VANCOUVER, British Columbia, Sept. 29, 2017 (GLOBE NEWSWIRE) -- Southern Lithium Corp. (TSX-V:SNL) (FSE:SL5) (OTC:SLLTF) ("Southern" or "the Company") is pleased to announced that it has executed an amendment to the formal option agreement (the “Definitive Agreement”) previously announced in a news release dated November 17, 2016, with Proyecto Pastos Grandes S.A. (“PPG S.A.”), a wholly owned subsidiary of Millennial Lithium. The amendment includes an extension to the Definitive Agreement on the payment of US$1,000,000 to PPG S.A. on or before October 1, 2017 until, on or before October 12, 2017.
The need for the amendment is a result of the company not having received drilling results for the recently completed two hole program at its Cruz Property in the Pocitos Salar Basin in Salta Province, Argentina. The company expects to report assays from the two hole program shortly.
Samples have been shipped to the lab for analyses. Sampling is being conducted in accordance with CIM guidelines and an appropriate QA/QC program to ensuring accuracy and precision of the analytical process.
PPG S.A., Millennial’s Lithium subsidiary has engaged SGS Argentina SA of Buenos Aires, Argentina as the primary analytical provider. The laboratory has extensive experience with lithium brine analyses and is certified under ISO/IEC 17025, and in SGS case, specifically for determination of lithium and potassium in liquid brines by use of ICP-OES.
About the Cruz Property
The Company has executed a formal option agreement with Proyecto Pastos Grandes S.A. (“PPG SA”), a wholly owned subsidiary of Millennial Lithium Corp. (TSX-V:ML) (FSE:A3N2) (OTCQB:MLNLF), through the option Southern Lithium can earn up to an eighty percent (80%) interest in the PPG SA’s Cruz Property in the Pocitos Salar Basin in Salta Province, Argentina.
The Cruz Property is located in South America’s Lithium Triangle (northern Chile, northwestern Argentina and southwest Bolivia). The property encompasses 9,027 hectares (22,306 acres) in the Pocitos Salar Basin in Salta Province, Argentina.
The Cruz Property is contiguous to the southern limit of the Salar del Rincón Basin, where ADY Resources Limited is extracting lithium brine, and the northern limit of the Pocitos Salar Basin, where the Cruz property is located. Both properties lie along the structural belt that hosts the important lithium resources of the region, and at the junction of a large north-south fault system and the northwest-southeast megastructure along which lies the Rincon volcano, the possible source of the lithium brine in both salar basins. The 60-kilometre 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 lithium. Although these results are considered historical and have not been verified by the Company's QP, the Company considers these results relevant to the future exploration of the Cruz property.
About Southern Lithium Corp (TSX-V:SNL) (FSE:SL5) (OTC:SLLTF)
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 strategy to develop a portfolio of technically superior Lithium projects. The Company’s main objective is to add shareholder value through successful exploration and development of high quality resources through strategic acquisitions, combined with 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 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").
ON BEHALF OF THE BOARD OF DIRECTORS
“Clive H. Massey”
Chief Executive Officer
For further information, please contact:
Southern Lithium Corp.
Clive Massey
Phone: +1.604.644.6794
Email: ir@southernlithium.com
Further information about the Company is available on our website at www.southernlithiumcorp.com or under our profile on SEDAR at www.sedar.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.