- Measured and Indicated Resource of 1,678,000 tonnes of LCE, an increase of 29%, with lithium grade of 505mg/l Li
- Inferred Resource of 631,000 tonnes of LCE, an increase of 27%, with lithium grade of 518mg/l Li
- Combined Pozuelos-Pastos Grandes (“PPG”) Project Resource of 2,617,000 tonnes LCE in Measured and Indicated category and 938,500 tonnes LCE in the Inferred category1
TORONTO, Jan. 10, 2019 (GLOBE NEWSWIRE) — LSC Lithium Corporation (“LSC” or together with its subsidiaries, the “Company”) (TSXV:LSC) is pleased to announce the filing of the technical report on the updated resource estimate (“Resource Estimate”) for its Pozuelos Project in Salta Province, Argentina titled “Mineral Resource Estimate and Technical Report on the Salar de Pozuelos Project, Salta Province, Argentina” dated December 21, 2018 with an effective date of November 22, 2018.
Ian Stalker, President and CEO of the Company, noted, “The filing of the updated Pozuelos Resource Estimate is another significant milestone in the development of the PPG Project. The updated Resource Estimate emphasises the potential of the jointly developed Pozuelos-Pastos Grandes Project with the impressive size of the Resource. The PPG Project now has a combined Resource of 2,617,000 tonnes LCE in the Measured and Indicated category and 938,500 tonnes LCE1 in the Inferred category which was used in the PEA based on a target production rate of 20,000tpa lithium carbonate. Our targeted 20,000tpa of lithium carbonate production in 2021 may indeed be only the beginning for this impressive inventory when we combine both salars.”
The Resource Estimate states, “Overall, the work undertaken to date indicates that the salar de Pozuelos has a significant, high quality brine resource and potential to be a producer of lithium brine for lithium carbonate production. The salar has high effective porosity and high lithium brine values down to significant depth. Lithium values in the brine are typically in excess of 400mg/l, with significant brine volumes reporting lithium values greater than 500mg/l. The brine chemistry is highly amenable to processing using a variety commercially proven processes and (potentially) several new process technologies.”
Hains Engineering Company Limited and Hains Technology Associates located in Toronto, Ontario, Canada were engaged to prepare an independent Mineral Resource Estimate for LSC’s Pozuelos Project and also to prepare the technical report in accordance with National Instrument 43-101 – Standards and Disclosures for Mineral Projects. The Company is not basing its production decision on a feasibility study of mineral reserves demonstrating economic and technical viability. Historically such project have a much higher risk of economic and technical failure.
The updated NI 43-101 Mineral Resource Estimate has increased the Measured and Indicated Resource to 1,678,000 tonnes of lithium carbonate (Li2CO3) equivalent (“LCE”) and the Inferred Resource to 631,000 tonnes of LCE. This is an increase of 29% in the Measured and Indicated Resource category and 27% in the Inferred Resource category compared to the previous Resource Estimate dated February 28, 20182. The average grades from the salar have also increased by 30% in the Measured and Indicated category from 387mg/l to 505mg/l and by 52% in the Inferred category from 340mg/l to 518mg/l.
The Resource Estimate previously announced on February 28, 2018 for Pozuelos included 1,296,000 tonnes of LCE in the Measured and Indicated Mineral Resource category with average grade of 387mg/l Li and 497,000 tonnes in the Inferred Mineral Resource category with average grade of 340mg/l Li2.
Updated Pozuelos Resource
The updated Mineral Resource Estimate for Pozuelos is detailed in Table 1.
Table 1: Resource Estimate Summary, Salar de Pozuelos
November 22, 2018
|Brine Assay Values3
|Measured & Indicated||8,973,203.38||7.19||505||1423||2920||3487||8843||315,155||1,678,000|
|Measured and Indicated
|Brine Assay Values3
- Brine volumes are before application of Relative Brine Release Capacity (“RBRC”) factor.
- RBRC value is the weighted average for the Resource classification category.
- Resources have been classified in accordance with CIM Mineral Resource definitions, May 25, 2014. Assay values have been rounded to nearest whole number.
- Resources have been estimated by Louis Fourie, P. Geo., Pr.Nat. Sci., under the direction of D. Hains, P. Geo.
