VANCOUVER, BC, April 18,
2024 /CNW/ -- Lithium South Development
Corporation (the "Company or Lithium South") (TSX-V: LIS)
(OTCQB: LISMF) (Frankfurt: OGPQ) is pleased to announce significant
progress at Well PW23-AS-02 on its flagship Hombre Muerto North
Lithium Project (HMN Li Project), which is the first pumping well
to be located at the Alba Sabrina claim block. Spanning 2,089
hectares, Alba Sabrina is the largest claim block in the HMN Li
Project package and a key component of the corporation's lithium
development efforts.
Recent efforts at Well PW23-AS-02, have successfully cleared the
well of sediment, leading to the flow of clear brine with strong
artesian characteristics. These developments suggest potential for
enhanced brine extraction rates. To maximize these benefits, an
80-kilowatt pump, significantly larger than the initially planned
50-kilowatt pump, has been contracted for the HMN Li Project.
Adrian F. C. Hobkirk, President
and CEO of Lithium South Development Corporation states, "These
developments on the Alba Sabrina claim block could potentially
enhance our operational capacity. The completion of this
pumping test, anticipated by the end of May, will provide critical
technical insight into the capacity potential of this area of the
salar. We're excited about the future and are committed to
delivering value to our shareholders and contributing responsibly
to the global energy transition."
In response to these developments, Lithium South has decided to
significantly expand its well installation program. This expansion
includes an additional well of up to 400 meters at the Alba Sabrina
block and three more within the adjoining Norma Edith and Viamonte blocks, subject to a
50/50 brine share with neighbor POSCO.
Concurrently, the technical team is preparing the biannual
Environmental Impact Report, incorporating the expanded drilling
plans. This report, essential to the strategic objectives of
Lithium South, will be submitted by the end of April.
About Lithium South
Lithium South owns 100% of the HMN Li Project located in Salta
and Catamarca Provinces, Argentina, in the heart of the lithium
triangle. The Salar del Hombre Muerto has a history of
lithium production, with Arcadium Lithium (as a result of the Alkem
and Livent merger) in operation for over twenty-five years, in an
area just south of the HMN Li Project. The HMN Li Project is
surrounded by a US$4 billion lithium
development under construction by POSCO (Korea) and the Sal de Vida
Project under development by Arcadium. Exploration work to date has
delineated a National Instrument 43-101 compliant 1,583,200 tonne
Lithium Carbonate Equivalent ("LCE") Resource (See Note 1 Below) on
the Alba Sabrina, Natalia Maria, and
Tramo claim blocks , three of five non-contiguous blocks that make
up the HMN Lithium Project. A recent Preliminary Economic
Assessment announced on March 04,
2024 and with report to follow, delineates the
exciting potential of the 15,600 tonne per year lithium carbonate
project. With pumping well installation underway, Lithium
South is transitioning from being a lithium explorer to becoming a
lithium developer.
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
Mr. William Feyerabend, CPG, a
Consulting Geologist and Qualified Person under NI 43-101
contributed to the production of this press release and approves of
the technical and scientific information contained herein.
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
Note 1: A report titled Updated Mineral Resource Estimate –
Hombre Muerto North Project, NI 43-101 Technical Report Catamarca
and Salta, Argentina,
Mark King, PhD, PGeo, Peter Ehren, M.Sc, MAusIMM, September 5th, 2023.
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.
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SOURCE Lithium South Development Corporation
