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One World Lithium announces Salar del Diablo site tour and private placement

The company and project operator will be meeting with drilling companies and other service providers in Hermosillo before touring Salar del Diablo

salar del diablo lithium project
Salar del Diablo is located in the State of Baja California, Mexico

One World Lithium Inc (CSE:OWLI) (OTCMKTS:OWRDF) announced Thursday that the operator of its flagship Salar del Diablo project is joining OWL’s CEO and director on a site tour of the lithium brine project in Mexico.

The Vancouver-based company appointed Mike Rosko of Montgomery & Associates (M&A) as operator of Salar del Diablo in August.

Together with CEO Doug Fulcher and manager of field operations Kevin Milledge, Rosko will be meeting with drilling companies and other service providers in Hermosillo, Mexico before touring Salar del Diablo, which is located in the State of Baja California, Mexico.

READ: One World Lithium taps water resources firm ahead of upcoming drill program

Rosko is the general manager of M&A's Santiago office, and has extensive experience in salar environments. He is a certified professional geologist and has acted as a qualified person and operator for similar lithium brine exploration projects, including Galaxy Lithium's Sal de Vida Project, Millennial Lithium's Pastos Grandes Project, and Lithium America Corporation's Cauchari-Olaroz Project.

The team will also sign off on a drilling, sampling and testing protocol document as it moves towards a planned four-hole drill program targeting a depth of 600 meters. It also plans to collect around 20 groundwater samples at defined depths using a depth-specific packer system, it told investors.

Once the current program is completed, M&A will propose a second exploration program based on the results of the first program to further define lithium and brine targets in the salar basin.

Private placement

The company also announced that it is replacing its previously announced non-brokered private placement with a new one to raise C$1.5 million.

The previous non-brokered private placement, announced in June, was for up to 10 million units at C$0.20 per unit for gross proceeds of up to C$2 million. In July, the company announced that it had closed a portion of this private placement by raising C$734,586 through the issuance of 3,672,930 units.

Under the terms of the current offering, the company will offer up to 10 million units at a price of C$0.15 per unit, which consists of one share and one warrant exercisable at $0.20 for a 24-month period following the closing date.

OWL said in a release that it is already funded to complete a majority of the four-hole drill program at Salar del Diablo.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: One World Lithium Inc.

Price: 0.135 CAD

Market: CSE
Market Cap: $14.07 m

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