VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 1, 2016) – Advantage Lithium Corp. (the “Company” or “Advantage Lithium“) (TSX VENTURE:AAL) and its partner, Nevada Sunrise Gold Corp., are pleased to announce an exploration program update for its Clayton NE project in Clayton Valley, Nevada, which borders Albemarle’s Silver Peak mine – North America’s only brine hosted lithium producer. The program will be comprised of both ground geophysics and Reverse Circulation (RC) drill holes. Three holes (approximately 1,500m total) will focus on high-priority lithium brine aquifer targets close to the Silver Peak border.
Drilling Highlights
- 3 drill targets within close proximity to Albemarle’s Silver Peak mine, where brine production wells are situated within approximately 100m of the Clayton NE property boundary. The drill program is expected to commence during late September.
- 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: “Within just weeks of closing our acquisition, we are preparing to drill at Clayton NE, where proximity to Albemarle’s lithium production wells and favourable geology, give Clayton NE excellent potential as a lithium brine project. In addition to advancing our Clayton Valley projects, Advantage Lithium is continuing to identify and assess additional projects in North and South America with a view to potential acquisition.”
In addition to the drilling, an 11 line-km Volterra 3D Resitivity ground geophysics survey program will be conducted over the entire project area. The survey will have the potential to identify and image conductive horizons to approximately 600m depth as well as identify subsurface faults. Brine formations, such as those that Albemarle produce lithium from on its neighboring Silver Peak property, should appear as conductive horizons. The location, thickness and potential concentrations of lithium in brines are often influenced and controlled by geological structural features. The 3D Resistivity survey also has the potential to discern and image subsurface structural features such as the Angel Island fault, which is projected to run parallel to and proximal to the eastern claim boundary. The Angel Island fault is interpreted to be an important feature associated with Silver Peak’s economic brine formations. The program is budgeted at CDN $642,000.
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 the Silver Peak property.
- Several lithium brine production wells are situated within approximately 100 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.
Additional Company Progress
- In total, the Advantage Lithium JV has a portfolio of five projects in the Clayton and Lida Valley region, of which four are drill ready. Ross McElroy, Director and Technical Advisor to the Company, will oversee the Company’s work programs.
- To assist with marketing and public relations, the Company has hired Matthews Investments Corp., Distinct Public Relations and Swiss Resource Capital AG.
- As part of its goal to become a lithium producer, the Company continues to identify and evaluate projects, with an emphasis on South America.
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.
Cautionary Statement:
Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
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.
