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| 8-K - Li3 Energy, Inc. | v188931_8k.htm |
EXHIBIT
99.1
Li3
Energy Geophysical Study Identifies Potential Mineral Rich Brine
Aquifers
on
its Pocitos Salar Property, Salta, Argentina
LIMA, PERU -- (Marketwire – June 23,
2010) -- Li3 Energy, Inc. (OTCBB: LIEG) ("Li3 Energy" or the “Company”)
is pleased to announce the successful completion of a geophysical
orientation profile on its Pocitos Property. The survey identified
three unique geophysical target areas, with potential to host mineral rich
(lithium, potassium magnesium etc) brine aquifers.
Five
geophysical data recording stations were established at 2 kilometer intervals
along a 10 kilometer long orientation line (line 74-84). Geophysical
data show that the Salar is up to 550 meters deep and that three distinct areas
were outlined by electrical properties that measure the ability of each area to
act as an aquifer. Generally, stronger electrical responses indicate
a higher probability that the area contains mineral rich brines.
Three
target areas (“Target Areas 1, 2 and 3”) have been identified and prioritized as
follows:
Geophysical
Cross Section Looking Northerly
(24°
31’ S between 66°58’ W and 67°00’ W)
Target Area 1 reflects an
isolated target 250 meters below the surface of the salar at station 74 (see
graphic). The target horizon is up to 200 meters thick and has been traced along
the section for approximately 2 kilometers. The geophysical response
(resistivity averages 0.2 ohm meters) indicates that this unit has a high
probability of containing mineral rich brine aquifers. NOTE:
The lower the resistivity of
the target unit the higher the probability that the target unit contains mineral
rich brine aquifers.
Target Area 2 occupies the
eastern portion of the salar and extends from just below the surface to a depth
of 450 meters. This target was identified at adjacent data recording
stations P84 and P79. The preliminary interpretation indicates, this Target Area
lies atop the basement rocks to the east and overlies Target Area 3 to the
west. The area of influence along the section line is approximately 4
kilometers. The geophysical response (resistivity ranges from
0.4 to 0.6 ohm meters) is very significant and suggests this unit contains
multiple thin mineral rich aquifers distributed through the unit.
Notwithstanding the very encouraging diagnostic result there is insufficient
data at this time to estimate a brine resource.
Target Area 3 is a large and
underlies the western and central portions of the survey line. The Target Area
was identified at adjacent recording station P79 and P74. Preliminary
interpretation of the data indicates that the anomaly lies under the western
portion of Target 2 and surrounds Target 1 at depth on three sides. This target
unit is up to 500 meters thick and has been measured for almost
4kms. This unit exhibits a geophysical response ranging from 0.65 to
0.75 ohm meters and is thought to be a relatively homogenous unit with numerous
thin mineral rich aquifers through the entire sequence. This might
explain the broad regional response for this target. As with Target
Area 2, insufficient data does not permit a resource estimation to be made at
this time.
Based on
these encouraging results two additional geophysical profiles will be
established and surveyed. Parallel survey lines will be located 2
kilometers North and South of Brine Geochemical survey line 74-84. On completion
of this additional work the 2 kilometer grid will provide the basis for drilling
and a resource estimate covering approximately 60 square km.
“The
results of this geophysical orientation test are very exciting because they
suggest that this method will be a valuable exploration tool for identifying
mineral rich brine aquifers,” reports Mr. Luis Saenz, CEO
of Li3.
The
Pocitos Property, covering approximately 21,357 acres occupies the central
portion of the Pocitos Salar. The geophysical test was conducted
along geochemical brine sampling line 74-84 which trends westerly across the
central portion of the Property, from a point designated as P-1 established on
Highway 17, which trends northerly along the eastern side of the Pocitos
Salar.
Mr. David
G. Wahl, P.Eng., P.Geo. is the internal Qualified Person for this project as
defined by National Instrument 43-101 and is responsible for the contents of
this press release.
Geophysical
Instrumentation used during the Orientation Survey:
The
orientation survey was carried out by the professionals of the Applied
Geophysics Group (“GEOFI”),
Institute of Petroleum and Natural Reservoirs of Directorate of Technical
Studies and Research, Faculty of Engineering, National University, De Cuyo Cuyo,
Mendoza, Argentina.
The
ARREESS Automatic Resistivity system used for the orientation survey is a state of the
art resistivity system with up to 10 adjustable IP windows and 2D and 3D
Resistivity tomography capabilities using multi –electrode arrays. The
transmitting power is up to 300 Watts, Current is up to 2.0 Amp and the Voltage
ranges from 10 to 550. The precision is rated at
0.5%. Significant features of this powerful system include a
self-adapting control system, automatic ranging and calibration, automatic
checking of measured value and easy interruption of the measurements
for the first view of measured structures. Further information on ARREESS System
can be found at www.gfinstruments.cz.
About Li3 Energy,
Inc.
Li3
Energy, Inc. is an early stage, U.S. public company currently pursuing a
business strategy in the lithium mining and energy sector in the Americas, with
an initial focus on identifying and acquiring opportunities in Peru, Argentina
and Chile and the United States. Li3 Energy aims to acquire a significant
portfolio of lithium brine deposits in the Americas for the purpose of
development and production in order to meet growing market demand and to support
the clean energy and green energy initiatives being implemented
globally.
Contact:
Li3
Energy, Inc.
Luis
Saenz, CEO
Av. Pardo
y Aliaga 699 Of. 802, San Isidro
Lima 27,
Peru
+011-511-212-1880.
www.li3energy.com
Forward-Looking
Statements
Statements
in this news release that are not of historical fact constitute forward-looking
statements. These statements are subject to risks and uncertainties. Words such
as "expects,” "intends,” "plans,” “proposes,” “hopes,” "may,” "could,” "should,”
"anticipates,” "likely,” "believes" and words of similar import also identify
forward-looking statements. Forward-looking statements are based on current
facts and analyses and other information and assumptions of management. Actual
results may differ materially from those suggested by forward-looking statements
due to a number of factors, many of which are beyond the control of Li3 Energy,
including, but not limited to: Li3 Energy 's ability to identify
appropriate corporate acquisition and/or joint venture opportunities in the
lithium mining sector and to consummate any such transactions on favorable
terms; Li3 Energy’s ability to establish the necessary technical and managerial
infrastructure; Li3 Energy’s ability to raise capital in the amount required and
on reasonable terms; future economic conditions; political stability in the
various regions in which Li3 Energy operates; and lithium prices. Additional
information on risks and other factors that may affect the business and
financial results of Li3 Energy can be found in filings of Li3 Energy with the
U.S. Securities and Exchange Commission at www.sec.gov,
including in Li3 Energy’s Current Report on Form 8-K filed on May 14, 2010,
under the caption “Risk Factors.”