VANCOUVER, British Columbia, April 22, 2020 (GLOBE NEWSWIRE) -- Alpha Lithium Corporation (TSX.V: ALLI) (OTC: ALLIF) (“Alpha” or the “Company”) is pleased to provide a summary overview of the Company’s proposed development plans for its recently acquired Tolillar Project (“Tolillar” or the “Project”). Located in the heart of Argentina’s portion of the renowned “Lithium Triangle”, the 27,500 hectares of Tolillar Salar is 100% Company-owned and is neighboring multiple significant lithium projects, including Argentina’s largest multi-billion-dollar lithium producers. Having just completed the final stages of its Tolillar acquisition, Alpha is excited to be quickly moving forward with its development and operational plan.
Brad Nichol, Company CEO advises, “Building on our extensive knowledge of the project, we have worked with industry experts and internal team members on the best strategy for the development of Tolillar and are excited to start work. David Guerrero, Alpha’s newly appointed Country Manager, is providing invaluable insight and local knowledge as we move forward. David was previously the Country Manager for a large neighbouring project and was integral in its eventual sale to a giant, multi-national corporation. The addition of Mr. Guerrero, along with other in-country industry veterans has given Alpha a significant advantage over competing companies looking to enter Argentina.”
The Argentinian government recently announced its widespread support for mining activities in Salta province, the hub of the world’s lithium brine producers and explorers, by naming lithium mining operations an “essential activity” and allowing all associated operations to continue. The company is actively monitoring the COVID-19 pandemic and working closely with its in-country team to implement preventative measures to safeguard the health of its employees and contractors.
2020 OPERATIONAL PLAN
Historic Data Review
Several exploration programs have occurred on the Project area since 2012. These have included surface brine sample campaigns in 2012, trench brine samples in 2014, shallow borehole samples in 2015, and a vertical electrical sounding (“VES”) survey in 2017. Historical work is highlighted by very encouraging lithium concentrations in shallow brine samples, ranging up to 504 mg/L. A VES survey was completed in 2017 to obtain a preliminary understanding of the underlying stratigraphy of the Project, to identify potential geologic structures, and to be able to identify future locations for exploration wells. Compilation of all historic data has now been completed and will help form the basis for comprehensive geophysics and subsequent drilling programs. For more information in respect of brine sampling and other Project exploration, please refer to the Company’s technical report, filed on Dec. 16, 2019 under the Company's profile on SEDAR.
Geophysics Program
Execution of a detailed geophysical program and analysis is planned to cover large areas cost-effectively. The program will include twinning previously sampled geophysics points to help validate and expand our data set and aid in its interpretation. The Company expects to utilize the previously deployed VES method for obtaining subsurface data which will provide low cost broad area guidance. The previously shot VES program will serve as a comparative baseline for what will be a more robust VES program in 2020. The Company plans to use advanced VES equipment and improved technology with the intention of observing deeper targets and improved resolution over a broader area. The Company is also considering using magnetotellurics to further improve project knowledge in relation to the surrounding structural geology.
The focus of Alpha’s geophysical program will not be limited to the area of previous surface sampling, which currently comprises less than 10% of Tolillar Salar. Being so close to the famed Hombre Muerto Salar, Argentina’s largest, highest-quality, longest-producing lithium salar, amongst other things the Company intends to investigate the possible deep extension of Hombre Muerto under the Company’s Tolillar land base. Analysis and interpretation of geophysics combined with expert hydro-geological analysis, will allow the Company to understand geology and hydrogeology in order to (i) select initial drilling locations and (ii) understand subsurface brine flow and geology.
Road Construction and Base Camp
Construction will commence on a 6.5km access road suitable for the mobilization of larger drilling rigs and associated equipment.
In addition to construction of the access road and in-salar road network, the Company will construct a base camp on site for staff accommodations, offices, equipment storage, food and waste management, all aligned with environmental best practices. As Tolillar is one of the largest salars being explored in Argentina, an extensive transportation network in and around the salar will allow for efficient access to drill sites and will be essential to maintaining a cost-effective operation.
Drill Campaign
Based upon the comprehensive geophysics program, the Company anticipates moving forward with an initial three-hole, deep penetration drill program, which may require up to six months to complete. Drilling permits are in place and an excellent source of fresh water is on site. The Company will leverage its in-country experience in order to secure a trusted driller with extensive lithium experience, talented personnel and capable equipment. The drill program is intended to entail extensive core recovery and flow tests at varying depths to support the creation of an inaugural NI 43-101 resource estimate. If successful, the Company intends to expand the drill program based on results.
Conclusions
Throughout the development programs outlined above, the Company will release additional details as the programs are launched, executed and results are analyzed. The Company will update the final costs for each program closer to the time of execution, as in-country costs are currently in a state of favourable flux; however, the Company currently has ample cash on hand to fund all activities outlined above.
“We are very pleased to preview the activities outlined above for 2020,” states Mr. Nichol. “Our development program is based on a wealth of historical data and will leverage our experienced team of industry professionals. Our team is committed to exploring and validating what we believe is an extraordinary opportunity as one of the last big lithium plays in the region. As excited as we are, we are focused on maximizing shareholder value as we quickly and diligently execute our 2020 plan.”
Qualified Person
Michael Rosko, MS PG, SME #4064687, independent consultant of Alpha, is the qualified person as defined in 43-101 who has reviewed and approved the scientific and technical content in this release.
ON BEHALF OF THE BOARD OF ALPHA LITHIUM CORPORATION
“Brad Nichol”
Brad Nichol President, CEO and Director
For more information: Alpha Lithium Investor Relations Tel: +1 844 592 6337 info@alphalithium.com
About Alpha Lithium (TSX.V: ALLI) (OTC: ALLIF) Alpha Lithium is a growing team of industry professionals and experienced stakeholders focused on the development of the Tolillar Salar. Together, we have assembled 100% ownership of what may be one of Argentina’s last undeveloped lithium salars, encompassing 27,500 hectares (67,954 acres), neighboring multi-billion dollar lithium players in the heart of the renowned “Lithium Triangle”.
For more information visit: https://alphalithium.com/ and follow us on Twitter or Facebook. Forward-Looking Statements This news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. While these statements reflect management's current plans, projections and intents, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of the Company. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements. The Company’s actual results, programs, activities and financial position could differ materially from those expressed in or implied by these forward-looking statements. The Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
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.
Source: GlobeNewswire
(April 22, 2020 - 9:00 AM EDT)
