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Sali Lithium Corp
Symbol SALI
Shares Issued 50,752,325
Close 2024-10-25 C$ 0.14
Market Cap C$ 7,105,326
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Sali Lithium acquires Huaytiquina; appoints CFO

2024-11-06 15:35 ET - News Release

Mr. Dustin Nanos reports

SALI LITHIUM CORP. PROVIDES CORPORATE UPDATE

Sali Lithium Corp. has provided a corporate update on its Argentina and Canadian lithium projects.

El Quemado project, Salta, Argentina

Sali's El Quemado project in Salta, Argentina, spans 58,290 hectares and is host to several lithium-bearing pegmatites. Key highlights from previous exploration activities, including work by Sali, at El Quemado include:

  • Sample assays are ranging from nil to 2.02 per cent LiO (lithium oxide) (n equals 283 samples);
  • Identification of 10 key targets for follow-up exploration;
  • Satellite imaging revealed 874 potential pegmatites targets with a total strike length of 47.6 kilometres (km).

The El Quemado district is characterized by pegmatites emplaced mainly in the regional metamorphic basement, associated with numerous small granitic bodies, further confirming the potential for substantial lithium occurrences in the region.

Sali is awaiting approval of the environmental impact study (EIS). Upon receiving the necessary permits, the company plans to initiate a comprehensive exploration program.

Huaytiquina project, Salta, Argentina

The company reports that it has acquired the Huaytiquina project, a lithium brine project located in the Salar del Rincon basin. The 7,625-hectare project lays within the Altiplano-Puna high plateau known for significant lithium resources. Highlights from historical exploration work includes:

  • Piezometric wells and hydrochemical analysis of brines conducted to evaluate the radius of influence and the chemical composition of the brine reservoir indicated a high concentration of lithium, among other valuable minerals, in the region's brines.
  • The project lies near the Catua aquifer system and the volcanic aquifer complex, both of which contribute to the area's water resources and are critical for lithium brine extraction.
  • The concessions are underlain by Miocene-age volcanic rocks, which could be related to the copper-gold metallogenic belt that extends through Chile and Argentina. This belt includes nearby deposits such as Taca-Taca (First Quantum) and Lindero (Mansfield).

Sali Lithium Huaytiquina concessions projects, Quebec, Canada

The company confirms its significant land package in the James Bay region of Quebec, Canada, aimed at advancing lithium pegmatite exploration. The claims total 34,442 hectares, positioning Sali to become a leading player in the exploration for lithium-bearing pegmatite properties in what is becoming one of the worlds' more significant hard rock lithium regions.

The company has secured a 100-per-cent working interest in the following areas:

  • Noyau project: 87 claims surrounding the Chavamond project, covering 4,220 hectares;
  • Doree Riche project: 613 claims around the Sacred Banana project, covering 30,222 hectares.

This strategic acquisition aligns with the company's vision to capitalize on the growing demand for lithium, driven by the electric vehicle and renewable energy sectors. Sali intends to initiate early exploration activities on these acquired lands, following positive results from the area conducted by Whiterock Lithium Corp.

Executive team update

Sali would also like to take this opportunity to thank Christina Blacker, the company's outgoing chief financial officer (CFO), for her hard work and dedication during her tenure. The company wishes her the best in her future endeavours.

Additionally, the company is pleased to announce the appointment of Grant Smith as chief financial officer and Lisa Maxwell as its corporate secretary. The company is confident that both appointments will contribute to the continued success and growth of Sali.

The company also announces, subject to regulatory approval, it has granted 1.1 million stock options to purchase common shares of the company to certain officers and consultants pursuant to the company's stock option plan. Such options are exercisable into common shares of the company at an exercise price of 15 cents per common share for a period of five years from the date of grant.

About Sali Lithium Corp.

Sali Lithium is a mineral exploration company dedicated to the discovery and development of lithium resources. The company holds a controlling interest in the El Quemado project, comprising 46 mining concessions totalling 58,290 hectares in Salta province, Argentina. Additionally, the company has a 100-per-cent interest in a 7,625-hectare lithium brine project in Huaytiquina, Salta, Argentina, and 34,442 hectares in the James Bay region, Quebec, Canada, which is well known for its potential to host lithium-bearing pegmatites.

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