VANCOUVER, British Columbia, October 6, 2020 — Alpha Lithium Corporation (TSX.V: ALLI) (OTC: ALLIF) (“Alpha” or the “Company”) is pleased to announce that it has completed its latest round of geophysics using high-powered Vertical Electrical Sounding (“VES”) technology (see press release August 26, 2020). The Company is applying to reinstate drilling permits on certain tenements, which expired during the COVID-induced government shutdown.
The latest round of geophysics was conceived on a decision to expand the area of investigation and survey additional acreage in a previously unexplored portion of the Tolillar Salar. The Company’s earlier geophysics results (see press release August 5, 2020) had identified a potential extension to the south of the previously explored area, in addition to identifying several exciting brine horizons in the northern part of the salar.
The recently completed geophysics program experienced some delays due to inclement weather and additional COVID-related restrictions levied on visitors or passersby through remote, high-altitude villages in the Andes Mountains. All delays were temporary and are not expected to significantly delay future operations at the Tolillar Salar.
The Company’s team of experts from Conhidro SRL (“Conhidro”) have commenced full analysis of the raw data and are expected to provide a report to Alpha management in several weeks.
Additionally, based on all the geophysical and hydrogeological results to date, the Company has undertaken a process to ensure the few drilling permits that expired are restored so the Company can secure a drilling rig and commence drilling operations as soon as possible. The high-powered VES technology utilized by Alpha has provided several drilling locations and several horizons to investigate with the drill bit. The multiple conductive zones identified appear to exist at depths as shallow as 50 meters to depths as deep as 450 meters, and beyond.
The results coincide with shallow tests previously conducted on the salar, which identified the presence of both brine and lithium.
Brad Nichol, President and CEO, commented, “It is an incredibly rewarding moment to finally be thinking about and planning for the upcoming drilling campaign. We know that our original geophysics program successfully identified several drilling targets, and we expect that the now-completed second geophysics program will provide us with even more exciting targets.” Nichol continued, “Since closing our bought deal and injecting over $10 million into treasury, we have been inundated with opportunities in the lithium sector. Our board, management and local team members are evaluating several exciting opportunities and we are doing so with our eye on diligently maximizing shareholder value. I am hopeful that this fall and winter are incredibly busy with the undertaking of a drilling campaign.”
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
President, CEO and Director
For more information:
Alpha Lithium Investor Relations
Tel: +1 844 592 6337
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”. Other companies in the area exploring for lithium brines or currently in production include Galaxy Lithium, Livent, and POSCO in Salar del Hombre Muerto; Orocobre in Salar Olaroz; Eramine SudAmerica S.A. in Salar de Centenario; and Gangfeng and Lithium Americas in Salar de Cauchari.
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.