VANCOUVER, BC, March 30,
2023 /CNW/ -- Lithium South Development
Corporation (the "Company") (TSX-V: LIS) (OTCQB: LISMF)
(Frankfurt OGPQ). Lithium South Development is pleased to
announce the completion of NM01, the final hole of the current
resource expansion program at the Hombre Muerto North Lithium
Project, Salta Province,
Argentina. The hole is located on
the Natalia Maria Claim Block, a 115 hectare area strategically
located on the salar. Drilling at NM01 has intersected
brine-bearing interbedded sediments and fractured halite from
surface to a depth of approximately 200 meters. Below that,
to the final borehole depth of 375 meters, the halite has lower
permeability. Nine packer samples have been collected between
24 and 189 meters, with a density range of 1.215 to 1.218 g/mL and
a conductivity range of 196.3 to 209.5 mS/cm. Samples will be
sent to Alex Stewart Laboratories (ISO Certified Mendoza,
Argentina) for analysis.
A monitoring well will be installed to test the upper, more
permeable, halite. A separate shallow well will be installed
on the same platform to test the shallow interbedded sediments.
The goal of the monitoring wells are to provide a
preliminary indication of whether the claim block will support one
or more shallow pumping wells for potential future lithium
production.
The 2022-2023 resource expansion program is comprised of a total
of eight core wells, seven were drilled on the Alba Sabrina Claim
Block, the largest in the project package at 2,089 hectares.
Combined with the newly completed hole NM01 at the Natalia
Maria Claim Block, and the 2018 drill program at the 383 hectare
Tramo Claim, over 75 % of the salar located claims has now been
drill tested.
A new updated lithium carbonate equivalent resource will be
calculated under the supervision of Groundwater Insight, of
Halifax, Nova Scotia, Canada.
Management expects to substantially add to the current
571,000 tonne LCE resource identified at the Tramo Claim Block in
2018 (October 02, 2018 News Release).
The intent of expanding the current resource is to increase
the project size potential from the 5,000 tonne per year operation
defined in the 2019 Preliminary Economic Assessment (filed
August 12, 2019).
Company President and CEO Adrian F. C.
Hobkirk is quoted, "We are pleased to have completed the
2022-2023 resource expansion program at the HMN Li Project.
We look forward to full results and the delineation of a new
lithium resource."
About Lithium South
Lithium South is focused on developing the Hombre Muerto North
Lithium Project (HMN Li Project), located on the Hombre Muerto
Salar, a major lithium-producing salar in Argentina. The property is adjacent to a US
$4 billion lithium project
development by the Korean multinational corporation POSCO, which
acquired the ground from Galaxy Resources Ltd. for US $280 million. The Company completed a
Preliminary Economic Assessment of the HMN Li Project in 2019,
utilizing conventional evaporation extraction.
The technical and scientific information in this press
release was reviewed and approved by Dr. Mark King, a Qualified Person for the purposes
of 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 BAP & Associates Limited
