Highlights
- 175% Increase in Lithium Resource
- 1,583,200 Tonnes Lithium Carbonate Equivalent at 736 mg/L Li
- 40% Projected Increase in Lithium Recovery to 70%
VANCOUVER, BC, Nov. 6, 2023 /PRNewswire/ -- Lithium South Development Corporation (the "Company") (TSX-V: LIS) (OTCQB: LISMF) (Frankfurt: OGPQ) is pleased to report it has issued and filed November 6, 2023, a technical report titled, Updated Mineral Resource Estimate - Hombre Muerto North Project, NI 43-101 Technical Report Catamarca and Salta, Argentina, Mark King, PhD, PGeo, Peter Ehren, M.Sc, MAusIMM, September 5th, 2023. The report was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects, on behalf of the Company by independent consultants Groundwater Insight of Halifax, Nova Scotia, Canada. The report details the recently upgraded lithium resource located at the Company's flagship project, the Hombre Muerto North Lithium Project (HMN Li Project). The LCE Resource NI 43-101 Technical Report is available on the Company website at www.lithiumsouth.com/wp-content/uploads/2023-technical-report-NI43-101.pdf.
The HMN Li Project is comprised of five salar located claims totaling 3,287 hectares, and is located in the Salar del Hombre Muerto of Salta Province, Argentina. The report covers the Alba Sabrina (2,089 hectares), Tramo (383 hectares), and Natalia Maria (115 hectares) claim blocks, within which a 1,583,200 tonne Lithium Carbonate Equivalent Resource (LCE) with an average grade of 736 mg/L Li has been defined. The Resource has a low magnesium (contaminant) to lithium ratio of 3.27; and 90% of the Resource in the Measured category (highest resource classification). Additional resource potential remains to be evaluated at the Viamonte and Norma Edith claim blocks (595 hectares).
The report also provides an evaluation of the updated lithium recovery process plan for the HMN Li Project brines, which uses industry proven evaporation. An adjustment in the processing sequence will reduce lithium loss as brine entrainments in harvested salts, in the magnesium hydroxide, and in calcium sulfate solids. Results to date indicate that lithium recovery of around 70%, an improvement from previous recoveries of 50%, should be achievable. Peter Ehren, M.Sc., MAusIMM, is the QP responsible for Mineral Processing.
Company President and CEO, Adrian F. C. Hobkirk is quoted, "We are very pleased with the substantial upgrade in our LCE Resource at the HMN Li Project and are excited to potentially achieve much higher lithium recoveries. We await the completion of our updated Preliminary Economic Assessment which will further evaluate our newly defined, high quality lithium brine resource."
Dr. Mark King, Ph.D., F.G.C., P.Geo., of Groundwater Insight, Inc., is the Qualified Person (QP) for this work, as such term is defined by NI 43-101. Dr. King has extensive experience in salar environments and has been a QP on numerous lithium brine projects, ranging from early exploration to production. Dr. King is independent from the Company and has reviewed and approved the technical information mentioned in this press release.
About Lithium South
Lithium South (LIS) owns 100% of the Hombre Muerto North Lithium Project (HMN Li Project) located in Salta and Catamarca Provinces, Argentina, the heart of the lithium triangle. The Salar del Hombre Muerto has a history of lithium production, with Livent Corporation in operation for over twenty-five years, in an area just south of the HMN Li Project. The HMN Li Project is surrounded by a US$4 billion lithium development under construction by POSCO (Korea) and the Sal de Vida Project under development by Allkem. Exploration work to date has delineated a National Instrument 43-101 compliant 1,583,200 tonne Lithium Carbonate Equivalent (LCE) Resource on the Alba Sabrina, Natalia Maria, and Tramo claim blocks, three of five non-contiguous blocks that make up the HMN Li Project. With process work underway, LIS is transitioning from being a lithium explorer to becoming a lithium developer.
On behalf of the Board of Directors
Adrian F. C. Hobkirk
President and Chief Executive Officer
Investors / Shareholders call 1-855-415-8100 / 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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