Toronto, Ontario–(Newsfile Corp. – January 12, 2022) –( ) (FSE: L09) (the “Company” or “LEXI”) is pleased to announce that, under its JV Agreement with Global Oil Management Group, LLC (“GOMG”), implementation of exploration and development plans is accelerating rapidly. The new JV will be known as Triangle Lithium Argentina, S.A. (“TRILA”).
LEXI is both obligated and excited to make reference to two recent press releases in which LEXI was mentioned – one by Sorcia Minerals, a private U.S. mineral development company (“Sorcia”) issued January 10, 2022 and one by, a publicly-traded Canadian technology company (“IBAT”) issued January 11, 2022.
Sorcia announced its new joint venture with Terra Novo Energy, a GOMG affiliate. The new joint venture was formed as Triangle Lithium, LLC (“Triangle”). Sorcia and its affiliates (the “Sorcia Group”) are also shareholders in IBAT.
IBAT announced that Triangle’s initial project is the TRILA JV in which LEXI is a 20% non-dilutable stakeholder and that development is slated to commence immediately, with the Sorcia Group owning the exclusive license to utilize IBAT’s technology in Argentina and Chile. IBAT further stated that it has substantially completed the construction of its first lithium extraction unit and the system modules are currently being heat traced and insulated with final assembly and testing to take place in March in the U.S. prior to deployment to South America.
LEXI is also pleased to announce that, in collaboration with GOMG, it has completed claim selection for the TRILA JV, specifically being 6 claims comprising approximately 15,000 hectares of LEXI’s holdings in the northern sections of the Antofalla Salar and that, as an important result, it is nearing completion of contract negotiations that will result in the launch of a new drilling campaign on the selected claims commencing in the first quarter of 2022.
LEXI’s CEO, Steven Howard, expressed that “It has been a pleasure to work with Mr. Sargeant and his team to advance our mutual interests and add value for LEXI’s shareholders. We are excited about our upcoming drilling campaign and the prospects for rapid implementation of actual production are now apparent on the visible horizon for our Company. LCE prices are continuing to trend upwards and the transition to electric vehicles continues to gain momentum.”
GOMG’s Chairman, Harry Sargeant, remarked that “Our commitments to create value in the lithium sector continue to increase, as evidenced by our associations with the Sorica Group and IBAT, which we believe presages imminent growth for our TRILA JV and for LEXI and its world class package of assets. We see a a clear path to lithium production faster than most any other pre-production enterprises. We believe that our resource development experience in far-flung locales gives us great advantage. Combining that experience with our capital and our exemplary team gives our new lithium ventures the ability to join the ranks of actual lithium producers and enter the supply chain at just the right time.”
About Global Oil Management Group, LLC. Global Oil Management Group, LLC is a resource development holding company controlled by Harry Sargeant, III. Mr. Sargeant is a billionaire investor focused principally in the diversified energy and shipping industries. GOMG is one of the parent companies under which he operates an expansive, multibillion-dollar conglomerate of private global enterprises consisting of aviation companies, oil refineries, oil trading operations, alternative fuels development, alternative energy development, and oil and asphalt shipping.
About Lithium Energi Exploration, Inc. Lithium Energi Exploration, Inc. is an exploration company focused on the strategic acquisition, exploration and development of lithium brine assets in Argentina. The Company is headquartered in Toronto, Ontario and has offices in Dallas, Texas and Catamarca, Argentina. The common shares of the Company are listed on the TSX Venture Exchange () and the Frankfurt Exchange (FSE: L09). The Company’s portfolio of prospective lithium brine concessions in the Argentina Province of Catamarca (heart of the lithium triangle) includes approximately 57,000 hectares and a 20% interest in a JV with 15,000 additional hectares – all located in and around the Antofalla Salar, one of the largest basins in the region, which is over 130 km long and up to 20 km across. Albemarle Corporation, the world’s largest lithium producer, owns exclusive exploration and acquisition rights to a claim block located in the central section of this salar. With prospective lithium properties located just west of Livent’s producing properties and offset to the north and south of Albemarle’s concessions, LEXI believes that its claim package holds the potential to deliver impressive values to its shareholders, if the economic viability and technical feasibility of the properties are established and developed.
For more information about Lithium Energi Exploration, Inc., please view the Company’s filings at www.SEDAR.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Financial Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Lithium Energi Exploration, Inc.
Tel: 416 276-6689
Email: [email protected]
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.
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as 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 materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the results of preliminary testing proving accurate and repeatable over time and at commercial scale; the absence of material changes with respect to the Company and its businesses; possible variations in mineralization, grade or recovery rates; actual results of exploration activities; conclusions of future economic evaluations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure its shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended.
Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/109869
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