Lithium Chile Updates Turi Drilling Program and Announces Rig Mobilization
Calgary, Alberta--(Newsfile Corp. - November 18, 2019) - Lithium Chile Inc. (TSXV: LITH) (OTCQB: LTMCF) ("Lithium Chile" or the "Company") is pleased to announce that construction of the first drill pad on the company's Turi exploration prospect is anticipated to be completed this week and that mobilization of the drilling rig contracted with Big Bear Drilling out of La Serena Chile is also anticipated to commence towards the end of the week. Lithium Chile expects to collar and begin drilling their first reconnaissance hole on Turi early the week of November 25th 2019. The first drill hole will test the greater than 300 metre thick core of a large well defined high conductivity TEM geophysical anomaly underlying at least 63 square kilometres of the Turi property. Near surface brine samples taken by Lithium Chile from the area above the TEM anomaly contain lithium values ranging up to 590 mg/l and moderate to low magnesium to lithium ratios of 7.8.
Lithium Chile has contracted Montgomery and Associates Consultores Limitada ("Montgomery and Associates") from Santiago to assist with both the drilling and sampling program on Turi based upon their extensive experience in lithium exploration. Montgomery and Associates has developed most of the current Resources and Reserves definitions used for lithium brines in National Instrument 43-101 reports. They will assure QA/QC control in our sampling techniques.
Steve Cochrane, President and CEO of Lithium Chile comments, "We are extremely pleased that we are finally able to commence our exploration program on our Turi prospect. With the challenges facing our industry today the initiation of our second exploration project in Chile is a major success for Lithium Chile. I am proud of our team in Chile and we see this program as a significant opportunity to add shareholder value ."
About Lithium Chile
Lithium Chile is advancing a lithium property portfolio consisting of 166,150 hectares covering sections of 14 salars and 2 laguna complexes in Chile.
Lithium Chile's common shares are listed on the TSX-V under the symbol "LITH" and on the OTC-QB under the symbol "LTMCF".
To find out more about Lithium Chile Inc., please contact Steven Cochrane, President and CEO via e mail: email@example.com or alternately, Jeremy Ross, VP Business Development, at (604) 537-7556 or via email: firstname.lastname@example.org . Chilean contact is Terry Walker, VP Exploration at (011) 562 2455-6473 or via email: email@example.com
On Behalf of the Board of Directors,
LITHIUM CHILE INC.
President & CEO
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.
Forward Looking Statements
This news release may contain certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. In particular, this news release contains forward-looking statements relating to, among other things, management of the Company's views regarding the current and subsequent drilling programs.
You are cautioned that the following list of material factors and assumptions is not exhaustive. Specific material factors and assumptions include, but are not limited to: the general stability of the economic and political environment in which the Company operates; the timely receipt of required regulatory approvals; the ability of the Company to obtain future financing on acceptable terms; currency, exchange and interest rates; operating costs; the success the Company will have in exploring its prospects and the results from such prospects. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements herein, except as required by applicable securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
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