LEXI Announces Details of Antofalla North Project Drilling Plan

Lithium Energi Exploration Inc. (TSXV:LEXI) (the “Company” or “LEXI”) is pleased to announce that contracts are executed, and the first drill hole in its Antofalla North Project drilling campaign (the “Campaign”) will commence in the next 30 days.

“Our Campaign team is best-in-class, comprising companies owned and operated by local residents of the province of Catamarca, where the project is located, with past experience operating in the Salar de Antofalla,” noted LEXI CEO Ali Rahman. “This hyper-local knowledge will be critical to ensuring our ability to execute a successful drilling campaign to prove value in our properties and deliver shareholder value. We believe that 2023 will be a break-out year for LEXI, coinciding with the market’s recognition that investment in lithium is critical to actually build the energy transition.”

The Campaign will initially undertake 1,600 meters of drilling in four diamond core wells to obtain physical core samples and characterize the subsurface in the properties. Average total depth (“TD”) per well is anticipated to be 400 meters; however, based on real-time field results, deeper horizons may also be explored. The core samples will reveal porosity, permeability, and can provide chemical analysis critical for resource estimation. Core samples are planned for analysis at Geosystems Analysis, Inc. in Tucson, Arizona, one of the foremost analytical laboratories in the world for analyzing lithium brine core samples. Brine sample analysis will be conducted at Alex Stewart Laboratories to yield full spectroscopic analysis of brine chemistry and lithium concentrations.

The Antofalla basin is a long, narrow, fault-based graben – identified as one of the world’s largest entrapment depressions hosting lithium-bearing brine – and its total depth is not currently defined. Although adjacent results from others cannot and do not assure the outcome of this Campaign, published data resulting from drilling campaigns executed by other exploration companies on claims near to the Antofalla North Project have reportedly yielded indications of significant volumes of lithium-bearing brine with concentrations ranging from 350 to 650 ppm.

Highly experienced lithium hydrogeologist and qualified person, Murray Brooker, has planned the location of drill holes for the upcoming program, based on previous TEM electrical geophysics for the company and extensive knowledge acquired working on salt lake projects in Argentina for more than a decade. Based on data obtained from core samples and pump tests, the Campaign is expected to yield a NI 43-101 resource estimate, possibly ready for publication as early as Q4 of 2023.