VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 18, 2016) – Advantage Lithium Corp. (the “Company” or “Advantage Lithium“) (TSX VENTURE:AAL) and its partner, Nevada Sunrise Gold Corp., are pleased to announce that a drill program has begun at their Clayton NE property, which borders Albemarle’s Silver Peak lithium brine production operation in Clayton Valley, Nevada. O’Keefe Drilling, of Butte Montana, has been retained to drill by reverse circulation (RC) equipment approximately 4,500 ft (~1,500m) in three holes that will focus on high-priority lithium brine targets close to the Silver Peak mine in proximity to several of Albemarle’s production wells.
Drill Program Highlights
- Three priority drill targets have been chosen to best intersect the broadest and most conductive zones detected by the recently completed DC Resistivity survey.
- Historical drilling within the project area by the United States Geological Survey (“USGS”) was reported to encounter elevated lithium values in ground water
- Advantage Lithium is the only lithium explorer in the Clayton Valley, other than Albemarle, with access to certified water rights
David Sidoo, President and Director, of Advantage Lithium, commented: “In line with our strategy of growth via acquisition and the drill bit, we are very pleased to be starting our first drill program at Clayton NE, which benefits from both its geology and its proximity to Albemarle’s lithium production wells, as well as our access to water rights in the region.”
Survey identifies highly-conductive zones. In September 2016, an 11.0 line-km Volterra 3D Resistivity ground geophysical survey successfully imaged highly-conductive zones at Clayton NE. These zones are interpreted as brine formations and extend to the survey limit of approximately 800m depth. The northeast trending Angel Island fault appears to bound the conductive horizons parallel to and proximal to the eastern claim boundary at Clayton NE.
Clayton Valley Project Overview
- The approximately 1,000 acres (405 hectares) project is located in the Clayton Valley sedimentary salar and is contiguous to the eastern boundary of Albemarle’s Silver Peak property.
- Several lithium brine production wells are situated within approximately 110 metres west of the Clayton NE claim boundary.
- It is reported in the United States Geological Survey (“USGS”) Open-File Report 82-415 (1982) that a historical drill-hole (CV-5) is located on the property. CV-5 was drilled to a depth of 479 feet and encountered lithium values in ground water ranging from 24 parts per million (“ppm”) to 110 ppm, averaging 69.3 ppm for a group of 11 samples, and averaging 65.75 ppm for another group of 12 samples, analyzed both in the laboratory and in the field. The hole was part of a 1977 regional drilling program carried out by the USGS. Advantage Lithium believes that drilling deeper holes at Clayton NE could intersect additional aquifers potentially hosting brines of similar or better contents of lithium than were encountered in the relatively shallow historical hole.
- Nevada Sunrise is the operator of the Clayton NE project
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol., Technical Advisor to Advantage Lithium Corp., and the Designated Qualified person for the company.
Further information about the company can be found at www.advantagelithium.com.
About Advantage Lithium Corp.
Advantage Lithium Corp. is a resource company specializing in the strategic acquisition, exploration and development of lithium properties and is headquartered in Vancouver, British Columbia. Common Shares are listed on the TSX Venture Exchange under the symbol “AAL”. The company is earning an interest from Nevada Sunrise Gold Corp., in a portfolio of five lithium brine projects in the Clayton and Lida Valley regions of Nevada, USA, together with certificated water rights in the Clayton Valley. The company has also entered into an LOI agreement to earn interest from Radius Gold Inc. in four lithium brine projects in the states of Chihuahua and Coahuila, Northwest Mexico. In addition, the company has entered into an LOI to acquire 100% of the Stella Marys lithium brine project in Argentina’s Lithium Triangle.
ADVANTAGE LITHIUM CORP.
David Sidoo, President
Cautionary Statement:
Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Advantage Lithium which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company and Advantage Lithium disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Neither 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.
David Sidoo
President
604.685.9316
604.683.1585 (FAX)
[email protected]
www.advantagelithium.com
