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LEXI Announces Final Geophysical Results are Positive on over 36,000 Hectares of Brine Discoveries at Antofalla Salar

07.09.2018  |  GlobeNewswire

TORONTO, Sept. 07, 2018 - Lithium Energi Exploration Inc. (TSXV:LEXI) (“LEXI” or the “Company”) is pleased to announce positive results following the completion of its initial geophysical exploration program. The geophysical surveys were executed to investigate sub-surface conductive brines under approximately 366 square kilometers of LEXI’s concessions in the northern portion of the Antofalla Salar, located in Catamarca Province, Argentina. The survey results were successful and impressive from a technical standpoint, delineating conductive strata from near surface to as great as 400 meters depth, and the results revealed that conductive strata consistent with unconfined brine aquifers occur extensively under almost all of the surveyed properties.

LEXI’s CEO, Steven Howard observed, “These positive survey results are highly motivating. They suggest an abundant, uninterrupted reservoir exists under LEXI’s property holdings in the northern third of the Antofalla basin. Conductivity consistent with brine targets was delineated under the volcanic cover units on the basin’s margins, indicating that basin boundaries are much wider than the visible salt pan on surface.” Howard added, “These results indicate the viability of further exploration activities for our northern property cluster. Analyzing the resulting value proposition with potential strategic partners could promisingly extend those ongoing negotiations as a result. LEXI’s exploration team is advancing drill plans and permits to continue working towards a resource estimate that will deliver value to our shareholders.”

On March 25, 2018 and May 10, 2018, the Company had previously announced partial, preliminary results from this geophysical program, which was conducted by Quantec Geoscience Ltd., a world leader in mineral exploration with electromagnetic survey technologies. The final survey report encompassed approximately 200 line-kilometers of Transient Electromagnetic (TEM) Sounding profiles (comprised of 1,028 individual sounding sites) distributed along 36 survey lines. TEM technology is a fast, high-resolution exploration tool capable of imaging variations in sub-surface electrical resistivities to depths exceeding 500 m and has been a primary exploration tool in saline aquifer and fresh-water/brine interface projects for more than three decades. The final report from Quantec Geoscience adds further to the “better-than-expected” results related in the two previous news announcements, which indicate that the surveyed concessions (approximately 36,589 hectares within 14 semi-contiguous claims) exhibit electrical resistivity values and distribution patterns consistent with highly-conductive unconfined aquifers believed to be lithium-bearing brine horizons. These compelling survey results will contribute to the target discrimination for LEXI’s envisaged exploration drilling, intended to identify mineral chemistry, lithology, porosity, pump rates, and other hydrogeological factors.

The Company notes that TEM surveys cannot confirm the presence or grade of lithium from resistivity values alone. However, highly conductive zones such as those demonstrated in the Company’s survey results are consistent with similar lithium-bearing brine aquifers identified in the region. Regional geology confirms high lithium values in the Antofalla Salar, and the nearby Salar de Hombre Muerto (20 km east of LEXI northern claim cluster) where FMC has operated Argentina’s initial lithium production facility for more than 20 years. Published assay results from wells drilled in the Antofalla basin just 3 km south of LEXI’s northern claim cluster indicate that brines in this basin complex are broadly shown to bear lithium mineralization. Historical results on adjacent properties are not necessarily indicative of drilling results that might be obtained on LEXI’s properties and the Company specifically disclaims any such correlation. Nonetheless, the Company believes that its “more than expected” results are very positive and highly encouraging.

About Lithium Energi Exploration, Inc.

Lithium Energi Exploration Inc. is an exploration company focused on 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 right of first 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 west of Catamarca’s capital. 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 lithium producer, announced its acquisition of exclusive exploration and acquisition rights to a claim block located in the central section of this salar. 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, if the economic viability and technical feasibility of the properties are established and developed.

For more information about Lithium Energi Exploration, Inc., please visit www.lithiumenergi.com or view the Company’s filings at www.SEDAR.com.

Qualified Person

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

“Chris Hobbs”
________________________
Chris Hobbs,
Chief Financial Officer and Director

FOR FURTHER INFORMATION PLEASE CONTACT:
Lithium Energi Exploration, Inc.
Tel: 416 276-6689
Fax: 888 909-1033
Email: chris.hobbs@lithiumenergi.com
www.lithiumenergi.com

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: 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.


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