FOR IMMEDIATE RELEASE
Key Points in this Announcement:
- LEXI is a green energy company focused on the acquisition, exploration, and development of lithium brine assets in Argentina. LEXI’s portfolio includes approximately 72,000 hectares.
- The drilling campaign has already reached the first 40 meters, and a pre-collar is being cemented in place before continuing to drill the well with a state-of-the-art Boart Longyear LF90D smart drill.
- Initial fluid samples were obtained and will be sent to one of the Alex Stewart Group Laboratories for complete brine analysis.
- The highly experienced, hyper-local team brings a wealth of knowledge and hands-on familiarity with the Antofalla Salar.
- LEXI has provided a new generator with greater capacity to the Community of Antofalla and improved and maintained over 22 km of local roads.
Toronto, Ontario (June 13, 2023) – Lithium Energi Exploration Inc. (TSXV: LEXI) (the “Company” or “LEXI”) is pleased to announce the commencement of its Antofalla North Project drilling campaign. This significant milestone marks the start of a new chapter in LEXI’s journey to provide the lithium needed to actually build the green energy economy.
The drilling campaign, led by Dr. Gerardo Romero Agüero, President of Lithium Energi Argentina (LEA) S.A. and LEXI Director, has already reached the first 40 meters of the anticipated 400-meter well, with a state-of-the-art Boart Longyear LF90D smart drill. Initial fluid samples were obtained and are now being sent to Alex Stewart Laboratories to yield a complete spectroscopic analysis of brine chemistry and lithium concentrations.
“We are optimistic about the potential of the Antofalla North Project,” said Mr. Agüero. “The speed and quality of the work undertaken by our campaign team are highly encouraging, and our commitment to safety, environmental care, community relations, and compliance with international quality standards is unwavering.”
The drilling campaign is being executed by a highly experienced, hyper-local team, ensuring the best possible understanding of the Antofalla Salar and its potential. The operation is being carried out entirely by companies from Catamarca, demonstrating LEXI’s commitment to local empowerment and responsible practices.
In line with its commitment to the local community through infrastructure development, LEXI has provided a new generator with greater capacity to the Community of Antofalla. This initiative, coupled with the improvement and maintenance of over 22 km of local roads, facilitates LEXI’s operations and significantly benefits local residents, tourists, and other companies in the area. These roads also provide access to other LEXI properties in the Antofalla North project.
LEXI’s CEO, Ali Rahman, added, “This is a proud moment for LEXI. The commencement of drilling in under 90 days from takeover by new management underscores the company’s capacity to not only implement the company’s green energy strategy but, more importantly, to execute it. We are confident that 2023 will be a breakout year for LEXI as we continue to drill our impressive portfolio of properties in the Antofalla Salar.”
At its conclusion and based on the data obtained from the brine and core samples and pump tests, the campaign is expected to yield an NI 43-101 resource estimate, which the Company believes could be ready for publication as early as Q4 of 2024. 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. is an exploration company focused on the acquisition, exploration, and development of lithium brine assets in Argentina. Headquartered in Toronto, Ontario, with offices in Catamarca, Argentina, the Company’s shares are listed on the TSX Venture Exchange (TSXV: LEXI), the Frankfurt Exchange (FSE: L09), and the U.S. over-the-counter market (OTC: LXENF). 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, which is over 130 km long and up to 20 km across. LEXI is committed to innovation, sustainability, and quality, striving to differentiate itself from other players in the industry to maximize its potential for success. For more information, please visit our website at lithiumenergi.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer & Director
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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.