LSC Lithium Corporation (“
LSC” or together with
its subsidiaries, the “
Company”) (TSXV:LSC) is
pleased to announce the completion of the second drill hole,
SPG-2017-04A, in its 6 hole Phase 1 program on Salar de Pastos
Grandes. The receipt of lithium brine assay results for this hole
indicate extensive and open ended mineralization to
depth.
A photo accompanying this announcement is available
athttp://www.globenewswire.com/NewsRoom/AttachmentNg/237339c9-6dfc-494f-abe1-9cf9e9c6f1af
HIGHLIGHTS
- Peak value intersected of 528 mg/l Li
- Three thick zones of lithium mineralization recorded down hole
and remains open at depth
- Three wide zones of lithium mineralization intersected
including:• 62m at 500 mg/l Li from 342m with an average Mg/Li
ratio of 6.7• 110m at 388 mg/l Li from 192m with an average Mg/Li
ratio of 6.6• 83m at 326 mg/l Li from 9m with an average Mg/Li
ratio of 6.3
- Mineralization footprint considerably extended on the
Salar
- LSC’s tenements total 2,683 ha over Salar de Pastos Grandes,
with 75% of LSC’s tenements (2,012 ha) present on the Salar surface
itself
- On track to deliver a NI 43-101 Mineral Resource report in Q2,
2018
- LSC is considering combining production from Pastos Grandes and
its Pozuelos project, only 17 km away, with centralized processing
at Pozuelos due to brine chemistry similarities and capital and
operating cost savings. LSC anticipates delivering a NI 43-101
Mineral Resource statement on its Pozuelos project by year end
The Company is pleased to report the completion
of its second drill hole SPG-2017-04A on the Pastos Grandes
property (see Map 1). This hole has returned consistently high
lithium grades and is open ended at depth (see Table 1). This set
of results extends the mineralized footprint on LSC’s tenements,
demonstrates the quality of this Salar and is in line with LSC’s
plan to deliver a NI 43-101 Mineral Resource report in Q2, 2018.
The previous results announced for the first drill hole,
SPG-2017-02B,1 also indicated a thick sequence of lithium bearing
brine mineralization which was open ended at depth below 500m. See
Table 2 for a summary of LSC’s drill program on the Salar de Pastos
Grandes.
Well mineralized lithium bearing brine aquifers
intersected in the current drill hole are present in three main
zones, the upper zone, from 9m to 92m, is dominated by halites, the
middle zone, from 192m to 302m, is represented by interbedded
halites and fine grained sands and the bottom zone, from 342 to
404m, consists of interbedded fine grained sands, clays and halite,
but is also open ended at depth. The upper zone averages 326 mg/l
Li over 83m with a Mg/Li ratio ranging between 6.08 and 7.10, the
middle zone averages 388 mg/l Li over 110m with a Mg/Li ratio
ranging between 6.27 and 6.98 and the bottom zone averages 500 mg/l
Li over 62m with a Mg/Li ratio ranging between 6.59 and 6.79 and is
open ended at depth. Brine packers were taken to a depth of 404m
but due to unstable in-hole conditions experienced from 404m to the
end of the hole at 554m, this zone was not sampled. Despite this,
the geology was logged as being the same material as for the
high-grade zone above.
LSC’s President & CEO Ian Stalker, noted
“The consistency of both the areal extent and thick zones of the
lithium mineralization that continues to be intersected on Pastos
Grandes is extremely encouraging. LSC is well on its way to
delivering a mineral resource report on this project in the first
half of next year. In addition, we are making good progress in
moving our other key projects which include Rio Grande, Pozuelos,
Salinas Grandes and Jama, through various stages of development
culminating in the delivery of three Mineral Resource estimates
over the next four months”.
