Liberty One Lithium (LBY:CA)(LRTTF) Commences Drilling at Pocitos West Salar, Argentina
Company initiates flagship asset exploration, enters into investor relations agreement and salutes former director
Liberty One Lithium Corp. (TSX VENTURE: LBY) (OTCQB: LRTTF) (FRANKFURT: L1T), is pleased to advise that drilling has commenced at its Pocitos West property in Northern Argentina. The operational team moved quickly to secure and mobilize a drilling rig and all related equipment. Commensurate with the Company's focus on its strong leadership team, the Company has deployed to site Monty McNeil, the Company's Senior Engineering and Operations Manager.
With operations underway, on-site determination by the team will assess initial findings from the brine samples at specific depths, as defined by geophysics and drill hole logging. If warranted, the team may elect to case the primary well for monitoring, and drill an adjacent rotary/core hole for pumping tests. Once the initial well is at depth and down-hole geophysics logging and depth-specific packer sampling have been completed, the drilling equipment will be moved to the second target to undertake preliminary wide-area sampling of the salar basin characteristics.
Company CEO Brad Nichol notes, "Events are moving quickly in the field now, and I credit that to the top-notch team on the ground. They were fully prepared to get underway and are currently ahead of schedule. Samples will be shipped to the SGS laboratory in Buenos Aires, employing QA/QC procedures including the insertion of blanks, standards and duplicates, comprising at a minimum 25% of the samples submitted. The SGS lab is accredited to ISO 9001, and operates consistent with ISO 17025 methods employed as industry standards.
"If all goes well, we anticipate a comprehensive report within eight weeks and will utilize the intervening period to finalize our drill and work planning based on anticipated result scenarios. Having pre-paid over $1 million for the start of the drilling program, we still have a healthy cash position of over $9 million in the bank. If this initial exploration is successful, our plans call for embarking on the full drilling program consistent with the current 11-hole permit approval, representing the first round of development activity at the Company's 15,000 hectare 'Pocitos West' property."
In related news, the Company welcomes the appointment of Mr. Monty McNeil as Senior Engineering and Operations Manager. Living at altitude and on-site, Mr. McNeil will be present and involved in all facets of operations including drilling, sampling, down-hole geophysical logging and cost control. With his characteristically hands-on approach, Mr. McNeil has overseen the drilling and completion of many exploration and development wells throughout his extensive career.
"Mr. McNeil is a trusted professional with decades of experience and innovation in some of the drilling industry's most complex and challenging operational environments." Mr. Nichol continues, "He has the empathetic temperament, supported by an indisputable knowledge base, to learn from our experienced partners in this area and to support and guide the drilling team during this most important phase in the exploration and development of our Pocitos West property. There is no other person that I would trust more than Monty to be the eyes and ears of Liberty One in Argentina at this critical moment."
Mr. Monty McNeil, Liberty One Senior Engineering and Operations Manager, notes, "Having hit the ground running, everything is moving smoothly ahead. I am very happy to be working with Brad and the experienced field team on this exciting project. It is a huge property in a prospective environment, and the data from the previous Vertical Electrical Soundings ("VES") survey has provided an excellent selection of drill targets. I am particularly keen to explore the brine horizons encased in pre-existing salar sediments that lie beneath the alluvial fans along the salar edges. Information from the local team, based on their previous experiences in similar locations, leads me to prioritize these targets high on my list. The first round of results will help steer us as we develop a proper field interpretation and NI43-101 compliant valuation of this impressive property."
The Company is also is pleased to announce that it has engaged Hybrid Financial Ltd. ("Hybrid") to provide marketing, distribution and branding services pursuant to a marketing agreement dated October 3, 2017 (the "Consulting Agreement"). The Consulting Agreement has an initial 3 month term which commenced October 10, 2017 and is automatically renewable on a monthly basis thereafter (subject to termination by the Company upon one months' written notice). Hybrid will be paid a monthly fee of $7,500 plus applicable taxes. Additional information about Hybrid Financial can be found at www.hybridfinancial.com. Hybrid does not currently hold any shares of the Company and does not have any other direct or indirect interests in the Company. The Consulting Agreement is subject to the approval of the TSX Venture Exchange.
The Company further reports that Bradley Hoeppner has resigned from the Board effective October 12, 2017. The Company would like to thank Mr. Hoeppner for his contributions to the Company and wishes him all the best in his future endeavours.
Iain Scarr, AIPG, CPG, a non-arm's length party to the Company, is the Qualified Person responsible for the technical disclosure in this news release.
About Liberty One Lithium (TSX VENTURE: LBY) (OTCQB: LRTTF) (FRANKFURT: L1T)
Liberty One Lithium Corp. is an exploration company focused on the acquisition and development of high grade lithium brine deposits. The extensive Pocitos West Argentinian property is based in the heart of the well-known "Lithium Triangle" and positioned on-trend within 25 km of several lithium producers. The property is ideally situated for lithium brine production via low-cost and well-proven evaporation methods, and is adjacent to substantive infrastructure and a skilled, experienced labour force. Liberty's international team is comprised of recognized technical experts that have focused on lithium for decades. The Company is stringently managed with a critical eye on value-creative decision making, aimed at ensuring the Company is well-capitalized and consistently creating value for shareholders. Read more at: www.libertyonelithium.com/about-us/summary.
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