VANCOUVER, BC, Feb. 10, 2022 /PRNewswire/ -- Lithium South Development Corporation (the "Company") (TSX-V: LIS) (OTCQB: LISMF) (Frankfurt: OGPQ) is pleased to announce that the Mining Secretariat of Salta Province, Argentina, has advised the Company that a proposed drill program for the Hombre Muerto Lithium Project (HMN Li Project) has been approved. The formal documentation is expected in the coming days. The program is scheduled to begin this month. Recent road construction and drill pad construction are nearing completion. Drill pad dimensions are thirty meters by thirty meters. A drill contract for the program is expected to be concluded shortly.
The property package of 5,687 hectares comprises of nine mining concessions. The project is strategically located with developed infrastructure. The HMN Li Project is surrounded by two leading lithium producers, Korean giant POSCO which is making an $ U.S. 840 million development for their project, and Livent which produces lithium at the Northern end of the renowned Hombre Muerto Salar.
Based on the results from a recent TEM study (see October 4 News release) three core wells are planned for the Alba Sabrina claim block. The Alba Sabrina claim (2,089 hectares) is the largest block of the HMN Li Project and has never been drill tested. To date only the Tramo claim block (383 hectares) has been explored and contains the current Ni 43-101 defined LCE resource. With only 14% of the whole property explored, there is significant resource expansion potential.
Company Vice President Fernando Villarroel said, "Salta is considered the best investment district in the Lithium Triangle according to the Fraser Institute. So, we are in the right place at the right time. In light of record lithium carbonate prices, we are very excited to undertake a large drill program to potentially expand the resource size at HMN. The Alba Sabrina block is the largest in the package and represents an excellent drill target."
About Lithium South
Lithium South is focused on developing the Hombre Muerto North Lithium Project, located on the Hombre Muerto Salar, a major lithium-producing salar in Argentina. The property is adjacent to land under 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 Company is evaluating conventional evaporation as a process method, and Direct Lithium Extraction (DLE) as an alternative method. Three candidates for DLE are currently being evaluated. Two, 2,000-gallon bulk brine samples are in transit; one sample is heading to Oakland California for testing by Lilac Solutions, and the second sample is heading to Chengdu China for testing by Chemphys. DLE test work is also currently underway in Salta, Argentina by Eon Minerals.
This news release has been reviewed and approved by Marcela Casini, advisor to the Company and a Qualified Person as that term is defined in National Instrument 43-101.
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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