Table 1: Brine Packer Sample
ResultsSalar de Pastos Grandes Drill Hole
SPG-2017-04A(Results as of December 6,
2017)
Hole |
From |
To |
Li |
Mg/Li |
SO4/Ca |
Mg/Ca |
K/Li |
SO4/Li |
Density |
|
(m) |
(m) |
mg/L |
Ratio |
Ratio |
Ratio |
Ratio |
Ratio |
G/ml |
SPG-2017-04A |
9 |
11 |
312 |
6.10 |
9.34 |
2.37 |
9.93 |
24.08 |
1.22 |
36 |
38 |
313 |
6.08 |
9.11 |
2.37 |
9.88 |
23.38 |
1.22 |
42 |
44 |
315 |
6.10 |
9.41 |
2.38 |
9.88 |
24.12 |
1.22 |
48 |
50 |
313 |
6.16 |
9.47 |
2.39 |
9.96 |
24.40 |
1.22 |
66 |
68 |
319 |
6.23 |
9.79 |
2.46 |
10.23 |
24.77 |
1.22 |
72 |
74 |
359 |
6.29 |
10.47 |
2.94 |
10.47 |
22.36 |
1.22 |
90 |
92 |
350 |
7.10 |
10.41 |
3.37 |
10.23 |
21.92 |
1.22 |
192 |
194 |
308 |
6.27 |
8.84 |
2.46 |
10.14 |
22.52 |
1.22 |
214 |
216 |
445 |
6.89 |
15.10 |
4.70 |
10.87 |
22.14 |
1.22 |
220 |
222 |
519 |
6.66 |
18.70 |
6.00 |
10.93 |
20.74 |
1.22 |
252 |
254 |
307 |
6.40 |
8.87 |
2.50 |
10.23 |
22.68 |
1.22 |
256 |
258 |
519 |
6.63 |
18.32 |
5.98 |
11.00 |
20.32 |
1.22 |
258 |
260 |
311 |
6.33 |
8.92 |
2.52 |
10.24 |
22.43 |
1.22 |
264 |
266 |
376 |
6.65 |
10.68 |
3.46 |
10.59 |
20.53 |
1.22 |
268 |
270 |
329 |
6.95 |
9.41 |
2.93 |
10.32 |
22.33 |
1.22 |
270 |
272 |
315 |
6.35 |
9.03 |
2.56 |
10.34 |
22.42 |
1.22 |
274 |
276 |
327 |
6.98 |
9.47 |
2.93 |
10.27 |
22.56 |
1.22 |
276 |
278 |
375 |
6.58 |
10.58 |
3.38 |
10.50 |
20.59 |
1.22 |
286 |
288 |
525 |
6.62 |
17.13 |
5.80 |
11.03 |
19.54 |
1.22 |
288 |
290 |
328 |
6.52 |
9.48 |
2.80 |
10.49 |
22.10 |
1.22 |
292 |
294 |
362 |
6.36 |
10.96 |
3.25 |
10.58 |
21.42 |
1.22 |
294 |
296 |
352 |
6.57 |
10.13 |
3.12 |
10.63 |
21.36 |
1.22 |
300 |
302 |
517 |
6.75 |
17.44 |
5.73 |
11.06 |
20.54 |
1.23 |
342 |
344 |
534 |
6.79 |
TBA |
6.30 |
10.99 |
TBA |
TBA |
372 |
374 |
539 |
6.77 |
TBA |
6.36 |
11.22 |
TBA |
TBA |
396 |
398 |
400 |
6.59 |
TBA |
3.71 |
10.61 |
TBA |
TBA |
402 |
404 |
528 |
6.76 |
TBA |
6.14 |
11.24 |
TBA |
TBA |
TBA=Results Pending |
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Table 2: Drill Program Summary – Salar de
Pastos Grandes
Hole |
POSGAR 94 datum |
Depth (m) |
Azimuth |
Dip |
Type |
Size |
Northing |
Easting |
SPG-2017-02 |
7 285 188 |
3 426 958 |
121 |
0 |
90 |
DDH |
HQ |
SPG-2017-02b |
7 284 054 |
3 427 202 |
573 |
0 |
90 |
DDH |
HQ |
SPG-2017-04A |
7 283 169 |
3 430 376 |
554 |
0 |
90 |
Tricone |
3 7/8” |
Brine samples are recovered from the diamond
holes using a packer system to isolate specific levels in the holes
and assayed at Alex Stewart Assayers (“ASA”) in
Jujuy, Argentina.
Capitalization Update
LSC also announces that as of November 30, 2017
the capitalization of LSC is as described below:
Share Capital |
Shares Outstanding |
141.6
million |
Options(1) |
9.4
million |
Warrants |
10.8 million |
Fully Diluted Shares Outstanding |
161.8 million |
(1) Options have an exercise price of C$1.30 and vest over
three years. All options expire 5 years after the date of
issuance. |
LSC also announces that the Board of Directors
of LSC granted 600,000 options to purchase common stock to
employees and consultants at an exercise price of C$1.60 per common
share, for a term of five years, pursuant to LSC’s incentive stock
option plan. The new stock option grants that have been made
to new employees and officers are part of the Company's overall
annual compensation package. As a result of this grant, LSC has
9,975,000 stock options issued, representing 7.04% of the issued
and outstanding share capital.
