Key Points:
- LEXI is a green energy company focused on the acquisition,
exploration, and development of lithium brine assets in Argentina.
LEXI's portfolio includes approximately 72,000 hectares
- LEXI will initiate a drilling campaign within thirty days in
its Antofalla North Project
- The highly-experienced, hyper-local team brings a wealth of
knowledge and hands-on familiarity with the Antofalla Salar
- The first phase includes 1,600 meters of drilling in four
diamond core wells
Lithium Energi Exploration Inc. (TSXV:LEXI) (the “Company” or
“LEXI”) is pleased to announce that contracts are executed, and the
first drill hole in its Antofalla North Project drilling campaign
(the “Campaign”) will commence in the next 30 days.
“Our Campaign team is best-in-class, comprising companies owned
and operated by local residents of the province of Catamarca, where
the project is located, with past experience operating in the Salar
de Antofalla,” noted LEXI CEO Ali Rahman. “This hyper-local
knowledge will be critical to ensuring our ability to execute a
successful drilling campaign to prove value in our properties and
deliver shareholder value. We believe that 2023 will be a break-out
year for LEXI, coinciding with the market’s recognition that
investment in lithium is critical to actually build the energy
transition.”
The Campaign will initially undertake 1,600 meters of drilling
in four diamond core wells to obtain physical core samples and
characterize the subsurface in the properties. Average total depth
(“TD”) per well is anticipated to be 400 meters; however, based on
real-time field results, deeper horizons may also be explored. The
core samples will reveal porosity, permeability, and can provide
chemical analysis critical for resource estimation. Core samples
are planned for analysis at Geosystems Analysis, Inc. in Tucson,
Arizona, one of the foremost analytical laboratories in the world
for analyzing lithium brine core samples. Brine sample analysis
will be conducted at Alex Stewart Laboratories to yield full
spectroscopic analysis of brine chemistry and lithium
concentrations.
The Antofalla basin is a long, narrow, fault-based graben –
identified as one of the world’s largest entrapment depressions
hosting lithium-bearing brine – and its total depth is not
currently defined. Although adjacent results from others cannot and
do not assure the outcome of this Campaign, published data
resulting from drilling campaigns executed by other exploration
companies on claims near to the Antofalla North Project have
reportedly yielded indications of significant volumes of
lithium-bearing brine with concentrations ranging from 350 to 650
ppm.
Highly experienced lithium hydrogeologist and qualified person,
Murray Brooker, has planned the location of drill holes for the
upcoming program, based on previous TEM electrical geophysics for
the company and extensive knowledge acquired working on salt lake
projects in Argentina for more than a decade. Based on data
obtained from core samples and pump tests, the Campaign is expected
to yield a NI 43-101 resource estimate, possibly ready for
publication as early as Q4 of 2023.
The technical content of this news release has been reviewed and
approved by Mr. Murray Brooker, RP. Geoscientist 10,086, a
consultant of the Company, and a qualified person as defined by
National Instrument 43-101.
About Lithium Energi Exploration, Inc.
Lithium Energi Exploration, Inc., (TSXV: LEXI), (FSE: L09),
(OTC: LXENF), or “LEXI” is an exploration company focused on the
acquisition, exploration, and development of lithium brine assets
in Argentina. LEXI's portfolio of prospective lithium brine
concessions in the Argentina Province of Catamarca (heart of the
lithium triangle) includes approximately 57,000 hectares and a 20%
interest in Triangle Lithium Argentina, S.A., which owns an
additional 15,000 hectares - all located in and around the
Antofalla Salar, one of the largest basins in the region. LEXI is
committed to innovation, sustainability, and quality, striving to
differentiate itself from other players in the industry to maximize
its potential for success. LEXI is headquartered in Toronto,
Ontario, with offices in Catamarca, Argentina. For more
information, visit lithiumenergi.com.
ON BEHALF OF THE BOARD OF DIRECTORS
“Ali Rahman” ________________________
Ali Rahman, Chief Executive Officer & Director
Neither the TSX Venture Exchange 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.
This news release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements") within the meaning of the applicable Canadian
securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on
expectations, estimates and projections as at the date of this news
release. Any statement that involves discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often but not always
using phrases such as "expects", or "does not expect", "is
expected", "anticipates" or "does not anticipate", "plans",
"budget", "scheduled", "forecasts", "estimates", "believes" or
"intends" or variations of such words and phrases or stating that
certain actions, events or results "may" or "could", "would",
"might" or "will" be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
statements.
These forward-looking statements are based on reasonable
assumptions and estimates of management of the Company at the time
such statements were made. Actual future results may differ
materially as forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to materially
differ from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such
factors, among other things, include: the results of preliminary
testing proving accurate and repeatable over time and at commercial
scale; the absence of material changes with respect to the Company
and its businesses; possible variations in mineralization, grade or
recovery rates; actual results of exploration activities;
conclusions of future economic evaluations; fluctuations in general
macroeconomic conditions; fluctuations in securities markets;
fluctuations in spot and forward prices of commodities;
fluctuations in currency markets (such as the Canadian dollar to
United States dollar exchange rate); change in national and local
government, legislation, taxation, controls, regulations and
political or economic developments; risks and hazards associated
with the business of mineral exploration, development and mining
(including environmental hazards, industrial accidents, unusual or
unexpected formations pressures, cave-ins and flooding); the
speculative nature of mineral exploration and development
(including the risks of obtaining necessary licenses, permits and
approvals from government authorities); and title to properties;
failure to of the parties to the Transactions to comply with the
terms and conditions of the definitive agreements relating to the
Transactions; and the use of proceeds. Although the forward-looking
statements contained in this news release are based upon what
management of the Company believes, or believed at the time, to be
reasonable assumptions, the Company cannot assure its shareholders
that actual results will be consistent with such forward-looking
statements, as there may be other factors that cause results not to
be as anticipated, estimated or intended.
Readers should not place undue reliance on the forward-looking
statements and information contained in this news release. Except
as required by law, the Company assumes no obligation to update the
forward-looking statements of beliefs, opinions, projections, or
other factors, should they change, except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230510005408/en/
For media inquiries: Ian Murphy press@lithiumenergi.com (310)
689-6397
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