RENO, Nev.--(BUSINESS WIRE)--Lithium Corporation (OTCBB: LTUM) (the "Company", or “Lithco”) is pleased to announce that it has received the analytical results from the most recent round of Sonic drilling on its Fish Lake Valley property in Esmeralda County, Nevada.
Lithium Corporation tested an area of the property where prior exploration by the Company discovered elevated lithium levels in subsurface brines. During the recent program a total of 378.09 meters (1,240.58 feet) was drilled in 20 holes at 17 discrete sites, and an area of 1,023 meters (3,356.46 feet) by 846 meters (2,775.73 feet) was systematically explored by grid drilling. The deepest hole was 24.69 meters (81 feet), and the shallowest hole that produced brine was 10.36 meters (34 feet). The average depth of the holes drilled during the program was 18.90 meters (62.02 feet). The program successfully demonstrated that lithium-boron-potassium-enriched brines exist to at least 18 meters depth in sandy or silty aquifers that vary from approximately one to three meters in thickness (3 to 10 feet). Lithium values range from 7.6 mg/L to 151.3 mg/L, whereas boron ranges from 146 to 2,160.7 mg/L, and potassium ranged from 0.1 to 1.3%. Average lithium, boron and potassium contents of all samples are 47.05 mg/L, 992.7 mg/L, and 0.535% respectively. The anomaly outlined by the drill program is 450 meters by 750 meters (1,476 by 2,461 feet), and is not fully delimited, as the area available for drilling was restricted due to soft ground conditions to the south. A 50 mg/L lithium cutoff is used to define this anomaly and within this zone average lithium, boron and potassium contents are 90.97 mg/L, 1,532.92 mg/L, and 0.88% respectively.
The Company is very pleased with the results here, and believes that the playa at Fish Lake Valley may be conducive to the formation of a “Silver Peak” style lithium brine deposit. The Company is reviewing the results in regards to the overall geological interpretation of the lithium, boron and potassium bearing strata. The results confirm the presence of targeted mineralization and further evaluation programs will focus on determining the extent and depth of mineralization.
In addition to the Fish Lake Valley prospect, Lithium Corporation is actively exploring its San Emidio property, and continues to generate and evaluate other prospects.
For further information please contact Andy Dewey at Lithium Corporation at (775) 410-2206 or via email at firstname.lastname@example.org.
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada devoted to the exploration for new lithium resources within the Great Basin. The Company explores and develops potentially economic lithium-enriched brine fields, with an eye to becoming a long-term producer of this increasingly strategic and economically important commodity. John E. Hiner, Lithium Corporation’s Vice President of Geology who is Licensed Geologist in the State of Washington, and Registered Member of SME, a qualified person as defined by National Instrument 43-101 has reviewed and approved the information provided in this news release.
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any mineralization, exploration and development of our mineral properties, specifically in regards to any future drilling programs.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of minerals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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