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Alpha Lithium Corporation (TSX.V: ALLI) (OTC: ALLIF) (Frankfurt: 2P62) (" Alpha " or the " Company "), sole owner of one of the last large, undeveloped salars in Argentina's Lithium Triangle, is pleased to announce that it has completed Phase 2 drilling at the Tolillar Salar. The Company is now working on completion operations for these wells and based on the success in Phase 2, is preparing the road and drilling pad for the start of Phase 3.
Phase 2 consisted of two production wellbores, the first drilled to 100 meters and the second to 350 meters. The Company experienced slight supply chain delays on both wells while waiting on production casing delivery, which has subsequently been resolved.
Both wells were logged with advanced logging equipment provided by Zelandez Services Argentina ("Zelandez"). Zelandez utilized Nuclear Magnetic Resonance ("NMR") technologies which are typically utilized in oilfield services applications to provide accurate porosity and pore size distribution of the sediments. Ultimately, these measurements are used to calculate formation permeability and provide estimates of hydraulic conductivity, both of which are required by Alpha's independent engineering firm to complete a resource estimate.
Alpha is currently planning to provide a NI 43-101 Resource Estimate after Phase 3 drilling is completed.
Based on promising historic data at the Tolillar Salar, Alpha elected to drill all holes as production wells versus core holes. While core sampling is faster to drill, it does not result in pumpable wells where traditional aquifer tests can be realized to obtain hydraulic parameters. Core sampling provides lithological data that may take months to analyze with the objective focused on simply improving knowledge of reservoir characteristics such as drainable porosity. Production wells are immediately capable of production, can be logged to determine effective porosity and permeability, and can be flow-tested to determine brine deliverability parameters and composite brine chemistry that are ultimately needed for lithium processing.
As Alpha has always been focused on the prime objective achieving production as quickly as possible, the decision was made to drill production wells and log them using Zelandez's NMR technology to provide data similar to what core testing would provide. This decision has resulted in wellbores capable of production while simultaneously saving 3-6 months of analysis and 30% of the total drilling cost. These techniques are relatively new to the lithium exploration industry; however, the Alpha team is acutely aware of NMR technology which is extensively used in the oil and gas industry to great effect.
Brad Nichol, President and CEO, commented, "I am very excited that we have completed the second phase of drilling and to be so quickly moving onto the final stage. Technical discussions are underway with regards to additional drilling in Tolillar. As our focus from the beginning has been on bringing Tolillar into production as soon as possible, the timing of these wellbores coincides perfectly with Lilac Solutions testing to determine the viability of our brine chemistry with Lilac's Direct Lithium Extraction offering."
Based on the success of previous Phases, the Company will relocate the drill rig to its Phase 3 location where Alpha will commence drilling the deepest well of its three-phase campaign later this month.
Qualified Person
Michael Rosko, MS, PG, of E. L. Montgomery and Associates (M&A) of Santiago, Chile, is a registered geologist (CPG) in Arizona, California and Texas, a registered member of the Society for Mining, Metallurgy and Exploration (SME No. 4064687), and a qualified person as defined by National Instrument 43-101. Mr. Rosko has extensive experience in salar environments and has been a qualified person on many lithium brine projects. Mr. Rosko and M&A are completely independent of Alpha Lithium. Mr. Rosko has reviewed and approved the scientific and technical content of this news release.
ON BEHALF OF THE BOARD OF Alpha Lithium CORPORATION
"Brad Nichol"
Brad Nichol
President, CEO and Director
For more information:
Alpha Lithium Investor Relations
Tel: +1 844 592 6337
info@alphalithium.com
About Alpha Lithium (TSX.V: ALLI) (OTC: ALLIF) (Frankfurt: 2P62)
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. For more information visit: https://alphalithium.com .
Forward-Looking Statements
No securities regulatory authority has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release.
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulators. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
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