Global News Report –
As 2020 is rapidly coming to a close I thought I would take this opportunity to provide all our shareholders with an operational update and to thank all of you for your support and patience over the past year. I know it’s been a trying year for everyone. I also wanted to extend my wishes to you all and your families for a safe healthy and happy Holidays.
Firstly I want to provide an update on some of the steps we have taken from a marketing standpoint. We have never really had a social media presence hence the lack of a Twitter account. We have hired a new manager for our website and another group who is also building out our social media platform so you should see some action there in the near future. We have already initiated a YouTube account and plan to provide more content there. In the meantime, our website is constantly being updated so that’s the best place to go for content and news releases.
Our focus is and has always been on our lithium prospects. We have excellent properties with high-value targets. The challenge for us this last year has been the restrictions brought about by the Covid 19 restrictions. As you know most of our projects are in the so-called Lithium Triangle of Chile, Argentina, and Bolivia. As such most of the properties are along the borders of these countries and in an effort to restrict the cross-border transmission of the virus, the Chilean government closed the borders and restricted travel in these areas. That made work on these properties impossible. I am pleased to say that in the last couple of weeks we have seen those restrictions lifted and we are optimistic we can begin to work on our projects again early in the new year. Fingers crossed that we don’t have another serious wave of infections in Chile.
In the meantime, in an effort to keep our geological team busy and create some value for our shareholders we decided to focus on one of our most prospective gold properties in Chile called Carmona.
Carmona is only a couple of hours away from our Chilean office and while travel permits were needed we could still have our teamwork the project. As you know gold has been one of the best-performing commodities this year so advancing that project made a lot of sense while our lithium projects were under lockdown. As you may have seen from our recent press we are getting excellent results from the work done to date. This provides Lithium Chile with a number of options. We could continue to advance the project while waiting for restrictions to be lifted on our lithium properties, and/or bring in a partner on a very favorable basis for our shareholders to earn into the property by taking the project through to commercialization. As you may have seen we optioned out two of our gold properties to Apollo Gold in return for $600,000 cash to LITH and $3,000,000 in exploration work on those two properties. I can tell you that our results to date on Carmona have generated considerable interest from outside parties although nothing has been agreed to date.
Lastly our partnership with Summit continues to move forward and we are very happy to be working with them. I have attached our recently negotiated LOI for our JV pilot project in Chile. We should have the definitive agreement signed early in the new year. They plan to have their pilot unit completed and shipped by July of 2021 so a planned test is scheduled for late summer next year. This gives us the time to get back on one or more of our lithium prospects to prepare for our pilot project. They continue to see great results in the lab and hope this is the breakthrough we all want to see for an efficient cost and environmentally effective method of producing lithium from brines.