Lithium One Reports Best Drill Results to Date From Sal de Vida Brine Project Highlights- Hole SVH10_12 in centre of 385 km2 property averages 1,014mg/l lithium and 11,882 mg/l potassium - Overall average from brines in 8 core holes increased to 745
Highlights
- Hole SVH10_12 in centre of 385 km2 property averages 1,014mg/l lithium and 11,882 mg/l potassium
- Overall average from brines in 8 core holes increased to 745 mg/l lithium and 8,318 mg/l potassium
VANCOUVER, CANADA -- (Marketwire) -- 01/06/11 -- Lithium One Inc. (the 'Company') (TSX VENTURE: LI), is pleased to report continued high lithium and potassium in brines from three additional core holes at the Sal de Vida lithium and potash project at Salar del Hombre Muerto, Argentina. The averaged values of all the brine samples from the core drilling to date, with no cut-offs applied, have increased to 745 mg/l lithium ('Li') and 8,318 mg/l potassium ('K'). Of note, hole SVH10_12 returned particularly high values, averaging 1,014 mg/l Li and 11,882 mg/l K over the entire hole. Magnesium and sulphate ratios continue to be favourably low, with an overall average of 2.4 for Mg:Li and 11.6 for SO4:Li.
Lithium One President and CEO Patrick Highsmith commented, 'The drilling at Sal de Vida continues to demonstrate a stable and consistently mineralized brine. The results from hole 12 are the most significant to date and the hole is located near the center of the property. The brine chemistry is excellent in both the sand-dominated and salt-dominated aquifers; and the drilling outlines a potential resource area of more than 150 km(2) so far, with a lot more salar yet to be drilled. The company remains on track to release the first NI 43-101 compliant resource during the first quarter of 2011.'
Summary of Drilling
Drill holes SVH10_10 through SVH10_12 are reported in Table 1 below. Analytical results show little variation in concentrations vertically through each individual hole and results continue to be high in lithium and potassium, with favourable magnesium-to-lithium and sulphate-to-lithium ratios.
Table 1. Summary of Core Drilling Data, SVH10_10 through SVH10_12 - No Cutoff Grade Applied
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# Total
Sample Inter-
Inter- val
Hole no vals Start End Sampled Li K Mg Mg:Li SO4:Li
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(m) (m) (m) (mg/l) (mg/l) (mg/l)
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SVH10_10 10 17.07 95.77 78.7 Mean 669 7801 1999 2.95 11.2
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Max 887 9460 2828
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Min 534 5983 1345
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SVH10_11 10 15.45 102.4 86.95 Mean 774 8820 1778 2.24 12.6
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Max 949 9995 2961
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Min 591 6659 936
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SVH10_12 12 21.25 109.45 88.25 Mean 1014 11882 2529 2.53 8.4
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Max 1158 13918 3460
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Min 570 6963 1084
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All Reported Core Drilling Average,
Holes 05-12 ( n=74 ) 745 8318 1781 2.41 11.6
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For details of sample methodology, Quality Assurance and Quality Control procedures, and a description of the geological units being encountered, please refer to the November 10th news release. Drill location maps, cross sections, and photos will be posted to the Company website (www.lithium1.com).
Porosity testing on core samples collected from each hole continues at Core Laboratories in Houston, Texas. Effective (or drainage) porosities range from approximately 2% to 17% in both the halite (common salt) dominated and silt dominated portions of the basin and from 2% to more than 30% in the sand dominated areas. Beginning this quarter, the Company will commence pumping tests to determine aquifer hydraulic conductivity (permeability). The hydrologists will identify specific hydrogeologic intervals and isolate and test those zones to obtain average hydraulic conductivities, which will then be used to populate the numerical groundwater flow model.
Review by Qualified Person
The contents of this news release, analytical data, and quality control procedures have been reviewed and approved by Mr. Michael Rosko of Montgomery & Associates Water Resource Consultants (M&A). Mr. Rosko is a Registered Geologist in Arizona, California, and Texas and a qualified person (QP) as defined in NI 43-101. Mr. Rosko and M&A are completely independent of Lithium One, owning no securities of any kind in the Company.
About Lithium One:
Lithium One Inc. is a Canadian-based explorer and developer of mineral properties with a specific focus on lithium. The Company has two major lithium projects funded through feasibility by earn-in partners: the brownfields Sal de Vida lithium brine project in Argentina partnered with KORES, LG International and GS Caltex; and the James Bay bulk tonnage spodumene project in Quebec, which is under MOU for an earn-in joint venture with Galaxy Resources Limited. The Sal de Vida option agreement also includes a provision for a project completion guarantee in regards to financing and an off-take agreement for up to 50% of the lithium production. The Company's strategy is to draw upon its quality team and employ best-practice to develop its projects into leading suppliers of low-cost, high quality lithium products to the global battery market.
ON BEHALF OF THE BOARD OF DIRECTORS,
Patrick Highsmith, M.Sc., President and Chief Executive Officer
Lithium One Inc.
1238-200 Granville Street
Vancouver, BC V6C 1S4 Canada
Email: info@lithium1.com
Website: www.lithium1.com
Forward-Looking Statements
This document may contain 'forward-looking information' within the meaning of Canadian securities legislation (hereinafter referred to as 'forward-looking statements'). All statements, other than statements of historical fact, included herein including, without limitation statements relating to; the completion of a Feasibility Study, securing of debt for future project construction, purchase of future mine production, the timing for completion of an NI 43-101 compliant resource and other matters related to the exploration and development of the Project, are forward-looking statements. These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management's expectations or beliefs regarding future events. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions, title disputes as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. In certain cases, forward-looking statements can be identified by the use of words such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved' or the negative of these terms or comparable terminology. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.
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.
Contacts:
Investor Inquiries:
Lithium One Inc.
Robert Orr
604-697-6259
604-408-4799 (FAX)
ro@lithium1.com
www.lithium1.com