development and is
located less than 5 km from POSCO’s pilot plant in the same
salar.
Exploration and drilling activity by surrounding
competitors indicate Alpha’s property should contain a prolific
lithium brine aquifer. Two nearby wells, both drilled within 300
meters of Santo Tomas’ boundaries, produced at highly significant
flow rates with at least one of the wells returning lithium
concentrations better than 750 mg/L, which is typical in the Salar
del Hombre Muerto.
The results of the VES evaluation indicate the presence of three
large units, all of which are expected to be productive:
- Upper Unit: Extends from the
surface to 44 meters deep, with very low resistivity values (0.3
to 2.3 Ohm-m) and is described as sand, silt, clay and evaporites
facies, saturated with productive brines.
- Middle Unit: A very thick
productive sequence with low to moderate resistivity values (2 to
12 Ohm-m) that are interpreted as fractured and massive halite
facies, with intercalations of sandy facies, and saturated with
brines. There is a clear increase in thickness from east to west,
with the unit base detected at approximately 200 meters deep in the
east, and approximately 320 meters deep in the west.
- Lower Unit: Characterized by
moderate resistivity values (17 to 41 Ohm-m) and are described as
sedimentary facies of the Neogene Catal Formation. This
historically saturated and productive unit is made up of
conglomerates, sandstones, and tuffs.
The Company’s regional geological-geophysical
model suggests that the thickness of the modern fill facies (sands,
silts, clays, evaporites and halite) of the Salar del Hombre Muerto
vary from about 40 meters in the eastern sector (outcropping of the
Catal Formation), to more than 500 meters deep in the western zone
(outcrops of the Sijes Formation).
Brad Nichol, President, and CEO of Alpha,
stated, “As we continue progressing in the neighboring Tolillar
Salar closer towards our objective of commercial production, Hombre
Muerto is quickly becoming the next growth engine for our company.
In Hombre Muerto, we are surrounded by intense exploration and
exploitation of lithium enriched brines by multinational corporate
giants. Through those exploits, and the unmatched 25-year
production history, Hombre Muerto is well understood to be one of
the most desirable lithium brine locations in the world. The
results of this VES survey indicate significant similarities to the
surrounding world-class assets of our immediate neighbors.”
With $44 million in cash, Alpha is sufficiently
funded to continue pursuing its exploration and production
ambitions in Argentina for the long-term. Accordingly, the Company
intends to commence drilling operations in Hombre Muerto as soon as
possible.
Nichol continued, “Our operations in Hombre
Muerto do not start and stop with the Santo Tomas property. We have
already commenced a VES campaign on our Gran Victoria property in
Hombre Muerto and expect to acquire approximately 40 shot points
there. We look forward to releasing the results of that survey as
soon as we have them.”
Alpha’s team is one of the most experienced in
the Salar del Hombre Muerto. As recently announced (see July 19,
2022 news release), the Company has engaged Mario Portillo, a
global lithium expert worked on the design of Livent Corporation’s
25-year producing lithium carbonate and lithium chloride plants, in
addition to guiding Galaxy Resources (now Allkem Limited) in the
Salar del Hombre Muerto. Additionally, Alpha’s Country Manager,
David Guerrero has spent most of his lithium career in Hombre
Muerto, having held a leadership position in Galaxy Resources.
After leading development and exploration activities, David was an
essential player in the 2018 sale of Galaxy’s Hombre Muerto assets
to POSCO. Finally, Doctor Rodolfo Garcia leads Alpha’s subsurface
technical team and has spent decades studying, understanding,
researching, exploring, exploiting and teaching global audiences
about the Salar del Hombre Muerto. Doctor Garcia’s work is known
and respected worldwide and he is one of several experienced
leaders within the Alpha Lithium team.
Qualified Person, QA/QC
Statements:
Michael Rosko, MS, PG, of Montgomery and
Associates (“M&A”) of Santiago, Chile, is a registered
geologist (CPG) in Arizona, California and Texas, a registered
member of the Society for Mining, Metallurgy and Exploration (SME
No. 4064687), and a qualified person as defined by National
Instrument 43-101. Mr. Rosko has extensive experience in salar
environments and has been a qualified person on many lithium brine
projects. Mr. Rosko and M&A are independent of Alpha. The
Company has a robust QA/QC and sample management program. Mr. Rosko
has reviewed and approved the scientific and technical content of
this news release.
ON BEHALF OF THE BOARD OF ALPHA LITHIUM
CORPORATION
“Brad Nichol”
Brad NicholPresident, CEO and Director
For more information:Alpha
Lithium Investor Relations Tel: +1 844 592
6337relations@alphalithium.comwww.alphalithium.com
About Alpha Lithium (TSX.V: ALLI) (OTC: APHLF) (Germany
WKN: A3CUW1)
Alpha Lithium is a team of industry
professionals and experienced stakeholders focused on the
development of the Tolillar and Hombre Muerto Salars. In Tolillar,
we have assembled 100% ownership of what may be one of Argentina’s
last undeveloped lithium salars, encompassing 27,500 hectares
(67,954 acres), neighboring multi-billion-dollar lithium players in
the heart of the renowned “Lithium Triangle”. In Hombre Muerto, we
continue to expand our 5,000+ hectare (12,570 acres) foothold in
one of the world’s highest quality, longest producing, lithium
salars. Other companies in the area exploring for lithium brines or
currently in production include Orocobre Limited, Galaxy Lithium,
Livent Corporation, and POSCO in Salar del Hombre Muerto; Orocobre
in Salar Olaroz; Eramine SudAmerica S.A. in Salar de Centenario;
and Gangfeng and Lithium Americas in Salar de Cauchari.
Forward-Looking Statements
This news release contains forward-looking
statements and other statements that are not historical facts.
Forward-looking statements are often identified by terms such as
"will", "may", "should", "anticipate", "expects" and similar
expressions. All statements other than statements of historical
fact, included in this news release are forward-looking statements
that involve risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from the Company's expectations include the
results of further brine process testing and exploration and other
risks detailed from time to time in the filings made by the Company
with securities regulators. The reader is cautioned that
assumptions used in the preparation of any forward-looking
information may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted, as
a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the Company.
The reader is cautioned not to place undue reliance on any
forward-looking information. Such information, although considered
reasonable by management at the time of preparation, may prove to
be incorrect and actual results may differ materially from those
anticipated. Forward-looking statements contained in this news
release are expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company will update or
revise publicly any of the included forward-looking statements as
expressly required by applicable law.
Neither the 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. No securities regulatory
authority has reviewed nor accepts responsibility for the adequacy
or accuracy of the content of this news release.
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