TSX Venture Exchange: MHI
Frankfurt Stock Exchange: N8Z/WKN: AODLHP
Pink Sheets: MHIFF
VANCOUVER, Aug. 17 /CNW/ - Mineral Hill Industries Ltd. ("MHI" or
"Company") wishes to announce that it has acquired the "International
Property" claims which represent additional lithium occurrences within the
general area of MHI's 773.46 hectares "Chubb Lithium" property announced on
May 12th, 2009.
The Chubb and International properties contain multiple target areas for
lithium mineralization and represent an ideal geological environment for
hosting large tonnage-high grade lithium deposits.
The Chubb Lithium property is located in the Archean Abitibi Greenstone
belt in the La Corne Towship (NTS sheet 35C05) about 32 km northwest of Val
d'Or, Québec. Access to the property is excellent. The lithium mineralization
within the Chubb Lithium property is contained in the mineral spodumene within
three parallel, zoned and steeply dipping granitic pegmatite dykes oriented N
10 degrees - 15 degrees W and intruding granodioritic/quartz monzodioritic
rocks. Spodumene content reaches 15-25% in the pegmatites with subordinate
amounts of colombo-tantalite, beryl, molybdenite and bismuthine. Early work in
1956 by American Lithium Corporation involved trenching and short hole
drilling. In 1994, les Mines Wrightbar conducted a small drilling campaign
totaling 330 m in 4 holes (GM 52881). The best intersection results were 1.62
wt.% Li(2)O/3.72 m (hole L-94-1), 1.25 wt.% Li(2)O/2.19 m (hole L-93-3) and
1.06 wt.% Li(2)O/0.61 m (hole L-94-4).
The International Property is also located in the Abitibi Greenstone in
the Figuery Township (NTS sheet 32D08) about 16 km south of the town of Amos.
In the field, the property reveals two zoned spodumene-bearing granitic
pegmatite dykes invading metsedimentary rocks. The first dyke (290 degrees/80
degrees) located on the western bank of the Harricana River, exposes a
spodumene-rich core with a 1 m thick zone rich in spodumene. Accessory
colombo-tantalite is present (MB 89-29). The other pegmatite dyke lies on the
eastern flank of a dirt road in a farm's field and contains a small green
spodumene zone and accessory colombo-tantalite and molydenite. From 1951 to
1955, the Lithium Corporation of America carried out various drilling
campaigns consisting of 89 DDH in lots 39 and 40, Range II. The campaigns
unravelled a large spodumene-bearing dyke, 200 m long and 5 to 15 m wide
accompanied by satellite dykes and dykelets (GM12686A and B). The company
reported an inferred reserve of 135,000 t grading 0.95 wt.% Li(2)O on a 119 X
104 m zone having a thickness of 3.7 m (RP 466). This report is not 43-101
MHI considers the International Property with its multiple lithium target
areas not only a valuable addition to the Company's focus on lithium metals,
but its proximity and logistics to the Chubb lithium property will make MHI's
exploration efforts within Québec also more economically efficient.
The Option Agreement (the "Agreement") to acquire the additional 100%
interest in and to all 12 contiguous mineral claims of the "International
Property" covering approximately 276.35 hectares located within the Figuery
Township in the Province of Québec, is subject to applicable regulatory
approval and in consideration of MHI making cash payments in the amount of
$83,108 and issuing 600,000 common shares to the Optionors over three years
from the effective date of the regulatory approval of the Agreement.
Mr Dieter Peter, Chairman and CEO of MHI quoted: "Under standard
conditions, lithium is the lightest metal and the least dense solid element.
The demand for lithium has been growing in the past years as it is the mineral
of choice for use in lithium-ion batteries, in hybrid cars, laptops, cell
phones and MP3 players."
Michel Boily, PhD, P. Geo, a "Qualified Person" as such term is defined
by National Instrument 43-101, has reviewed and approved the technical
information in this news release on behalf of Mineral Hill Industries Ltd.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
For further information:
For further information: Dieter Peter, Chairman & CEO, Telephone: (604)
685-4170; Pamela Keck, Investor Relations Co-ordinator, Telephone (direct):