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Vancouver, British Columbia--(Newsfile Corp. - September 30, 2020) - One World Lithium (CSE: OWLI) (OTCQB: OWRDF) has announced a non-brokered private placement. The company is looking to raise gross proceeds of up to $1.5 million from the placement of up to 30 million units priced at $0.05 per unit, with the units consisting of one share and one warrant, with the warrant exercisable at $0.10 for 36 months. The shares are currently trading at $0.075.
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The company intends to allocate $700,000 of the proceeds to a drill program at its Salar del Diablo lithium property, with another $400,000 allocated to a possible expansion of the southern drilling program and the balance for working capital.
The 103,450 hectare or 400 square mile Salar del Diablo property is located 137 kilometers south of the U.S. border on paved highways and 35 kilometers west of San Felipe, in the State of Baja California, Mexico. A geophysical survey by SJ Geophysics, which covered approximately 150 square kilometers, or 14% of the Diablo claim block, identified three conductive zones that may contain brine. The three zones cover over 54 square kilometers, with zones two and three open ended as they are larger than the survey grid. The compilation of all the data from the geochemical, geophysical, and geological programs had identified 12 drill locations.
Syd Visser, President of SJ Geophysics Ltd wrote "The survey's objective was to delineate changes in conductivity that could represent conductive layers. The Salar del Diablo was considerably more conductive than expected. As in other salars in North and South America that are in production or advanced exploration, the conductive layers could represent saline brines, which may contain elevated concentrations of lithium."
A 4 by 4 skidder mounted diamond drill rig has been mobilized at the south end of the property in preparation for drilling holes 3 and 4. Depending on borehole conditions, the rig is capable of reaching a depth of 1 000 meters or 3,280 feet.
One World Lithium Inc. has completed Phase one and Phase two pre drilling programs to own an undivided 60% property working interest. Upon completion of the current drill program the company will have then earned an additional 20% property working interest, for a total of an 80% property working interest.
On receipt of an acceptable Bankable Feasibility Report, the Company has a one time election to purchase an additional 10% property working interest based on the Bankable Feasibility Report's present value using an 10% discount rate for a total of a 90% property working interest.
For more information, please visit the company's website www.OneWorldLithium.com, contact Douglas Fulcher, President and CEO, by email at info@OneWorldLithium.com. Investor Relations is handled by Earl Hope, who can be reached at 604-564-2017 or by email at earl@OneWorldLithium.com.
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