Friday, November 22, 2024

Second Drill Rig added to HMN Lithium Project, Argentina

Lithium South Development Corporation, is pleased to provide an update on the drilling campaign currently underway at the Hombre Muerto North Lithium Project (HMN Li Project) in Salta Province, Argentina. Andalgala Perforaciones S.A. of Catamarca, Argentina have been contracted to provide a second core rig for drilling at the project site. The rig is expected to be located by this coming weekend at the northern portion of the Alba Sabrina claim block. The rig has the depth potential required for the drilling program.

Company Director and Chief Operating Officer, Fernando Villarroel states, “We are very pleased to have obtained a second drill rig to move our drill program forward in a timelier manner. We look forward to providing further results from the two operating drill rigs.”

The objective of the program is to potentially expand the current Lithium Carbonate Resource which is defined with an average grade of 756 mg/L lithium within 571,000 tons in the Measured and Indicated Categories (See news release December 4, 2018, and NI 43-101 compliant Technical Report titled, Initial Measured and Indicated Lithium and Potassium Resource Estimate, Hombre Muerto North Project, Salta and Catamarca Provinces, Argentina, prepared by independent consultants Montgomery and Associates of Santiago, Chile).

The current Resource is contained solely on the Tramo Claim Block, which is 383 hectares in size. Tramo is one of five Salar-located, non-contiguous claim blocks that comprise the total project area of 3,287 hectares. The current drill program is focused on exploration of the Alba Sabrina Claim Block, which is 2,089 hectares in size.

About Lithium South

The HMN Li Project is at an advanced stage of evaluation, with a Preliminary Economic Assessment completed in April 2019. Lithium South is the 100% owner and expects to expand the known resource with its current drill program. Preliminary results support this expectation. Additional project work including permitting, environmental studies and process test work is ongoing.

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The HMN Li Project is adjacent to a US$840 million lithium mine under development by the Korean multinational corporation POSCO, which acquired their holdings from Galaxy Resources Ltd. for US$280 million. Livent Corporation is producing lithium south of the Hombre Muerto North Lithium Project and has operated there for over twenty-five years.

The Company is evaluating a conventional evaporation process method, and Direct Lithium Extraction (DLE) as an alternative method. DLE test work on 2,000-liter brine samples is currently in progress by Chemphys Chengdu, in China, and Eon Minerals in Salta, Argentina.

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