CORAL SPRINGS, FL, June 1, 2016 /CNW/ - The lithium industry continues to expand as active mining companies explore and develop new projects for current drilling operations. Increasing variety of products and applications for lithium uses influence the rapidly growing demand for lithium worldwide.
In current developments of importance in the markets: American Lithium Corp. (TSXV: LI), is pleased to announce that its wholly owned subsidiary 1032701 B.C. ("1032701"), has received a notice-of-intent exploration work permit from the Bureau of Land Management to conduct a Phase 2 exploratory drilling program at its 7,840 acre (3,172.7 hectare) North Bowl Playa lithium brine project in Fish Lake Valley, Esmeralda County, Nevada (see Company's news release dated April 7, 2016). "The geological setting at Fish Lake Valley is highly analogous to the salars of Clayton Valley, where Albemarle has its Silver Peak lithium-brine operation," commented Michael Kobler, CEO of American Lithium. "Over the past 6 years, previous operators have been investigating the Company's North Bowl Playa, Fish Lake Valley lithium brine property. A National Instrument 43-101 report titled Technical Report, Fish Lake Valley Lithium-Brine Property, Esmeralda County, Nevada, was completed on the property in November 2015. The purpose of our Phase 2 exploration drill program is to test several potential brine lithium targets identified in the Phase 1 Exploration Program which included surface brine sampling, gravity geophysics and 3,545 feet (1080 meters) of shallow auger and direct push drilling within 41 holes at 25 sites ranging from 42 feet to 150 feet in depth. We also plan to do more high density gravity surveys to better define the subsurface structure and shallow auger brine test holes across the entire holding."
Read the full American Lithium (LI.V) Press Release at: http://www.financialnewsmedia.com/profiles/li.html
American Lithium intends to contract an exploration drilling company to complete up to 13 drill holes to approximately 500ft in depth to firm up its North Bowl Playa shallow prospect as part of its Phase 2 exploratory drill program.
In other sector related developments and recent happenings: Nemaska Lithium Inc. (TSXV:NMX) announced recently that it has received the first $5M tranche from Ressources Québec Inc., a subsidiary of Investissement Québec,, acting as a mandatary for the government of Québec. The private placement with Ressources Québec totalling $10M was announced on March 11, 2016 and was held in escrow until the closing of the Johnson Matthew Battery Materials transaction (announced on May 11, 2016). The remaining balance of $5M is being held in escrow and will be released to Nemaska Lithium upon achievement of certain project milestones for the Phase 1 Plant. "This new cash installment allows us to continue on schedule with the development of the Phase 1 Plant, with a goal of commissioning the plant by the end of this year and delivering commercial samples of battery grade lithium hydroxide to customers in 2017," said Guy Bourassa, President and CEO of Nemaska Lithium. "The Phase 1 Plant is a crucial marketing tool which will save us time and money once we are in full commercial production. By qualifying the lithium hydroxide produced from the Phase 1 Plant, our customers will have confidence in the quality and homogeneity of our products well before the mine and commercial Hydromet plant start commercial production."
Nevada Sunrise Gold Corporation (TSXV: NEV) is pleased to announce Phase 1 exploration results from its drilling program at the Neptune Lithium Project ("Neptune") located in the southern Clayton Valley of Nevada, USA . Nevada Sunrise completed two exploration holes at Neptune in late March 2016 . Drill targets were generated from the integration of the results of: (1) a detailed gravity survey by a previous operator that outlined a deep, faulted sub-basin, and (2) a controlled source audio magneto telluric ("CSAMT") follow-up survey that detected conductive horizons within the sub-basin. In each of the completed holes, permeable sedimentary, lacustrine strata interbedded with volcanic ash and ejecta was logged at various levels throughout the holes. This type of sedimentary strata is interpreted as a requisite host horizon for lithium-bearing brines as seen in the northern Clayton Valley. A total of 45 water samples and 256 sediment cuttings samples were collected and submitted for multi-element analysis.
Pure Energy Minerals Limited (TSXV: PE) announced in May the results of well sampling from the phase 2 drill program at its Clayton Valley South ("CVS") Lithium Brine Project, located near Silver Peak, Nevada (the "Project"). The phase 2 drill program consisted of three wells: CV-4, CV-5, and CV-6, which were major step outs to the south, extending up to 6 kilometres (3.7 miles) beyond the previous limit of drilling. The technical team designed these wells to target lower grade brines of the southern resource area from approximately 150 to 500 metres (500 to 1600 feet) below surface. The results from wells CV-4, 5, and 6 included no significant lithium values, but the data indicate the presence of an active geothermal system that may have a significant impact on fluid compositions in portions of the southern resource area.
FinancialNewsMedia.com is leading provider of third party publishing & news dissemination services. If you would like more information regarding our news coverage solutions, please visit financialnewsmedia.com for more details. Get an edge on the market with our Premium News Alerts that are FREE for a limited time at financialnewsmedia.com. Follow us on Facebook: facebook.com/financialnewsmedia and Twitter: twitter.com/FNMgroup.
DISCLAIMER: FN Media Group LLC (FNMG) is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNMG is NOT affiliated in any manner with any company mentioned herein. FNMG and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNMG's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNMG is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNMG has been compensated three thousand nine hundred dollars for news coverage of the current press release issued by American Lithium Corp. by a non-affiliated third party. FNMG HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNMG undertakes no obligation to update such statements.
SOURCE FN Media Group, LLC
For further information: Company: FN Media Group, LLC, Contact email: [email protected], U.S. Phone: +1-954-345-0611, URL: http://www.financialnewsmedia.com