VANCOUVER, BC, April 6, 2023 /CNW/ -- Lithium South Development Corporation (the "Company") (TSX-V: LIS) (OTCQB: LISMF) (Frankfurt OGPQ). Lithium South Development is pleased to announce outstanding results from the Natalia Maria claim block at the Hombre Muerto North (HMN) Lithium Project, located in Salta Province, Argentina. High-grade lithium results have been encountered in exploration corehole NM01. Brine samples collected from NM01 have an average lithium grade of 1176 mg/L Li and a low magnesium to lithium ratio of 2.66. Full results are summarized in Table 1.
Table 1: Lithium and magnesium results for the brine samples collected from exploration hole NM01 at the Natalia Maria claim block.
One additional shallow monitoring well was completed at Natalia Maria adjacent to the deep monitoring well in the original corehole. These monitoring wells will be used to carry out hydraulic testing ("slug testing") on NM01, to provide preliminary insight into the permeability of the area and help estimate the future well flow.
With the compilation of final results from the drill program, the Company looks forward to the full program results and to the delineation of an updated lithium resource. The high-grade lithium results across seven holes at Alba Sabrina, as well as the very high-grade lithium samples from Natalia Maria, demonstrate the potential of the HMN Li Project. The Company is on track to achieve its objective to potentially expand the current National Instrument 43-101 Lithium Carbonate Equivalent resource. Groundwater Insight of Halifax, Nova Scotia, Canada is providing the technical guidance for the 2022-23 exploration program and will supervise the new updated lithium carbonate equivalent resource estimate.
About Lithium South
Lithium South ( LIS ) owns 100% of the Hombre Muerto North Lithium Project ( HMN Li Project ) located in Salta Province, Argentina, the heart of the lithium triangle. The Hombre Muerto Salar has a history of lithium production with Livent Corporation in operation for over twenty five years just south of the HMN Li Project. The HMN Li Project is surrounded by a $ U.S. 4 billion lithium development underway by POSCO ( Korea ) and the Sal de Vida Project under development by Allkem. LIS has delineated a NI 43-101 Lithium Carbonate Equivalent ( LCE ) resource on the Tramo claim block, one of five non-contiguous blocks that make up the HMN Li Project. Recent drilling on the Alba Sabrina and Natalia Maria claim blocks have identified additional lithium zones that will allow a new and potentially larger LCE resource to be defined. LIS is now transitioning from being a lithium explorer to becoming a lithium developer.
The technical and scientific information in this press release was reviewed and approved by Dr. Mark King, a Qualified Person for the purposes of National Instrument 43-101. Dr. King participated in the preparation of this news release.
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.
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
SOURCE Lithium South Development Corporation
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