Sampling and QA/QC
Brine sampling for packer tests involved
collection of brine from the sample interval in a 20-litre
container, which was flushed with fresh brine several times prior
to collection of the sample. Brine was poured into 1-litre sample
bottles which had been previously flushed with fresh brine from the
20-litre container several times. Sample bottles were filled to the
top to eliminate the inclusion of air and sealed with a leak proof
lid. Samples were labelled and labels covered in clear tape to
prevent erasure of sample information. All samples remained in the
possession of the site geologist until delivery to Alex Stewart
Laboratory in Mendoza, Argentina by courier.
LSC has a well-developed QA/QC program. Brine
assays are undertaken at ASA in Mendoza, Argentina. ASA is
independent of LSC and has significant experience in assaying
lithium brines and is certified to ISO17025 standards. Brine assays
are undertaken using ICP, gravimetric, potentiometric and
volumetric methods as detailed in a press release from LSC dated
April 10, 2017.
ASA runs internal duplicates at a rate of 1 in
20. LSC inserts blanks and standards in sample batches at a rate of
1 in 20. Standards are internal standards developed by LSC that
have been independently certified by round robin testing. LSC uses
distilled water as blanks.
Qualified Person/Data
Verification
The scientific and technical information
included in this press release is based upon information prepared
and approved by Donald H. Hains, P.Geo. Mr. Hains is a
qualified person, as defined in NI 43-101 and is independent of
LSC. Mr. Hains has verified all sampling, analytical and test data
underlying the information contained in this press release by
on-site inspection during drilling, brine sampling; review of drill
core photographs to verify lithology; review of certified assay
certificates against the assay data base; review of pump test data.
There are no drilling, sampling, recovery or other factors that
could materially affect the accuracy and reliability of the
data.
ABOUT LSC LITHIUM
CORPORATION:
LSC Lithium has amassed a large portfolio of
prospective lithium rich salars and is focused on developing its
tenements located in five salars: Pozuelos, Pastos Grandes, Rio
Grande, Salinas Grandes, and Jama. All LSC tenements are located in
the “Lithium Triangle,” an area at the intersection of Argentina,
Bolivia, and Chile where the world’s most abundant lithium brine
deposits are found. LSC Lithium has a land package portfolio
totaling approximately 300,000 hectares, which represents extensive
lithium prospective salar holdings in Argentina.
For further information please
contact:
LSC Lithium Corporation Ian StalkerPresident
& Chief Executive OfficerSuite 3001, 1 Adelaide Street East
Toronto, Ontario M5C 2V9(416) 304 9384Email:
info@lsclithium.comWeb: lsclithium.com
Forward-Looking Statements
Certain statements contained in this news
release constitute forward-looking information. These statements
relate to future events or future performance, including statements
as to the ability and anticipated timing to complete a NI 43-101
report on the Salar de Pastos Grandes for Q2, 2018 and the timing
and ability to complete a NI 43-101 report for LSC’s other
properties, Salar de Pozuelos, Salar de Rio Grande, Salar de
Salinas Grandes and Salar de Jama, ability to test brines using
third party technology, ability, timing and successful completion
of the drill program at Pastos Grandes, ability to combine
production from Pastos Grandes and Pozuelos, LSC’s overall
contained lithium inventory, ability to produce more results on
Pastos Grandes, and the existence of extensive and open ended
mineralization at depth. The use of any of the words “could”,
“anticipate”, “intend”, “expect”, “believe”, “will”, “projected”,
“estimated” and similar expressions and statements relating to
matters that are not historical facts are intended to identify
forward-looking information and are based on LSC's current belief
or assumptions as to the outcome and timing of such future events.
Whether actual results and developments will conform with LSC's
expectations is subject to a number of risks and uncertainties
including factors underlying management's assumptions, such as
risks related to: title, permitting and regulatory risks;
exploration and the establishment of any resources or reserves on
LSC’s properties; volatility in lithium prices and the market for
lithium; exchange rate fluctuations; volatility in LSC’s share
price; the requirement for significant additional funds for
development that may not be available; changes in national and
local government legislation, including permitting and licensing
regimes and taxation policies and the enforcement thereof;
regulatory, political or economic developments in Argentina or
elsewhere; litigation; title, permit or license disputes related to
interests on any of the properties in which the Company holds an
interest; excessive cost escalation as well as development,
permitting, infrastructure, operating or technical difficulties on
any of the Company's properties; risks and hazards associated with
the business of development and mining on any of the Company's
properties. Actual future results may differ materially. The
forward-looking information contained in this release is made as of
the date hereof and LSC is not obligated to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained herein.
For more information, see the Company's filing statement on SEDAR
at www.sedar.com.
Neither the TSX Venture Exchange Inc. nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
The TSX Venture Exchange Inc. has neither
approved nor disapproved the contents of this press release.
1 See LSC’s press release dated November 14, 2017.
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