Advantage Lithium JV Begins Phase 2 Drilling Near Production Wells
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jan. 17, 2017) –Advantage Lithium Corp. (the “Company” or “Advantage Lithium“) (TSX VENTURE:AAL) and its partner, Nevada Sunrise Gold Corp., are pleased to announce that a phase 2 drill program has begun at their Clayton NE property, which borders Albemarle’s Silver Peak lithium brine production operation in Clayton Valley, Nevada. Drilling will be comprised of a total of approximately 1,800m (5,905 feet) in 3 Reverse Circulation (“RC”) holes expected to test depths of a minimum 600m each. Using a similar approach to the successful phase 1 program that hit wide intercepts of lithium brine with strong brine flow rates, these new holes that will focus on high-priority conductive horizons identified and imaged in the 2016 3D Resistivity survey and confirmed by drilling to be lithium bearing brines. All 3 holes are adjacent to Albemarle’s Silver Peak lithium brine field operation, in close proximity to several of their production wells.
2017 Drilling Program Highlights
Potential extension of 3.43 km mineralized brine trend: The highly-successful phase 1 program has already defined a 3.43 km mineralized trend. Phase 2 drilling has the potential to extend this trend strike length to 5.6km with successful holes.
Drilling deeper into potentially untapped aquifers. Hole CNE-16-03, from the phase 1 program, was one of the deepest boreholes drilled in the Clayton Valley and, based on results obtained, may have hit a previously untapped aquifer. As a result, phase 2 holes will target this deeper aquifer.
Permits/Waivers obtained for future development of a lithium brine resource and wells. In November 2016, the Company received waivers from the Nevada Division of Water Resources for 5 of the 6 permitted holes, which allows for reaming a borehole to a larger diameter well, pump testing, and flow rate determination in order to provide the necessary technical information for development of a lithium brine resource at Clayton NE.
Clayton NE exhibits very strong brine flows. Brine flows of up to 120 gallons per minute were encountered in the 2016 program, and if a larger diameter hole is drilled to further develop the exploratory boreholes, it is anticipated that brine flows will increase significantly. High brine flows are important for economic production of lithium from brines;
Ross McElroy, Director and Technical Advisor, of Advantage Lithium, commented: “We have already defined a 3.43km mineralized trend at Clayton NE and have encountered strong grades and excellent brine flow in all 3 Phase 1 RC holes drilled in 2016. We are excited to begin the Phase 2 round of drilling as we progress towards evaluating the potential lithium brine resource at Clayton NE.”
Clayton Valley Project Overview
O’Keefe Drilling, of Butte Montana, has been retained for the phase 2 program to drill by reverse circulation (RC) equipment.
The approximately 437 hectare (1,080 acres) project is located in the Clayton Valley sedimentary salar and is contiguous to the eastern boundary of Albemarle’s Silver Peak property – North America’s only lithium producer.
Several of Albemarle’s lithium brine production wells are situated within approximately 100 metres and less of the Clayton NE western claim boundary.
Phase 1 drilling intercepted lithium brines with robust grades and strong brine flows on all three holes, and established a 3.43km mineralized trend. Furthermore, based on results obtained, hole CNE-16-03, which is one of the deepest boreholes drilled in the Clayton Valley, may have hit a previously untapped aquifer.
Advantage Lithium is the operator of the Clayton NE project under the direction of Ross McElroy, Director and Technical Advisor for Advantage Lithium.
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.
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 has signed an LOI with lithium producer, Orocobre, to acquire 100% interest in five projects in Argentina and 75% in a sixth, called Cauchari. Cauchari is host to a near-surface resource of 470,000 tonnes of lithium carbonate equivalent (LCE) and 1.62 million tonnes of potash (KCL), and a large exploration target of 5.6mt to 0.25mt of LCE and 19mt to 0.9 of KCL. Cauchari is located just 20 km south Orocobre’s flagship Olaroz Lithium Facility. The company is also 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, including 70% in Clayton NE. In addition, the company has acquired 100% of the Stella Marys lithium brine project, immediately adjacent to Orocobre’s Salinas Grandes project that hosts an inferred, near-surface resource, in Argentina’s Lithium Triangle.
ADVANTAGE LITHIUM CORP.
David Sidoo, President
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.
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