VANCOUVER, March 23, 2016 /CNW/ - Lithium X Energy Corp. ("Lithium X", or the "Company") (TSX-V: LIX) is pleased to announce it has received the necessary work permits from the Bureau of Land Management to complete four drill holes at its Clayton Valley North Lithium Project (the "Project") in Nevada.
The work forms part of the Phase 1 exploration program at Clayton Valley North and results, if positive, will be incorporated into a maiden resource estimate.
The Company is permitted to drill four exploration holes on two drill sites that will target potential lithium-brine-bearing formations, including a basal gravel aquifer that lies at the base of the valley. The initial drill program was designed by David Hawkins, Chief Hydrogeologist for Lithium X, with assistance from Will Randall, the Company's VP of Project Development. A third site, consisting of two drill holes, shall be determined based on the results of these first two drill sites.
"We are pleased to have permits in hand for the first phase of drilling and are now in the process of securing equipment and drill crews," said Lithium X CEO Brian Paes-Braga. "We are progressing well and anticipate collaring our first exploration core hole in the second quarter."
The Company expects to drill these holes to a depth that will intersect the gravel aquifer in the lower part of the basin, which is expected to be approximately 350 meters. Each drill site is expected to consist of two closely spaced holes (one diamond core hole and another rotary) to maximize data collection for the initial resource at Clayton Valley North. By using this system the Company maximizes the capture of accurate lithological and brine samples, as well as allowing more thorough pump tests to be completed on relevant horizons. The current spacing between these drill sites, which lie immediately north of currently operating wells, is approximately 800 meters.
The technical information contained in this news release has been reviewed and approved by Will Randall, P.Geo, who is a Qualified Person as defined under NI 43-101. As Vice-President Project Development of the Company, Mr. Randall is not considered independent.
About Lithium X Energy Corp
Lithium X Energy Corp. is a lithium exploration and development company with a goal of becoming a low-cost supplier for the burgeoning lithium battery industry. Lithium X has entered into an agreement to advance the Sal de los Angeles lithium brine project in the prolific "Lithium Triangle" in mining friendly Salta Province, Argentina, a well-known salar with positive historical economics, grade and size. Lithium X is also exploring a large land package in Nevada's Clayton Valley, contiguous to the only producing lithium operation in North America – Silver Peak, owned and operated by Albemarle, the world's largest lithium producer. Lithium X is listed on the TSXV under the trading symbol LIX.
For additional information about Lithium X Energy Corp., please visit the Company's website at www.lithium-x.com or review the Company's documents filed on www.sedar.com. Join the Company's email list at http://lithium-x.com/subscribe.
ON BEHALF OF THE BOARD OF DIRECTORS
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 news release.
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed by such forward-looking statements or forward-looking information, standard transaction risks; impact of the transaction on the parties; and risks relating to financings; regulatory approvals; foreign country operations and volatile share prices. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE Lithium X Energy Corp.
For further information: on Lithium X please contact: Brian Paes-Braga, President and CEO, Director, Tel: 604-609-5137, [email protected]; Investor Relations, Mario Vetro, Tel: 604-687-7130 ext. 105, [email protected]