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Lithium Chile Signs Letter of Intent to Option 50.01% of the Salar de Turi Project, Chile to Monumental Minerals
(TheNewswire) CALGARY, ALBERTA – TheNewswire - August 23, 2022 –...
About this update from Lithium Chile Inc
[{"type":"text","content":"Lithium Chile Signs Letter of Intent to Option 50.01% of the Salar de Turi Project, Chile to Monumental Minerals \n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n CALGARY, ALBERTA –\n \n \n TheNewswire -\n \n \n August\n23, 2022 – Lithium Chile Inc. (“\n \n \n Lithium Chile\n \n \n ” or\nthe “\n \n \n Company\n \n \n ”)\n \n \n (TSX:LITH) (OTC:LTMCF)\n \n \n is pleased to announce that it has signed a\nletter of intent (“\n \n \n LOI\n \n \n ”) with Monumental Minerals Corp.\n(“\n \n \n Monumental\n \n \n ”), whereby Monumental may acquire a 50.01% interest in the\nSalar de Turi Project (the “\n \n \n Project\n \n \n ”) located within the prolific\nLithium Triangle about 120 km northwest from the Company’s Salar de\nLaguna Blanca Project and 60 km northeast from the city of Calama,\nChile.\n \n \n \n \n To earn the 50.01% interest in the Project, Monumental\nmust pay Lithium Chile C$700,000 over two years, incur minimum\nexpenditures on the Project of C$1.4 million over two years and issue\nto Lithium Chile that number of common shares of Monumental that would\nresult in Lithium Chile holding, on a non-diluted basis, 9.9% of the\nissued and outstanding common shares of Monumental after completion of\ntheir next financing.\n \n \n \n \n The Lithium Triangle is an area within the central\nAndes high desert that includes Chile, Argentina, and Bolivia (Fig. 1)\nand is estimated to contain more than half of the world’s lithium\nsupply beneath the many salt flats, also known as salars, that are\ncommon to the region. The Project is comprised of 31 exploration\nconcessions totaling 8,500 hectares, 100% owned by Lithium Chile\nthrough its wholly owned Chilean subsidiary Minera Kairos Chile\nLimitada (“Minera Kairos”). The Project is accessible from the\ncity of Calama via the paved roads and is close to infrastructure.\n \n \n \n \n \n \n \n \n Click Image To View Full Size\n \n \n \n \n Figure 1. Location of the Salar de\nTuri Project and the 31 claims (8,500 hectares) that it encompasses.\nMap also includes the transient electromagnetic (TEM) survey lines (L1\nto L5) contracted by Lithium Chile in 2019.\n \n \n \n \n Jamil Sader, CEO and Director of Monumental Minerals\ncomments “The...