2020-07-07 11:49 ET – News Release
Mr. Steven Cochrane reports
LITHIUM CHILE BEGINS EXPLORATION PROGRAM ON ITS 100% OWNED CARMONA GOLD SILVER PROPERTY
Lithium Chile Inc. has mobilized the company’s geological team to begin the planned initial exploration program on its Carmona gold/silver property. As discussed in the press release dated June 11, 2020, it is the Company’s intention to expand its data base and knowledge on both the Carmona gold/silver exploration project and the Laguna Blanca lithium/cesium exploration prospect.
The initial exploration program at Carmona will consist of detailed geological mapping, rock and soil sampling of the largest of the four, 2 to 4 square kilometre high-sulphidation epithermal gold-silver-bearing alteration zones within which historical mine production grades from 0.5 to 1.5 metre-wide veins range from 50 to 76 g (1.6 – 2.4 oz)/ton gold plus 780 to 1,153 g (25 – 37 oz)/ton silver. Lithium Chile has received interest from potential partners interested in a joint exploration program on Carmona. The Company believes an updated exploration program on Carmona will help facilitate the joint venture process. It is anticipated that the exploration program will take approximately 30 to 40 days and be completed by mid-August with assay results made available as they are received.
Lithium Chile anticipates moving its exploration team from Carmona to its Laguna Blanca lithium prospect upon completion of the Carmona exploration program. It is hoped that by late August Covid-19 restrictions will have been relaxed sufficiently to allow the exploration team to efficiently access the property. A grid sampling program of the surface sediments to depths of up to 2m wherever possible will be carried out to provide systematic data on the distribution of lithium and cesium values and resource potential within the eight-plus-square-kilometre reconnaissance target area identified to date.
While the COVID-19 pandemic has delayed court proceedings in Chile the final compensation award to the Community of Ancovinto allowing Lithium Chile’s drill program on Coipasa is still pending and will be resolved when the courts reopen.
Steve Cochrane, president and chief executive officer of Lithium Chile, commented, “Given the level of interest in our Chilean exploration projects I am excited to expand our knowledge on both our Carmona gold play and the Laguna Blanca lithium/cesium prospects.”
Readers are cautioned that a “qualified person” (as defined by National Instrument 43-101) has not yet completed sufficient work to be able to verify the historical information, and therefore the historical information should not be relied upon.
About Lithium Chile
Lithium Chile is advancing a lithium property portfolio consisting of 110,280 hectares covering sections of 11 salars and two laguna complexes in Chile.
Lithium Chile now also owns 5 properties that are prospective for gold, silver and copper. The Carmona and La Fortuna properties lie in the heart of the Chilean Maricunga gold belt.
We seek Safe Harbor.
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