VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 1, 2016) – Advantage Lithium Corp. (the “Company” or “Advantage Lithium“) (TSX VENTURE:AAL) and its joint venture partner, Nevada Sunrise Gold Corp. (“Nevada Sunrise”), are pleased to announce that lithium-bearing brines have been intersected in the first borehole of the 2016 drilling program at the Clayton NE lithium brine project within the Clayton Valley salar in southwest Nevada. Clayton NE borders Albemarle Corporation’s (“Albemarle”) Silver Peak lithium brine production operation in Clayton Valley, North America’s only operating lithium mine. Hole CNE-16-01 has intercepted aquifer formations that host brines at depths between 553 and 1,200 feet. Lithium values in the first five grab samples taken within the aquifer zones are highly anomalous including up to 218 parts per million (“ppm”) with three of the five samples averaging 209 ppm lithium and total dissolved solid (“TDS”) results in the same samples were recorded up to 110,000 ppm.
Drilling on this hole is still in progress. Target depth for the hole is estimated at 1500 feet or contact with bedrock at the base of the basin.
Ross McElroy, Technical Adviser and Director, of Advantage Lithium, commented: “We’ve encountered strong lithium grades and TDS results in brines with our first hole at Clayton NE, comparable to results reported from several wells on Albemarle’s operating mine right next door. This is a tremendous start to our drill program and is a strong validation of our recently completed 3D Resistivity ground geophysical survey (see News Release October 18, 2016), which successfully identified highly conductive horizons, interpreted as brine formations at depth.”
David Sidoo, CEO and President, of Advantage Lithium, said: “We are the only Clayton Valley lithium junior with access to certificated water rights for the purpose of future development. Thus hitting strongly anomalous lithium in brine results is an important step forward for our North American operations. We are very encouraged by these results and are looking forward to our next holes at Clayton NE.”
|Interval (feet)||Total Dissolved||Lithium|
|Drill Hole||Aquifer System||From||To||Width||Solids (ppm)||(ppm)|
|Lower Aquifer System||735||745||10||110,000||218.0|
|* Results using YSI Model 556 Multiparameter Meter|
CNE16-01 Technical Details
Analytical measurements in the field are determined using a hand-held YSI Model 556 Multiparameter Meter with a submersible probe. This instrument simultaneously measures temperature, pH, TDS, conductivity, salinity, dissolved oxygen, ORP (reduction potential), and barometric pressure. It meets Good Laboratory Practice (GLP) for calibration and measurement and can store over 49,000 data sets with time-and-date stamp. Groundwater samples were sent to Western Environmental Testing Laboratory, in Reno, Nevada for analysis. General chemistry testing included analysis for specific gravity, total hardness and alkalinity, bicarbonate, carbonate, hydroxide, TDS and electrical conductivity. Anions (chloride, sulfate) were analyzed by ion chromatography. Trace metals (lithium, magnesium, boron, calcium, potassium and sodium) were analyzed by ICP-OES. All depth measurements reported, including sample and interval widths are down-hole. As holes are oriented vertical and geologic stratigraphy is primarily horizontal to sub-horizontal, downhole measurements are assumed to be close to true thickness.
Clayton Valley NE Property
The approximately 1,000 acres (405 hectares) Clayton NE property is subject to an earn-in agreement where Advantage Lithium can earn up to a 70% interest in the property after fulling CDN $3.0 million in exploration expenditures on a package of five lithium properties optioned from Nevada Sunrise. Advantage Lithium is the operator of the project and Nevada Sunrise is the project manager on behalf of the operator.
The project is located in the Clayton Valley sedimentary salar in southwestern Nevada and is contiguous to the eastern boundary of Albemarle’s Silver Peak property, North Americas only producing lithium mine. Several lithium brine production wells are situated within approximately 110 metres west of the Clayton NE claim boundary. Advantage Lithium and Nevada Sunrise are the only lithium explorers in the Clayton Valley, other than Albemarle, with access to certified water rights.
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 and Director for 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 signed a definitive agreement to acquire 100% of the Stella Marys lithium brine project in Argentina’s Lithium Triangle.
ON BEHALF OF THE BOARD
Ross McElroy, Technical Advisor and 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.
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