VANCOUVER, B.C., Aug. 10, 2023 /PRNewswire/ -- Lithium South Development Corporation (the "Company") (TSX-V: LIS) (OTCQB: LISMF) (Frankfurt OGPQ), is pleased to announce it has formalized a contract with Well Drilling of Salta, Argentina, for the provision of a two-phase program of up to six production/pumping wells for the Hombre Muerto North Lithium Project (HMN Li Project), located in Salta Province, Argentina. Phase One will locate Wells P1 and P2 on the Alba Sabrina claim block, and well P3 on the Natalia Maria claim block.
Phase Two will site an additional three production wells within a zone across the Norma Edit and Viamonte Claim blocks. The LIS technical team is reviewing geological and regulatory details prior to a Phase Two decision. The total program will range between 1,000 and 1,500 meters with a budgeted value of between US$1.2 million to US$1.8 million.
Company President and CEO, Adrian F. C. Hobkirk is quoted, "We are excited to begin the next phase of the development of the HMN Li Project. The installation of production/pumping wells will provide valuable information regarding brine flow rates and pumping potential."
Investor Awareness and Advertising Program
As the HMN Li Project continues to meet expectations, the Company announces it is initiating an investor relations and advertising program to raise awareness of the Project and Company. To provide increased exposure, the Company is pleased to announce Mr. Drew Martel has joined the team as Corporate Development Advisor. Mr. Martel will assist in broadening the institutional investment base, research analyst, newsletter, and media coverage. Terms for the one-year arrangement are CAD$12,500 monthly and 750,000 incentive stock options at $0.46.5 per share.
Mr. Martel has been in the resource industry for 25 years as Corporate Development, Communications and Finance holding senior positions with MAG Silver and Tan Range Resources. His experience in mergers and acquisitions includes New Millennium Metals Corp. which was merged with Platinum Group Metals Ltd., Balmoral Resources which was acquired by Wallbridge Mining Company Ltd., and Constantine Metal Resources which was acquired by American Pacific Mining Corp.
The Company is pleased to announce it has retained Equedia Network Corporation to provide advertising, press release distribution, native advertising of editorial, and additional services as may be determined. The program will utilize non-generic marketing channels to provide Company exposure to fresh investment audiences. The advertising program is budgeted for US$350,000 over a nine-month term.
About Lithium South
Lithium South (LIS) owns 100% of the Hombre Muerto North Lithium Project (HMN Li Project) located in Salta Province, Argentina, the heart of the lithium triangle. The Hombre Muerto Salar has a history of lithium production with Livent Corporation in operation for over twenty-five years just south of the HMN Li Project. The HMN Li Project is surrounded by a US$4 billion lithium development underway by POSCO (Korea) and the Sal de Vida Project under development by Allkem. LIS has delineated a NI 43-101 compliant 571,000 tonne Lithium Carbonate Equivalent (LCE) resource on the Tramo claim block, one of five non-contiguous blocks that make up the HMN Li Project. Recent drilling on the Alba Sabrina and Natalia Maria claim blocks have identified additional lithium zones that will allow a new and potentially larger LCE resource to be defined. LIS is now transitioning from being a lithium explorer to becoming a lithium developer.
The technical and scientific information in this press release was reviewed and approved by Mr. William Feyerabend, CPG, a consulting geologist, and a Qualified Person under National Instrument 43-101, who also participated in its production.
On behalf of the Board of Directors
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.
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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