PRESS RELEASE
January 23, 2017
VANCOUVER, Canada –-
Southern Lithium Corp. (TSX-V: SNL FSE: SL5)
("Southern"
or "the Company") is pleased to announce that
it has initiated a ground geophysics program at its Cruz property ("Cruz"), located in the Pocitos
salar basin in Salta Province, Argentina.
Phase 1 Cruz Geophysics
Program
Southern will be executing
a controlled-source, audio-frequency magnetotellurics ("CSAMT") geophysical survey at the
Cruz property (Cruz). Once completed, the CSAMT program will better delineate drill
targets. Southern expects to commence the drilling program early this spring.
Controlled-source
audio-frequency magnetotellurics ("CSAMT") is a commonly used
surface-based geophysical method which provides resistivity information of the
subsurface. This low-impact, non-intrusive technique has been used extensively
by the minerals, geothermal, hydrocarbon and groundwater exploration industries
since 1978 when equipment systems first became available commercially.
The CSAMT method involves
transmitting a controlled signal at a suite of frequencies into the ground from
one location (transmitter site) and measuring the received electric and
magnetic fields in the area of interest (receiver site). Calculated resistivity
values from CSAMT data relate to geology. Primary factors affecting resistivity
include rock or sediment porosity and the density of pore fluids, which gives
an indication of the concentration of dissolved salts, including those of
lithium, in the pore fluids.
At Cruz, as at
neighbouring projects including the nearby Enirgi Group’s 100% owned Rincón
Project through its wholly owned subsidiary ADY Resources Limited, formations
such as the Halitic Zone and structures such as district and local faults exert
significant control on mineralization. The CSMAT survey will help Southern
identify such stratigraphic units and structures.
Company President Larry
Segerstrom states: “The CSAMT geophysical program will strongly assist the
Company in identifying and mapping potential lithium-rich brine targets for the
next phase of exploration.” We are excited to be on the property which is
strategically located within the ‘Lithium Triangle’, where over half of the
earth's identified resources of lithium are found.”
About the Cruz Property
The Cruz Property is located in the
heart of South America’s Lithium Triangle (northern Chile, northwestern
Argentina and southwest Bolivia). The property encompasses 2,500 hectares in
the Pocitos salar basin in Salta Province, Argentina, and lies 11 kilometers
south of ADY Resources Limited’s lithium brine resource in the Salar del Rincón Basin.
The property is located along the
major fault and volcano chain that defines the southern limit of the Rincon
Basin, where ADY Resources Limited is extracting lithium brine, and the
northern limit of the Pocitos basin, where the Cruz property is located. Both
properties lie along the structural belt that hosts the important lithium
resources of the region, and adjacent to a major crossing lineament that is
thought to have given rise to the hydrothermal activity that has supplied
lithium to both closed salar basins.
The 60-kilometer long Pocitos salar
basin has previously only been drill tested with a shallow 12-hole program in
the 1970s, by an Argentinean government agency, “Direccion General de
Fabricaciones Militares”. To date, this is the only confirmed exploration
drilling conducted in the Pocitos basin. The hole that produced the best
results is near the southeast edge of the Cruz property boundary, and averaged
417 parts per million; note that these results are considered historical and
cannot be confirmed under NI 43-101 standards.
About
Southern Lithium Corp (TSX-V:
SNL FSE: SL5)
Southern Lithium Corp. is
a resource exploration company engaged in the business of acquiring and
exploring minerals properties. Southern Lithium Corp. has assembled an
experienced management team with a growth strategy to develop portfolio of
Lithium projects. The Company's main objective is to add shareholder value
through exploration and development of high quality resources through strategic
acquisitions, joint ventures, and marketing while maintaining a lower risk
profile through project diversification and sound, cost-effective financial
management. With the potential acquisition of the Cruz property, Southern
Lithium intends to establish its presence in the Pocitos basin and further
deliver on its mission to secure technically superior lithium projects. The
Company is only focusing on projects of the highest technical merit in
favorable geopolitical jurisdictions.
Qualified
Persons
The scientific and technical
information contained in this news release has been reviewed and approved by Larry Segerstrom, M.Sc. (Geology),
P.Geo., a
Director of the Company, who is a "Qualified Person" as such term is
defined under National Instrument 43-101 - Standards
of Disclosure for Mineral Projects ("NI 43-101").
Further
information about the Company is available on our website at www.southernlithium.com
or under our profile on SEDAR at www.sedar.com.
ON
BEHALF OF THE BOARD OF DIRECTORS
“David
Alexander”
Chief Financial Officer
For
further information, please contact:
Southern Lithium Corp.
Sam Eskandari
Phone: +1.416.918.6785
Email: ir@southernlithium.com
Neither the
TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
This news
release includes forward-looking statements that are subject to risks and
uncertainties. All statements within it, other than statements of historical
fact, are to be considered forward looking. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from those
in forward-looking statements. Factors that could cause actual results to
differ materially from those in forward-looking statements include market
prices, exploitation and exploration successes, continued availability of
capital and financing, and general economic, market or business conditions.
There can be no assurances that such statements will prove accurate and,
therefore, readers are advised to rely on their own evaluation of such
uncertainties. We do not assume any obligation to update any forward-looking
statements, other than as required pursuant to applicable securities laws.
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