LEXI Announces Final Geophysical Results are Positive on over 36,000 Hectares of Brine Discoveries at Antofalla Salar
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.
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
FOR FURTHER INFORMATION PLEASE CONTACT:
Lithium Energi Exploration, Inc.
Tel: 416 276-6689
Fax: 888 909-1033
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