The Neptune property is located approximately 37 miles (55 kilometres) southwest of Tonopah, Nevada in an active area of lithium exploration and mining. Albermarle’s Silver Peak lithium mine, which has extracted lithium minerals from brines continuously since 1966, lies approximately 15 km to the north. Neptune consists of a block of 316 unpatented placer claims totaling approximately 6,320 acres (2,557 hectares).
Historical geophysical data indicates Neptune has the potential to host lithium-bearing brines in subterranean aquifers beneath the Clayton Valley floor.
The U.S. Bureau of Land Management (the “BLM”) has approved ten exploration drill hole locations, and Advantage Lithium’s partner, Nevada Sunrise, has drilled two holes as part of its phase one exploration.
Preliminary analytical results indicate the water samples collected from the two holes contain sub-economic quantities of lithium. However, in hole N-2016-1, the composited samples collected from the intersected strata, contained lithium-bearing sediments that averaged 156 parts per million (“ppm”) lithium over 65.5m from 392.7m to the end of hole at 457.2m, reaching a peak value of 217 ppm lithium. A sharp increase of acidity was noted in several of the last water samples of hole N-2016-1, which Nevada Sunrise interprets as a potentially fertile leaching environment for the creation of lithium-bearing brines.
A third hole up to 2,000 metres deep is planned approximately 1.6 km east of hole N-2016-1, in an area interpreted from a 2016 geophysical survey to be a potential trap where denser, lithium-bearing brines could migrate and pool.
The southern Clayton Valley area demonstrates enrichment in lithium in the nearby mountain ranges, desert sediments and in local plants. Nevada Sunrise has carried out ASTER spectral analysis of satellite imagery over Neptune and surrounding areas of the Clayton Valley. Results indicate lithium-bearing clay is derived from bedrock in areas to the north, west, and southeast of Neptune. Biogeochemical data collected by the Company in October 2015 has confirmed anomalous lithium concentrations ranging from 11 ppm up to 35 ppm in a specific desert plant common to the Clayton Valley and sampled near the planned Neptune drill holes.