- The effective date of this Mineral Resource Estimate is November 22, 2018.
- Resources have been estimated using a cut-off grade of 330mg/l lithium.
- Mineral Resources which are not Mineral Reserves do not have demonstrated economic value. There is no assurance that additional exploration will result in the conversion of Mineral Resources to Mineral Reserves.
- Inferred Mineral Resources are considered as too speculative to have economic criteria applied to them. There is no assurance that additional exploration will result in the conversion of Inferred Mineral Resources to Indicated or Measured Mineral Resources.
- A conversion factor of 5.323 has been used to convert Li metal to Lithium Carbonate Equivalent (LCE). Totals for M&I and Inferred Resources have been rounded.
Qualified Person/Data Verification
The scientific and technical information included in this press release is based upon information prepared and approved by Donald H. Hains, P.Geo. Mr. Hains is a qualified person, as defined in NI 43-101 and is independent of LSC. Mr. Hains has verified all sampling, analytical and test data underlying the information contained in this press release by on-site inspection during drilling, brine sampling, and selection of RBRC samples; review of drill core photographs to verify lithology; review of certified assay certificates against the assay data base; review of pump test data; and review of RBRC results received from DBSA. There are no drilling, sampling, recovery or other factors that could materially affect the accuracy and reliability of the data.
ABOUT LSC LITHIUM CORPORATION:
LSC Lithium has amassed a large portfolio of prospective lithium rich salars and is focused on developing its material projects: Pozuelos and Pastos Grandes Project, Rio Grande Project and Salinas Grandes Project. All LSC tenements are located in the “Lithium Triangle,” an area at the intersection of Argentina, Bolivia and Chile where the world’s most abundant lithium brine deposits are found. LSC Lithium has a land package portfolio totaling approximately 300,000 hectares, which represents extensive lithium prospective salar holdings in Argentina.
For further information please contact:
LSC Lithium Corporation
Ian Stalker, President & Chief Executive Officer
40 University Avenue, Suite 605
Toronto, ON Canada M5J 1T1
+416 306 8380
Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or future performance, including statements as to the timing and completion of its PEA study for the Pozuelos-Pastos Grandes Project, ability and likelihood of using combined resource of PPG in the PEA, timing of production and likelihood of producing in 2021, likelihood of meeting target production rate at PPG, ability and results of combining inventory from PPG, ability and timing of advancing LSC’s properties through various stages of exploration and resource development, and any other matters relating to the exploration and development of Pozuelos and LSC’s other properties. The use of any of the words “could”, “anticipate”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on LSC’s current belief or assumptions as to the outcome and timing of such future events. Whether actual results and developments will conform with LSC’s expectations is subject to a number of risks and uncertainties including factors underlying management’s assumptions, such as risks related to: drill program results; title, permitting and regulatory risks; exploration and the establishment of any resources or reserves on LSC properties; volatility in lithium prices and the market for lithium; exchange rate fluctuations; volatility in LSC’s share price; the requirement for significant additional funds for development that may not be available; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; regulatory, political or economic developments in Argentina or elsewhere; litigation; title, permit or license disputes related to interests on any of the properties in which the Company holds an interest; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the Company’s properties; risks and hazards associated with the business of development and mining on any of the Company’s properties. Actual future results may differ materially. The forward-looking information contained in this release is made as of the date hereof and LSC is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. For more information, see the Company’s filing statement on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange Inc. 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.
The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release.
1 See the Technical Report titled “Technical Report on Pastos Grandes Lithium Project” with an effective date of October 19, 2018 filed on the Company’s SEDAR profile. This Measured and Indicated figure is comprised of 1,678,000 tonnes LCE from Pozuelos with average grade of 505mg/l Li and 939,080 tonnes LCE from Pastos Grandes with average grade of 464mg/l Li. This Inferred figure is comprised of 631,000 tonnes LCE from Pozuelos with average grade of 518 mg/l Li and 307,500 tonnes from Pastos Grandes with average grade of 467mg/l Li. Numbers have been rounded and may not add.
2 See the Technical Report titled “Mineral Resource Estimate & Technical Report on the Salar de Pozuelos Project, Salta Province, Argentina” with an effective date of February 28, 2018 filed on the Company’s SEDAR profile.