Second Production Well Completed On The Salar de Arizaro Project

CALGARY - Lithium Chile Inc. reported on its Phase Two development program at Salar de Arizaro in Argentina. The Company reports the completion of its second production well, Argento 2, drilled to a total depth of 649 meters. The brine aquifer identified was 255 meters thick; a significant increase from the 132 meter aquifer on its maiden well previously reported in its initial NI 43-101 report (see NR February 8, 2022), with an indicated and inferred resource of 1,420,000 tonnes of lithium carbonate equivalent (LCE).

With the knowledge gained from the recent drilling activity on the Company’s Salar de Arizaro project, the Company has contracted another diamond drill rig. Four to five new exploration wells will be drilled to expand testing on other sections of the property. The ongoing exploration program is yielding valuable understanding of the structure and composition of the underlying lithium bearing aquifer.

Steve Cochrane, President, and CEO, said, “The completion of the second production well is a major milestone in Lithium Chiles development. Firstly, moving out 3.6 kilometers and hitting the brine bearing formation just 23 meters deeper in the basin then the first production well is extremely encouraging. Secondly, almost doubling the thickness of the lithium brine aquifer from 132 meters to 255 meters should significantly increase the resource potential on the Salar de Arizaro. My sincere appreciation and congratulations to all the great work our team members are doing in both Argentina and Chile”