Advantage Lithium Added to Solactive Performance Index; Provides Update on Orocobre Agreement, Nevada Drilling & AGM
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Dec. 22, 2016) –Advantage Lithium Corp. (the “Company” or “Advantage Lithium“) (TSX VENTURE:AAL) is pleased to announce that, as a result of its recent drilling and deal-making success, it has been added to the Solactive Lithium Index, which tracks the performance of the 25 largest listed companies whose main business operations are exploration, mining and/or investing in Lithium. The Company has also completed an international investor roadshow organized by its bankers for the purposes of the recently-announced financing. Following subsequent discussion with Orocobre, the Company has begun formulating plans for a fully-permitted five hole drill program at the Cauchari project, in Argentina, that could begin as early as February 2017. Cauchari hosts an inferred resource of 470,000 tonnes of lithium carbonate equivalent (LCE)* and 1.62 million tonnes of potash (KCL)* from the combined northern and southern resource (from 230 million cubic metres of brine at ~380 mg/l Li and 3,700 mg/l K and a large exploration target of 5.6mt to 0.25Mt of LCE and 19mt to 0.9 of KCL(1). Cauchari, in which the Company can earn a 75% interest, is located just 20 km from Orocobre’s flagship Olaroz Lithium Production Facility.
David Sidoo, CEO and President, of Advantage Lithium, commented: “We are very pleased to be recognized as one of the top 25 listed companies in the lithium sector. Our recently-announced agreement with one of Argentina’s leading lithium producers, Orocobre, and our very successful drilling at Clayton NE in Nevada, has given us a tremendous platform to build on. We are currently in the planning stages of a fully-permitted, five hole drill program at the potential near-term production project at Cauchari that could begin in February 2017 and are excited about our growth prospects for 2017.”
“We also are planning to drill a further three permitted holes at Clayton NE in Nevada during Q1, 2017, in close proximity to our first three holes, as we continue towards developing a resource.” Sidoo added. “We are extremely pleased with our 100% drilling success rate this project, which includes one of the deepest lithium-in-brine boreholes ever drilled in the Clayton Valley region.”
Advantage Lithium added to the Solactive Lithium Index, which tracks the top 25 listed companies in the Lithium sector
An international investor roadshow for the recently-announced financing, organized by the Company’s bankers, has been completed
Following discussion with Orocobre, planning has begun for a fully-permitted, five hole drill program, that could begin February 2017, at the Cauchari project, Argentina
Further drilling planned at Clayton NE, Nevada, including three permitted holes in close proximity to the first three successful holes, to continue developing a resource
AGM Results and Resolution to Approve New Control Person Arising from Orocobre Agreement. At the Company’s annual and special meeting of shareholders held December 22nd 2016 Messrs. David Sidoo, Dev Randhawa, Ross McElroy, William Marsh and Callum Grant were elected as directors. The shareholders also passed all other resolutions including a resolution to approve the creation of a new Control Person as defined under the policies of the TSX Venture Exchange, arising from the agreement with Orocobre Limited (“Orocobre”) whereby the Company will acquire certain lithium projects in Argentina through the issuance of common shares of the Company to Orocobre. Following the shareholders meeting the Board appointed the officers and the audit committee was established.
Orocobre & Advantage Lithium Deal Highlights
On November 23, 2016 the company signed an LOI with Orocobre Limited, one of Argentina’s leading lithium producers, to acquire interests in a portfolio of six projects in Salta, Jujuy and Catamarca provinces comprising ~85,543 hectares
Acquisition costs very low – on a per hectare basis, under $500/ha. Other companies have paid $700-$2000/ha for ground in Argentina
Properties located in the Lithium Triangle of northern Argentina and benefit from power, infrastructure in the area
All six properties acquired are strategically geologically located in the middle of salars
All properties are 100% ownership except for Cauchari, where AAL can earn 75%.
Orocobre, as the first mover in the lithium triangle, assembled this project portfolio on some of the most prospective salars in the region
This transaction represents a true partnership, with Orocobre becoming the largest shareholder in Advantage and taking two seats on the board of directors
Together, the companies intend to fast track development of Cauchari, while at the same time aggressively testing the potential of the broader portfolio
Planning underway for a fully-permitted five hole drill program at Cauchari, as early as February, 2017
Cauchari benefits from proximity to Olaroz and access to Orocobre’s experience in lithium development
An exploration target is not a mineral resource. The potential quantity and grade of the exploration target is conceptual in nature, and there has been insufficient exploration to define a Mineral Resource in the volume where the Exploration Target is outlined. It is uncertain if further exploration drilling will result in the determination of a Mineral Resource in this volume.
The technical information in this news release has reviewed and approved on behalf of the company by Ross McElroy, P.Geol., Technical Advisor and Director for Advantage Lithium Corp., and a “Qualified Person” as defined in NI 43-101.
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 has signed an LOI with lithium producer, Orocobre, to acquire 100% interest in five projects in Argentina and up to 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.
ON BEHALF OF THE BOARD
David Sidoo, CEO, President, Director
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.