May 10, 2023 08:05 AM Eastern Daylight Time
TORONTO–(BUSINESS WIRE)–Lithium Energi Exploration Inc. (TSXV:LEXI) (the “Company” or “LEXI”) is pleased to announce that contracts are executed, and the first drill hole in its Antofalla North Project drilling campaign (the “Campaign”) will commence in the next 30 days.
“2023 will be a break-out year for LEXI, coinciding with the market’s recognition that investment in lithium is critical to actually build the energy transition.”
“Our Campaign team is best-in-class, comprising companies owned and operated by local residents of the province of Catamarca, where the project is located, with past experience operating in the Salar de Antofalla,” noted LEXI CEO Ali Rahman. “This hyper-local knowledge will be critical to ensuring our ability to execute a successful drilling campaign to prove value in our properties and deliver shareholder value. We believe that 2023 will be a break-out year for LEXI, coinciding with the market’s recognition that investment in lithium is critical to actually build the energy transition.”
The Campaign will initially undertake 1,600 meters of drilling in four diamond core wells to obtain physical core samples and characterize the subsurface in the properties. Average total depth (“TD”) per well is anticipated to be 400 meters; however, based on real-time field results, deeper horizons may also be explored. The core samples will reveal porosity, permeability, and can provide chemical analysis critical for resource estimation. Core samples are planned for analysis at Geosystems Analysis, Inc. in Tucson, Arizona, one of the foremost analytical laboratories in the world for analyzing lithium brine core samples. Brine sample analysis will be conducted at Alex Stewart Laboratories to yield full spectroscopic analysis of brine chemistry and lithium concentrations.
The Antofalla basin is a long, narrow, fault-based graben – identified as one of the world’s largest entrapment depressions hosting lithium-bearing brine – and its total depth is not currently defined. Although adjacent results from others cannot and do not assure the outcome of this Campaign, published data resulting from drilling campaigns executed by other exploration companies on claims near to the Antofalla North Project have reportedly yielded indications of significant volumes of lithium-bearing brine with concentrations ranging from 350 to 650 ppm.
Highly experienced lithium hydrogeologist and qualified person, Murray Brooker, has planned the location of drill holes for the upcoming program, based on previous TEM electrical geophysics for the company and extensive knowledge acquired working on salt lake projects in Argentina for more than a decade. Based on data obtained from core samples and pump tests, the Campaign is expected to yield a NI 43-101 resource estimate, possibly ready for publication as early as Q4 of 2023.
The technical content of this news release has been reviewed and approved by Mr. Murray Brooker, RP. Geoscientist 10,086, a consultant of the Company, and a qualified person as defined by National Instrument 43-101.
About Lithium Energi Exploration, Inc.
Lithium Energi Exploration, Inc., (TSXV: LEXI), (FSE: L09), (OTC: LXENF), or “LEXI” is an exploration company focused on the acquisition, exploration, and development of lithium brine assets in Argentina. LEXI’s portfolio of prospective lithium brine concessions in the Argentina Province of Catamarca (heart of the lithium triangle) includes approximately 57,000 hectares and a 20% interest in Triangle Lithium Argentina, S.A., which owns an additional 15,000 hectares – all located in and around the Antofalla Salar, one of the largest basins in the region. LEXI is committed to innovation, sustainability, and quality, striving to differentiate itself from other players in the industry to maximize its potential for success. LEXI is headquartered in Toronto, Ontario, with offices in Catamarca, Argentina. For more information, visit lithiumenergi.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer & Director
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.
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the results of preliminary testing proving accurate and repeatable over time and at commercial scale; the absence of material changes with respect to the Company and its businesses; possible variations in mineralization, grade or recovery rates; actual results of exploration activities; conclusions of future economic evaluations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties; failure to of the parties to the Transactions to comply with the terms and conditions of the definitive agreements relating to the Transactions; and the use of proceeds. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure its shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended.
Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
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