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Lithium One defines new zone at Sal de Vida

Published: 20:40 31 Aug 2011 BST

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Lithium One (CVE:LI) announced Wednesday it defined a new zone, called the North Basin, at the Sal de Vida project, part of its Salar del Hombre Muerto property in Argentina.

The company reported the results of five new holes, which reported grades averaging 852 milligrams per litre (mg/L) lithium, and 10,181 mg/L potassium within the first 55 metres from surface.

This new, high-grade North Basin measures 50 square kilometres and is adjacent to, but geologically separated from, the Central Basin, which has an inferred resource of 5.4 million tonnes of lithium carbonate equivalent, and 21 million tonnes of potassium chloride equivalent.

"The higher grade results from the North Basin drilling have outlined a significant new discovery on the Sal de Vida Project, confirming our belief in the project's development and growth potential," said president and COO, Patrick Highsmith.

Notable results from the five drill holes on the North Basin include 52.1 metres grading an average of 972 mg/L lithium and 11,581 mg/L potassium in hole SVH11-18, which was drilled to a depth of 248.4 metres.

Hole SVH11-20 on the North Basin, which was drilled to a depth of 96.3 metres, intersected an average of 875 mg/L lithium and 10,344 mg/L potassium over 53.8 metres.

Meanwhile, hole SVH11-16 at the Central Basin returned 94.6 metres grading 650 mg/L lithium and 7,609 mg/L potassium, and was drilled near the southeast margin of the resource area, to a depth of 171.2 metres.

Assays from hole SVH11-22 on the Central Basin intersected 102.4 metres at 843 mg/L lithium and 9,987 mg/L potassium, at a depth of 102.4 metres.

"The average lithium content in the North Basin is 23% higher than the grade of the Central Basin inferred resource, and the potassium grade is 35% higher," added Highsmith.

"The North Basin salt body is similar to those hosting the resource being produced by FMC to our west from the same salar, and the giant Salar de Atacama lithium operations in Chile.

"We expect the North Basin to make a significant contribution to the upgraded Sal de Vida resource expected later this year."

Lithium One shares spiked 10.2% on the TSX-Venture Exchange as of 3:09 pm EDT today, trading at $1.08.

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