Drill
Program to Expand Resource
April
27,
2021
-- Vancouver, BC -- InvestorsHub NewsWire -- Lithium
South Development Corporation (the "Company") (TSX-V:
LIS) (OTCQB: LISMF) (Frankfurt
OGPQ) is pleased
announce
it is moving
ahead with plans to potentially expand the current lithium resource
at the Hombre Muerto North Lithium Project (HMN Li
Project),
located in Salta Province, Argentina.
The
3,287-hectare
project is
comprised of five separate areas located in the northern portion of
the salar. The current resource of 571,000 tonnes of lithium
carbonate equivalent is located on the
383-hectare
Tramo
Claim. The
resource was detailed in a National
Instrument 43-101 compliant report filed December
4th,
2018 titled, Initial
Measured Lithium and Potassium Resource Estimate Hombre Muerto
North Project, Salta and Catamarca Provinces,
Argentina,
authored by independent consultants Montgomery and
Associates, is summarized
below:
Table 1. Hombre Muerto North Lithium Brine Resource
Statement
Tonnages are rounded off to the nearest 1,000. Cutoff grade: 500
mg/L lithium, but no laboratory results were less than the cutoff
grade. The conversion used to calculate the equivalents from their
metal ions is based on the molar weight for the elements added to
generate the equivalent. The equations are Li x 5.3228 = lithium
carbonate equivalent and K x 1.907 = potassium chloride equivalent.
The reader is cautioned that mineral resources are not mineral
reserves and do not have demonstrated economic viability.
After technical
review, management believes the current identified
resource has excellent potential to be expanded.
To accomplish
this, the Gaston Enrique, Natalia Maria and Alba Sabrina claims
will be sited for drill programs. The Company has located a
service provider who has a drill rig located on the salar near the
Alba Sabrina claim block and is negotiating a drill
contract. The Gaston Enrique claim
block is located on the Catamarca side of the Hombre Muerto salar,
and is the oldest claim located within the dual jurisdiction area.
Management believes an Environmental Impact
Report and drill permits can be obtained for this project area, which is
located approximately 100 meters north of a drill hole recently
completed by POSCO. A recent corporate
video of the HMN Li
Project can be viewed
at the Company
website at
www.lithiumsouth.com.
The project area
under purchase option to the Company is situated contiguous to
significant lithium development. Korean giant POSCO are moving
ahead with plans to construct a 25,000 tonne per year conventional
lithium extraction operation contiguous to the Company area.
The recently
announced 4-billion-dollar
merger between
Galaxy Resources and Orocobre will likely see further development
of the Galaxy owned portion further to the south.
About
Lithium South
Lithium South
is focused on
developing the HMN Li Project, located on the Hombre Muerto
Salar, a major lithium-producing salar in
Argentina. The property is adjacent to
land under development by the Korean multinational corporation
POSCO, which acquired the ground from Galaxy Resources Ltd. for US
$280 million. The Company completed a
Preliminary Economic Assessment of the HMN Li Project in 2019,
utilizing conventional evaporation extraction. The Company is focused on
evaluating alternative extraction methods for the HMN Li Project
and plans to become a leader in the application of Direct Lithium
Extraction technology at the project level.
The technical and
scientific information contained in this news release was reviewed
by Mr. William Feyerabend, a Consulting Geologist and Qualified
Person under NI 43-101. Mr. Feyerabend participated in the
production of this news release.
On behalf
of the board of directors of Lithium
South Development Corporation
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.
The securities referred to in
this news release have not been, nor will they be, registered under
the United States Securities Act of 1933, as amended, and may not
be offered or sold within the United States or to, or for the
account or benefit of, U.S. persons absent U.S. registration or an
applicable exemption from the U.S. registration
requirements.
This news release does not
constitute an offer for sale of securities for sale, nor a
solicitation for offers to buy any securities. Any public
offering of securities in the United States must be made by means
of a prospectus containing detailed information about the company
and management, as well as financial statements.
