Lithium South Development Corporation (the “Company”) (TSX-V: LIS) (OTCQB: LISMF) (Frankfurt: OGPQ) is pleased to announce that the Mining Secretariat of Salta Province, Argentina, has advised the Company that a proposed drill program for the Hombre Muerto Lithium Project (HMN Li Project) has been approved. The formal documentation is expected in the coming days. The program is scheduled to begin this month. Recent road construction and drill pad construction are nearing completion. Drill pad dimensions are thirty meters by thirty meters. A drill contract for the program is expected to be concluded shortly.
The property package of 5,687 hectares comprises of nine mining concessions. The project is strategically located with developed infrastructure. The HMN Li Project is surrounded by two leading lithium producers, Korean giant POSCO which is making an $ U.S. 840 million development for their project, and Livent which produces lithium at the Northern end of the renowned Hombre Muerto Salar.
Based on the results from a recent TEM study (see October 4 News release) three core wells are planned for the Alba Sabrina claim block. The Alba Sabrina claim (2,089 hectares) is the largest block of the HMN Li Project and has never been drill tested. To date only the Tramo claim block (383 hectares) has been explored and contains the current Ni 43-101 defined LCE resource. With only 14% of the whole property explored, there is significant resource expansion potential.
Company Vice President Fernando Villarroel said, “Salta is considered the best investment district in the Lithium Triangle according to the Fraser Institute. So, we are in the right place at the right time. In light of record lithium carbonate prices, we are very excited to undertake a large drill program to potentially expand the resource size at HMN. The Alba Sabrina block is the largest in the package and represents an excellent drill target.”
