LSC Lithium Announces Start of Advanced Development on the Pozuelos-Pastos Project
TORONTO, April 24, 2018 (GLOBE NEWSWIRE) -- LSC Lithium Corp. (“LSC” or together with its subsidiaries, the “Company”) (TSXV:LSC) is pleased to announce that it has commenced advanced exploration and preliminary engineering study activities on its lead project, the Pozuelos-Pastos Grandes Project.
HIGHLIGHTS
- Six pump test-well development program started on Pozuelos
- Mobilized drill rig for final three resource delineation holes on Pozuelos
- Additional seismic survey work on Pozuelos to start shortly
- Drilling of two resource delineation drill holes started on Pastos Grandes
- Pozuelos-Pastos Grandes Project Preliminary Economic Assessment (“PEA”) engineering company selection imminent
- New camp build started on Pozuelos
LSC’s President and CEO, Ian Stalker, noted, “The fact that LSC has been in existence for approximately one year and has already delivered a NI 43-101 Mineral Resource estimates for its Rio Grande and Pozuelos projects and is now on track to deliver a Preliminary Economic Assessment for the Pozuelos-Pastos Grandes Project by year end, reflects both the high quality of the projects and the commitment from LSC to get into production by 2021.”
After the summer rain period in Argentina, LSC has re-commenced advanced exploration operations on its key Pozuelos-Pastos Grandes (“PPG”) Project as follows:
Pozuelos Section
The drilling and development of a further six pump test wells on the Pozuelos section of the PPG Project has started with the first well, WSP18-01, being collared on April 19, 2018. This program of test wells is to augment the site specific pump test data acquired on the property to date. The pump test work is also designed to further test the already established consistency of lithium grades, well yields and other parameters. This data will be used to develop the dynamic hydrogeological model, which will support the conversion of mineral resources to reserves during the Pre-Feasibility Study.
Furthermore, mobilization to site of a drill rig and ancillary equipment to the Pozuelos section in order to drill three Mineral Resource delineation drill holes at the northern end of the salar is almost complete and drilling of these holes is about to start. As part of this drill program, a 400m exploration hole will be drilled down to the salar/basement contact to further test the mineralization at depth below the limit of the current assay data and recently announced NI 43-101 Mineral Resource estimate, which included 1,296,000 tonnes of lithium carbonate (Li2CO3) equivalent (“LCE”) in the Measured and Indicated Mineral Resource category at an average grade of 387mg/l Li and 497,000 tonnes LCE in the Inferred Mineral Resource category at an average grade of 340mg/l Li 1. This hole will also further test the high grade nucleus both as a step out hole and also at depth.
A further 30km line of seismic survey is planned for Pozuelos to better define the salar basal contact and confirm the hard boundary for the upgraded Mineral Resource planned for completion in Q3, 2018.
LSC will relocate its accommodation for field staff and contractors to the Pozuelos site after being temporarily located in the village of Pocitos 45 km away from the site for the first phase of exploration work. The new camp is designed to house 40 people and can be scaled up when required for the operational phase of the project.
Pastos Grandes Section
The 2018 Pastos Grandes Section development work includes additional drilling in the form of two 500m deep drill holes to complete the five hole program prior to producing a Mineral Resource estimate. The first of these two holes was collared on April 22, 2018 and is located in the eastern half of the property.
A seismic survey and a three hole pump test work program is planned for completion on the Pastos Grandes Section and the delivery of a NI 43-101 Mineral Resource is planned for Q3, 2018.
As reported recently2, a large mineralized footprint has been established on the Pastos Grandes section of the PPG Project. Drill hole SPG-2017-2B returned a peak value of 511mg/l Li with 3 main mineralized zones including 91m at 377mg/l Li from 57m, 38m at 459mg/l Li from 354m, 14m at 466mg/l Li from 466m with mineralization being present to 512m and is open at depth. Drill hole SPG-2017-4A returned a peak value of 528mg/l Li with 3 principal mineralized zones including 62m at 500mg/l Li from 342m, 110m at 388mg/l Li from 192m and 83m at 326mg/l Li from 9m. Drill hole SPG-2017-5B delivered results which included an average of 569mg/l Li over 430m and a range of between 543mg/l Li and 637mg/l Li.
Engineering work on the PPG Project has commenced with process development and discussions with energy suppliers. The Environmental Impact Statement baseline studies are nearing completion and submission to the regulator is planned for Q4, 2018.
LSC has started the process to select an engineering company, which is expected to be completed at the end of May. The PEA on the PPG Project is expected to be completed in Q4, 2018, with the PEA for Rio Grande planned for delivery in Q1, 2019.
Qualified Person
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.
ABOUT LSC Lithium Corp.:
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 Corp.
Ian Stalker
President & Chief Executive Officer
40 University Avenue, Suite 605
Toronto ON, Canada M5J 1T1
(416) 304 9384
Email: info@lsclithium.com
Web: 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 timing and expected completion of delivering a PEA for the PPG Project, results and use of data from the pump test work on Pozuelos, ability, timing and successful completion of the drill program and seismic survey at the PPG Project, timing and likelihood of relocating accommodation to Pozuelos, timing of completing engineering work on the PPG Project, LSC’s overall contained lithium inventory, and ability to produce more results on the Company’s properties. 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 the LSC 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.
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1 See LSC Press Release dated February 2, 2018.
2 See LSC Press Release dated March 15, 2018.
