CORAL SPRINGS, FL, May 19, 2016 /CNW/ - Lithium Sector Report: While oil and other forms of natural resources have had difficulties remaining profitable, lithium is enjoying success as consumers and companies around the globe demand more lithium-based options. Mergers and acquisitions becoming more common in active and steadily growing lithium market as some experts see no signs of lithium demand slowing down any time soon.
In Lithium Mining News of Importance in the markets today: Nevada Energy Metals Inc. (TSXV: BFF) - SSMLF - is pleased to announce that it has acquired 160 placer claims, with an area of 3,200 acres/1,295 hectares, located in northern Big Smokey Valley, Township 13N., Range 43E, Nye County, Nevada. Rick Wilson, Chief Executive Officer of Nevada Energy Metals, commented: "We are thrilled about adding a sixth lithium exploration project to our growing portfolio of properties. The desert basins of Nevada are virtually unexplored by deep drilling for lithium brine deposits that are similar to Clayton Valley. I am looking forward to an exciting exploration season this year and next."
Read the Full Nevada Energy Metals (OTC: SSMLF - BFF.V) Press Release at http://www.financialnewsmedia.com/profiles/ssmlf.html
The claims were located with the benefit of historical brine sampling results for lithium in the basin. Values were reported in the range of 130 to 155 ppm lithium for 4 samples (J.R. Davis, U.S. Geological Survey, Denver, Co.). The northern basin is fed by geothermal brines that are meteoric waters heated by relatively deep circulation in the earth's crust. The dominant structural controls bounding the playa are high angle, large displacement "normal" faults which provide conduits for fluid migration and dictate resource localization. Gravity survey results indicate an asymmetrical nature of the subsurface in the central and southern portions of the basin and that there is subsurface closure of the valley as it approaches Round Mountain to the south. Gravity data also indicates the presence of subsurface structural features associated with three of the known high temperature geothermal systems in the area. The depth of valley fill is calculated to be approximately 5,100 feet.
In other mining sector news & developments: Lithium X Energy Corp. (TSXV: LIX) - LIXXF - is pleased to announce that the Company's has entered into a binding letter of intent ("LOI") with North South Petroleum Corp (NAS-H.V) ("North South") whereby Lithium X will option to North South, 50% of its wholly owned CVL South Property (the "Property") located in Nevada's Clayton Valley. On signing of the LOI, North South paid a non-refundable deposit of US$100,000 to the Company. On closing, as defined below, North South will pay Lithium X US$1.5 million and issue to Lithium X, that number of common shares of North South as is equal to 19.9% of the issued and outstanding shares of North South upon closing the transaction and concurrent financing as defined below. Within 18 months of closing, North South will fund an exploration program of a minimum of US$1 million and complete a National Instrument 43-101 technical report. If the report confirms an inferred resource of a minimum of 300,000 tonnes lithium carbonate equivalent grading no lower than a 28 parts per million Lithium grade average on the Property, North South will pay a further US$500,000 to the Company. And within 36 months of closing, complete a further Phase II minimum US$1 million program, including completion of a feasibility study or pre-feasiblity study on the Property and paying US$500,000 to Lithium X.
Lithium Americas Corp. (LAC.TO) - LACDF -is pleased to announce that Dr. David S. Deak has joined the Company as Chief Technical Officer ("CTO") and Senior Vice President, and President of its subsidiary Lithium Nevada Corp. ("LNC"). Dr. Deak holds a D.Phil. in Materials Science from Oxford University and is well-known within the lithium and battery materials industry. He has diverse experience, predominantly in technology development and commercial roles. Most recently, he led strategic development projects focused on battery manufacturing and supply chain activities, including lithium supply.
Pure Energy Minerals Limited (TSXV: PE) - HMGLF - is pleased to announce the commencement of its Mini-Pilot Plant work with Tenova Bateman Technologies (TBT) at their research and development centre in Katzrin, Israel and at other off-site locations. The proposed lithium recovery process that will be tested in the Mini-Pilot Plant consists of three distinct phases: LiP™ -- Physical removal of alkaline earth elements (Ca & Mg) using membranes; LiSX™ -- Recovery of lithium into concentrated high-purity lithium sulphate solution utilizing proven solvent extraction process; and LiEL™ -- conversion of the lithium sulphate solution into a concentrated high-purity lithium hydroxide solution, using electrolysis, and subsequent crystallization into high-purity battery grade lithium hydroxide.
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