TORONTO, March 27, 2018 (GLOBE NEWSWIRE) -- Lithium Energi Exploration, Inc. (TSXV:LEXI) (“LEXI” or the “Company”) is pleased to announce positive results from its initial geophysical surveys on each of the first three concessions studied in the northern section of its holdings in the Antofalla Salar. Interpreted brine horizons were detected throughout the entire 80 km2 area of these concessions, inferring the possibility that lithium-bearing brine exists beneath the properties in the northern area of the Antofalla Salar. The survey results received to date indicate that conductive horizons have been detected from just below surface to as much as 400 meters in depth.
LEXI’s Director of Exploration, Miles Rideout, noted, “Having conducted or supervised the acquisition of thousands of kilometers of TEM soundings in brine environments over the last thirty years, I’m pleased to report that the initial geophysical results exceeded our expectations. The highly conductive units encountered correlate with known brine aquifers and these data allow us to follow these target zones under areas of thick cover.”
LEXI’s CEO, Steven Howard, responded, “We knew our locations were sound and thought we’d see good results. There are published assay results from drilling in the same basin just 3 km south of these properties and Argentina’s largest lithium producer is just 30 km to the east, but these first survey results were better than anticipated. Interpreting such an extensive volume of potential subsurface lithium brines in this first step of our exploration program is significant. With over 200,000 hectares to survey, seeing data like this come from the first 8,000 hectares we’ve tested is great news.” Howard added, “In parallel, LEXI is preparing environmental and drill permit documents to start drilling later this year and our recently announced financing arrangements should fund drilling in our northern Antofalla properties, moving us closer to our first resource estimate. LEXI continues to position itself by leveraging our core values to deliver excellence in our teamwork, property and capital management, and shareholder value.”
To date, LEXI has completed 44 line-kilometers (“line-km”) of TEM surveys over 8 survey lines. At least 100 line-km of additional TEM surveys (12 survey lines over 14 LEXI concessions) are planned over the next 2-3 months in the northern portion of the Antofalla Salar. Brine is highly conductive, TEM surveys detect variations in subsurface conductivity – a primary method for imaging aquifers. Over other methods, TEM provides greater speed of data acquisition, great depth potential, and better resolution. Although resistivity values from TEM surveys cannot confirm the presence or grade of lithium, the survey results to date have identified highly conductive zones consistent with similar lithium-bearing brine aquifers known to exist in the region.
The data processed from 5 of the first 8 lines reveals outcropping volcanic units correlated to electrical resistivities of 100 Ohm-m and low-lying areas within the salar correlated to less than 1 Ohm-m, the latter depicting an upper limit of extremely conductivity occurring at a constant elevation, a characteristic commonly observed over unconfined aquifers. Of the 5 lines processed to date by Quantec Geoscience, all appear to portray extensive zones of conductive brines, detected at depths of a few meters below surface to as much as 400m below surface. Based on comparative results with similar sedimentary salar strata where lithium-bearing brines are hosted, these data indicate a likely-continuous, buried horizon of high conductivity in this part of the Antofalla basin complex. LEXI’s team will utilize these results to target test well locations. With such compelling geophysical results, plans for LEXI’s drilling campaign will move forward to test for chemistry, lithology, porosity, pump rates, and other hydrogeological factors.
About Lithium Energi Exploration, Inc.
Lithium Energi Exploration, Inc. is an exploration company specializing in the strategic acquisition, exploration and development of lithium brine assets in Argentina. The Company is headquartered in Toronto, Ontario and has offices in Dallas, Texas and Catamarca, Argentina. The common shares of the Company are listed on the TSX Venture Exchange (TSXV:LEXI) and the Frankfurt Exchange (FR:LO9). The Company’s portfolio of prospective lithium brine concessions in the Argentina Province of Catamarca (heart of the lithium triangle) includes 90,244 hectares in and around the Antofalla Salar and a first right of refusal to acquire another 148,839 hectares, of which 110,380 hectares are located in the Antofalla Salar complex and 38,459 hectares are in the Pipanaco Salar approx. 50 km due west of Catamarca city. The Antofalla Salar complex hosts one of the largest basins in the region – over 130 km long and up to 20 km across. On September 12, 2016, Albemarle Corporation, the world’s largest producer of lithium, announced its acquisition of exclusive exploration and acquisition rights to a claim block located in the center section of this salar. In March 2017, Albemarle published its belief that the Antofalla Salar is the third largest lithium deposit in the world. With rights to over 200,000 hectares of prospective lithium properties located just west of FMC’s producing properties and offset north and south of Albemarle’s properties, the Company believes that its claim package holds the potential to deliver impressive values to its shareholders as the properties are developed.
The scientific and technical information contained in this news release has been reviewed and approved by Caitlin Jeffs, P.Geo., a consultant of the Company, and a qualified person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Financial Officer and 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: receipt of all necessary stock exchange and regulatory approvals or consents in respect of any offering, 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. 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.
Source:Lithium Energi Exploration, Inc.