Mr. Adrian Hobkirk reports
LITHIUM SOUTH DEVELOPMENT CORPORATION: WELL UPDATE - CORPORATE SITE VISIT - PRIVATE PLACEMENT TO CLOSE
Lithium South Development Corp. has provided an update to its progress at Pumping Well PW23-AS-02 on its flagship Hombre Muerto North lithium project (HMN Li), which is the first pumping well to be located at the Alba Sabrina claim block. Spanning 2,089 hectares, Alba Sabrina is the largest claim block in the five claim salar located HMN Li package and a key component of the corporation's lithium development efforts.
Well PW23-AS-02 is currently pumping at a rate of 25 litres per second. The hole geology is mainly sand therefore the hole is encountering sediment contamination. This has been resolving over the past five days and is expected to continue to clear. Upon achievement of clarification, the pumping rate will be increased. Full results are expected by the end of May.
Corporate interest and site visit
The company is reviewing expressions of interest from several companies involved in the lithium industry. Discussions regarding potential financial support and/or project participation are continuing. A recent three-day site visit was completed by a lithium project developer with which the company is discussing the potential of the project. Further updates will be provided in the future.
Private placement
The private placement announced May 22, 2024, has received very significant interest from current and potential shareholders. The financing has now been placed and is expected to close in several days.
About Lithium South
Development Corp.
Lithium South owns 100 per cent of the HMN li project located in Salta and Catamarca provinces, Argentina, in the heart of the lithium triangle. The Salar del Hombre Muerto has a history of lithium production, with Arcadium Lithium (as a result of the Alkem and Livent merger) in operation for over 25 years, in an area just south of the HMN Li project. The HMN Li project is surrounded by a $4-billion (U.S.) lithium development under construction by POSCO (Korea) and the Sal de Vida Project under development by Arcadium. Exploration work to date has delineated a National Instrument 43-101 compliant 1,583,200-tonne lithium carbonate equivalent (LCE) resource on the Alba Sabrina, Natalia Maria and Tramo claim blocks, three of five non-contiguous blocks that make up the HMN lithium project. A recent preliminary economic assessment filed April 30, 2024, delineates the exciting potential of a 15,600-tonne-per-year lithium carbonate project. With pumping well installation under way, Lithium South is transitioning from being a lithium explorer to becoming a lithium developer.
The technical and scientific information in this press release was reviewed and approved by William Feyerabend, CPG, a consulting geologist, and a qualified person under National Instrument 43-101, who also participated in its production.
We seek Safe Harbor.
© 2025 Canjex Publishing Ltd. All rights reserved.