TSX Venture Exchange: "LITH"
OTC-QB: LTMCF
CALGARY, July 23, 2018 /CNW/ - Lithium Chile Inc.
("Lithium Chile") is
pleased to provide an update on the ongoing drill program at its
wholly-owned Ollague project, located in the Antofagasta Region of
Chile.
The first hole, DDH-OLL-01-18, encountered a porous brine
saturated salt/sand horizon at a depth of 110 meters which
continued to a depth of 290 meters. These depths coincided with the
main low conductivity zone detected by the transient
electromagnetic survey completed by Lithium Chile on the property
during March, 2018 ("TEM" - see news release dated April 3, 2018). DDH-OLL-01-18 was
terminated at 300 meters depth after penetrating the Salar basement
at 290 meters. The drill rig is now set up on platform 2, located 2
kilometres SW of DDH-OLL-01-18.
In addition to recovering core during the drilling of
DDH-OLL-01-18, a fluid sampling program was completed. This
consisted of collecting of 1 litre samples at 20-25 meter intervals
throughout the 180 meter thickness of the porous zone. The samples
were tested on site for salinity and conductivity and then bottled
and sealed on site for shipping to accredited laboratory, ALS
Patagonia, for chemical analysis.
DDH-OLL-01-18 is located approximately 1 kilometre from a
historic test well where Lithium Chile recently received assay
results of 1220 mg/L lithium from newly taken downhole fluid
samples.
This news release has been reviewed by Terence Walker, P. Geo., Vice President of
Exploration and a qualified person as that term is defined in
National Instrument 43-101.
About Lithium Chile
Lithium Chile is advancing a
lithium property portfolio consisting of 152,900 hectares covering
sections of 14 salars and 1 laguna complex in Chile.
Lithium Chile's common shares
are listed on the TSX-V under the symbol "LITH" and on the
OTC-QB under the symbol "LTMCF".
On Behalf of the Board of Directors,
LITHIUM CHILE INC.
Steven Cochrane
President & CEO
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.
Forward Looking Statements
This news release may
contain certain forward-looking information and forward-looking
statements within the meaning of applicable securities legislation
(collectively "forward-looking statements"). Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "expects", "believes", "aims
to", "plans to" or "intends to" or variations of such words and
phrases or statements that certain actions, events or results
"will" occur. In particular, this news release contains
forward-looking statements relating to, among other things,
management of the Company's views regarding the current and
subsequent drilling programs.
You are cautioned that the following list of material factors
and assumptions is not exhaustive. Specific material factors
and assumptions include, but are not limited to: the general
stability of the economic and political environment in which the
Company operates; the timely receipt of required regulatory
approvals; the ability of the Company to obtain future financing on
acceptable terms; currency, exchange and interest rates; operating
costs; the success the Company will have in exploring its prospects
and the results from such prospects. Accordingly, readers
should not place undue reliance on forward-looking
statements. The Company does not undertake to update any
forward-looking statements herein, except as required by applicable
securities laws. All forward-looking statements contained in
this press release are expressly qualified by this cautionary
statement.
SOURCE Lithium Chile Inc.