VANCOUVER, BC, Oct. 6, 2022
/CNW/ -- Lithium South Development Corporation (the
"Company") (TSX-V: LIS) (OTCQB: LISMF) (Frankfurt: OGPQ) is pleased
to provide an update on the drilling campaign currently underway at
the Hombre Muerto North Lithium Project (HMN Li Project) in
Salta Province, Argentina. Two
rigs are operating on site, and drilling is progressing according
to schedule.
The current exploration is located within the Alba Sabrina claim
block. This area at 2,089 hectares is the largest of the
3,287 hectare claim package. The current drill plan has three
holes located south to north, identified as AS01, AS03 and AS02,
along a four-kilometer grid:
- First hole AS01, was completed to 270 meters depth and is the
southernmost hole along the south to north grid. Assay work
returned encouraging results as reported August 10, 2022.
- Holes AS02 and AS03 are located to fill in the south to north
grid. Hole AS03 located 2,000 meters north of hole AS01 is at
195 meters depth and is comprised of mainly sand and gravel with a
basalt zone from 33 to 73 meters.
- Hole AS02, located 2,000 meters north of Hole AS03 and
positioned at the northern most zone of the Alba Sabrina claim
block, is at 180 meters depth and is comprised mainly of sand with
occasional clay zones.
Both holes contain significant brine. The intention is to
continue to drill to basement rock. Currently drilling is paused
while a major service is completed on both units in preparation for
double packer sampling.
Company Director and Director of Project Development,
Fernando Villarroel states, "We are
very pleased with the current exploration progress and look forward
to further results."
About Lithium South
The HMN Li Project is at an advanced stage of evaluation, with a
Preliminary Economic Assessment completed in April 2019.
Lithium South is the 100% owner and expects to expand the known
resource with its current drill program. Preliminary results
support this expectation. Additional project work including
permitting, environmental studies and process test work is
ongoing.
The HMN Li Project is adjacent to a US$840 million lithium mine under development by
the Korean multinational corporation POSCO, which acquired their
holdings from Galaxy Resources Ltd. for US$280 million. Livent Corporation is
producing lithium to the south of the Hombre Muerto North Lithium
Project and has operated there for over twenty-five years.
The contents of this press release were reviewed by
William Feyerabend, a Consulting
Geologist and Qualified Person under National Instrument 43-101.
Mr. Feyerabend participated in the writing of this press release
and approves of the technical information contained herein.
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
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.
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SOURCE Lithium South Development Corporation