VANCOUVER, B.C., Jan. 18,
2024 /CNW/ -- Lithium South Development
Corporation (the "Company") (TSX-V: LIS) (OTCQB: LISMF)
(Frankfurt: OGPQ) is pleased to provide an update regarding the
ongoing development of the HMN Li Project, located on the Hombre
Muerto salar, in Salta Province,
Argentina.
Spanning 3,287 salar located hectares, the HMN Li Project is
comprised of five key claim blocks: Alba Sabrina (2089 hectares),
Norma Edit (115 hectares), Viamonte/Natalia
Maria (595 contiguous hectares), Gaston Enrique (55 hectares), and Tramo (383
hectares).
Alba Sabrina Production Well One (ASPW1) has been drilled to 340
meters depth and is nearing the target depth of 400 meters.
The well has encountered sand and sand/broken rock from surface to
the current depth. Porosity is anticipated to be good.
Upon target depth, the well will then be cased, developed, and a
pumping test will be completed. A technical review is
underway to determine the optimal location for further pumping
wells on the Alba Sabrina claim block.
Company President and CEO, Adrian F. C.
Hobkirk is quoted, "We are excited to be nearing the
completion of our first deep pumping well at the Alba Sabrina claim
block. We look forward to pumping test results."
The Preliminary Economic Assessment (PEA) announced October 18, 2023, is nearing completion.
Knight Piesold Consulting and JDS Energy and Mining are now
completing the financial model. Full results are expected
shortly. The PEA will have an Initial Design Capacity of
15,000 tonnes per year Lithium Carbonate Equivalent.
Further details are available at the Company website at
www.lithiumsouth.com.
About Lithium South
Lithium South (LIS) owns 100% of the Hombre Muerto North Lithium
Project (HMN Li Project) located in Salta and Catamarca Provinces,
Argentina, the heart of the
lithium triangle. 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 Lithium. LIS has delineated a
NI 43-101 compliant 1,583,100 tonne Lithium Carbonate Equivalent
(LCE) resource on the Alba Sabrina, Natalia
Maria, and Tramo claim blocks, three of five non-contiguous
blocks that make up the HMN Li Project. A pumping/production well
drilling campaign is underway. A Preliminary Economic
Assessment based on the Tramo, Alba Sabrina and Natalia Maria claim blocks is expected in
January, 2024. LIS is transitioning from being a lithium
explorer to becoming a lithium developer.
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.
On behalf of the Board of Directors
Adrian F. C. Hobkirk
President and Chief Executive Officer
Investors / Shareholders call 1-855-415-8100 / 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 constitute 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