Lithium Chile Inc. (TSX.V: LITH) (OTCQB: LTMCF) this morning announced that it has commenced a four-hole drill program at its Ollague project in Chile. This news comes on the heels of a recently-completed sampling program at the Ollague project that recorded lithium brines assaying from 160mg/l to a high of 1220mg/l. Per the update, the four holes of the new program will be drilled to a minimum depth of 250 meters, with further drilling being dependent upon drilling conditions and brine content.
“After amassing one of the largest lithium land packages in Chile, we have now begun drilling on one of our more advanced projects which have had sampling and geophysics completed on them,” Steve Cochrane, president and CEO of Lithium Chile, stated in the news release. “The new government has been clear in its support for the lithium sector and we are similarly encouraged by the strong community support we have received. This is an exciting new growth phase for the Company and our goal is to maximise our early-mover exploration advantage in Chile.”
Drilling at the Ollague project will focus on high priority conductive targets identified during the recent transient electromagnetic survey of the site. As noted in this morning’s update, the company’s survey identified low resistivity zones that are believed to reflect saline aquifers within open-ended horizontal zones ranging from 20 to more than 200 meters in thickness located within 20 to 120 meters of the surface.
Offering a glimpse into its forward strategy, Lithium Chile noted that it intends to complete a similar four-hole drilling program at each of its other four advanced projects, all in continuous succession. All told, drilling is expected to continue until late into the third quarter of this year.
To view the full press release, visit http://nnw.fm/2UyQx
About Lithium Chile
Lithium Chile is advancing a lithium property portfolio consisting of 152,900 hectares covering sections of 14 salars and one laguna complex in Chile. The properties include 64 square kilometers on the Salar de Atacama, which hosts the world’s highest concentration lithium brine production and is currently the source of approximately 30 percent of the world’s lithium production. Lithium Chile’s common shares are listed on the TSX.V under the symbol “LITH” and on the OTCQB under the symbol “LTMCF”. For more information, visit http://nnw.fm/LTMCF
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