Toronto, Ontario–(Newsfile Corp. – December 21, 2022) – Li3 Lithium Corp. (TSXV: LILI) (“Li3 Lithium” or the “Company“) is pleased to announce that Li3 Resources Inc. (“Li3 Resources“), 50% owned by Li3 Lithium, has earned a 50% interest in the Mutare Lithium Project (the “Mutare Lithium Project“), located in Zimbabwe, by funding US$250,000 of initial exploration work on the property (the “Spend“).
Li3 Resources had until December 31, 2022, to complete the Spend to exercise its option to acquire the 50% interest in the Mutare Lithium Project. The exploration program completed under the Spend included surface rock-soil sampling and a geochemical survey to assist in identifying priority areas for a 5,000-metre exploration drilling program. Exploration drilling on the Mutare Lithium Project is scheduled to commence in the 1st quarter of 2023, toward completing an initial mineral resource estimate as defined in National Instrument 43-101 Respecting Standards of Disclosure for Mineral Projects (NI 43-101).
Mutare Lithium Project, Zimbabwe
The Mutare Lithium Project consists of 1,500 hectares of licences retained within the Mutare Greenstone Belt. The area was deemed prospective for lithium-cesium-tantalum pegmatites based on prior target generation work. Management believes the lithium exploration potential of the Mutare Greenstone Belt is analogous to that of the Pilbara Craton pegmatites in Western Australia.
Zimbabwe, which is estimated to hold Africa’s largest lithium resources and the fifth largest globally, is rapidly emerging as an important player within the lithium supply chain. Over the past year, major Chinese battery metals companies have committed approximately US$1.4 billion to acquire and develop lithium projects in Zimbabwe. The Mutare Lithium Project is located approximately 30 kilometres from the Sabi Star Lithium Tantalum Mine in eastern Zimbabwe’s lithium district. In November 2021, Chengxin Lithium Group acquired a 51% ownership interest in the Sabi Star Lithium Tantalum Mine for US$76.5 million.
About Li3 Lithium Corp.
Li3 Lithium is focused on acquiring and developing hard rock spodumene lithium assets in Zimbabwe and Argentina, where the founders have significant experience and relationships. As evidenced by recent market growth, hard rock lithium deposits are forecast to continue to dominate the global supply of lithium given the scarcity, complexity and capex-intensive nature of alternative brine sources. At present, spodumene concentrate is at a record high price of US$5,500/tonne and forecast to go higher.
Li3 Lithium has a 50% interest in Li3 Resources Inc., a private company with a 50% interest in the Mutare Lithium Project, which consists of 1,500 hectares of licenses within the Mutare Greenstone Belt of Zimbabwe.
Li3 Lithium Corp
Stephen Dunn, CEO
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This news release contains certain “forward-looking information” within the meaning of applicable securities laws. Forward looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward- looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.