LEXI Begins Next Phase of Lithium Exploration at Antofalla South Project

Key Points in this release:

1. Geophysical Exploration Campaign: LEXI initiates a comprehensive geophysical exploration in its Antofalla South Project, marking a significant step in lithium production to support the global energy transition.
2. Strategic Expansion: Building on the success of the first well in Antofalla North, LEXI’s CEO, Ali Rahman, emphasizes the broadening of LEXI’s footprint in Antofalla by exploring the company’s southern properties.
3. Innovative Techniques: Utilizing proven techniques such as 2D magnetotelluric resistivity and 1D transient electromagnetic surveying, the exploration aims to map out brine and changes in porosity across the approximately 4,000-hectare LEA 26 property.

TORONTO–(BUSINESS WIRE)–$LEXI #argentina—Lithium Energi Exploration Inc. (TSXV: LEXI) (“LEXI” or the “Company”) is pleased to announce the commencement of a new geophysical exploration campaign in its Antofalla South Project, marking another significant step in our journey to produce the lithium required to actually build the energy transition.

Surface geophysics is an important part of defining brine drilling targets and resources. Electrical geophysics uses variations in physical properties to map out brine and changes in porosity. These techniques have proved highly successful in many brine projects in Argentina, and we look forward to applying them here.

The campaign will begin in the almost 4,000-hectare LEA 26 property. There we will carry out 2D magnetotelluric resistivity and 1D transient electromagnetic surveying of more than 200 points throughout the property. Using the data obtained, LEXI will prepare an exploration drilling campaign anticipated to commence in Q4 2023. The geophysics campaign will commence in approximately 10 days, and we expect to have the results by the first week of September.

“With the first well in Antofalla North now complete, and the second well in our Antofalla North Project to commence shortly, we plan to use this momentum to expand LEXI’s footprint throughout the salar by exploring our Antofalla South Project,” stated LEXI’s CEO, Ali Rahman. “We’ve long believed that our southern properties, particularly LEA 26, are a tremendous opportunity to discover and produce the lithium needed to meet the demands of the energy transition.”

The geophysical exploration will involve more than 200 points that will be measured and geo-referenced. Recommendations for exploratory wells will then be made. The area covers salt crust, such as that hosting the adjacent Albemarle lithium project, covering the core of the salt lake. The geophysics will evaluate brine distribution and porosity within the salt and possible extensions off the salt lake below gravels and volcanic units, with resistivity data providing information on brine distribution, and zones with low resistivity anomalies representing aquifers with brines. Shallow salt deposits are known to have very high specific yield porosity and permeability in salt lakes such as Hombre Muerto and Rincon in Argentina, both the site of major lithium projects. A Geological-Geophysical Report will be prepared with all the information obtained from the measurements.

The technical content of this news release has been reviewed and approved by Mr. Murray Brooker, RP. Geoscientist 10,086, a consultant of the Company, and a qualified person as defined by National Instrument 43-101.

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About Lithium Energi Exploration, Inc.

Lithium Energi Exploration, Inc. is an exploration company focused on the acquisition, exploration, and development of lithium brine assets in Argentina. Headquartered in Toronto, Ontario, with offices in Catamarca, Argentina, the Company’s shares are listed on the TSX Venture Exchange (TSXV: LEXI), the Frankfurt Exchange (FSE: L09), and the U.S. over-the-counter market (OTC: LXENF). LEXI’s portfolio of prospective lithium brine concessions in the Argentina Province of Catamarca (heart of the lithium triangle) includes approximately 57,000 hectares and a 20% interest in Triangle Lithium Argentina, S.A., which owns an additional 15,000 hectares – all located in and around the Antofalla Salar, one of the largest basins in the region, which is over 130 km long and up to 20 km across. LEXI is committed to innovation, sustainability, and quality, striving to differentiate itself from other players in the industry to maximize its potential for success. For more information, please visit our website at lithiumenergi.com.

ON BEHALF OF THE BOARD OF DIRECTORS

“Ali Rahman”

________________________

Ali Rahman,

Chief Executive Officer & Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the results of preliminary testing proving accurate and repeatable over time and at commercial scale; the absence of material changes with respect to the Company and its businesses; possible variations in mineralization, grade or recovery rates; actual results of exploration activities; conclusions of future economic evaluations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties; failure to of the parties to the Transactions to comply with the terms and conditions of the definitive agreements relating to the Transactions; and the use of proceeds. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure its shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended.

Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

Contacts

For media inquiries:

Ian Murphy

press@lithiumenergi.com
(310) 689-6397