| Announcement Date: | 2022-12-05 |
|---|---|
| Announcement Type: | Deposit Estimation |
| Announcement Code: | NI43-101 |
| Company name: | Lithium Chile Inc. |
| Project name: | Arizaro de Salar |
| Location: | Argentina |
| Commodities: | Lithium |
| Highlight: | Updated Resource Estimate for Project |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | CALGARY, ALBERTA, December 5, 2022 – Lithium Chile Inc. (“Lithium Chile”) is pleased to announce the results of an updated resource report at the Salar de Arizaro. The update resulted in a significant increase to Lithium Chile’s lithium carbonate equivalent resource. The increase is a result of the success of its second production well. That second well, drilled 3.6 kilometers away from the initial production test well, encountered significantly increased thickness in the brine reservoir between 343 meters and 598 meters of depth. The updated resource estimate was prepared by Montgomery and Associates, an independent engineering firm that has supervised the drilling program such that all parameters necessary to meet the requirements of NI 43-101 are fulfilled. CONTINUED DRILLING Lithium Chile is proceeding with a production test well program that involves a total of 4 production test wells. Drilling of the third production test well slated to begin within the next week. It is noteworthy that Lithium Chile has designed the drilling program to include four production test wells in total. While each individual test well has a radius of investigation for resource estimate calculations, it is intended that upon completion of the fourth production test well, if successful, the area between the wells |
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