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Lithium Chile Announces the Acquisition of Prospective Gold Properties
Calgary, Alberta--(Newsfile Corp. - March 5, 2020) - Lithium Chile Inc. (TSXV: LITH) (OTCQB:...
About this update from Lithium Chile Inc
[{"type":"text","content":"Lithium Chile Announces the Acquisition of Prospective Gold PropertiesCalgary, Alberta--(Newsfile Corp. - March 5, 2020) - Lithium Chile Inc. (TSXV: LITH) (OTCQB: LTMCF) (\"Lithium Chile\" or the \"Company\") is pleased to announce the acquisition from Kairos Metals of previously held properties that are prospective for gold, silver and copper.Under the terms of an agreement entered into on March 4, 2020 with Kairos Metals Corp. (\"Kairos Metals\"), Lithium Chile will reacquire title to certain properties that were transferred to Kairos Metals in the spin out transaction that occurred in 2018. Management of Lithium Chile believe these properties to be highly prospective for gold, silver and copper accumulations. This transaction will allow Lithium Chile to expand into the precious metals area while it awaits drilling approval from local indigenous communities to further its lithium property portfolio. While exploitation of the Company's extensive lithium property portfolio continues to be management's key focus, the addition of the gold, silver and copper properties allows management of the Company to expand its options which may include entering into partnerships on some of the mineral properties. Given the renewed global interest in prospective gold properties, the additional mineral prospects within Lithium Chile's portfolio provides enhanced opportunity for shareholder value creation.Under the terms of the agreement, the promissory note previously granted by Kairos Metals to Lithium Chile, which matures on May 8, 2020 in the amount of $1,400,000 CDN has been revised to the amount of $1,000,000 CDN and matures on November 30, 2021.Terry Walker V.P. Exploration commented that, \"The Apollo and Sancarrón properties hold the potential for very large scale deposits located in the El Indio Gold Belt between the Pascua Lama deposit and the El Indio and Tambo Mines - all of which are owned by Barrick Gold and which have been the subject of significant recent drilling activity. The other properties being retransferred to Lithium Chile have the potential to host gold/silver/copper or copper/gold/moly porphyry style deposits within Chile's Mega Porphyry Belt - home to some of the world's largest gold/copper/molybdenum porphyry deposits such as Chuquicamata and Esperanza.\"Steve Cochrane, President and CEO of Lithium Chile commente...