CORAL SPRINGS, Florida, June 1, 2016 /PRNewswire/ --
Today's lithium production industry continues to explode as emerging lithium focused mining companies explore and develop new projects for current drilling operations. Increasing variety of products and applications for lithium uses influence the rapidly growing demand for lithium worldwide.
American Lithium Corp. (TSXV: LI), is pleased to announce that its wholly owned subsidiary 1032701 B.C. ("1032701"), has received a notice-of-intent exploration work permit from the Bureau of Land Management to conduct a Phase 2 exploratory drilling program at its 7,840 acre (3,172.7 hectare) North Bowl Playa lithium brine project in Fish Lake Valley, Esmeralda County, Nevada (see Company's news release dated April 7, 2016). "The geological setting at Fish Lake Valley is highly analogous to the salars of Clayton Valley, where Albemarle has its Silver Peak lithium-brine operation," commented Michael Kobler, CEO of American Lithium. "Over the past 6 years, previous operators have been investigating the Company's North Bowl Playa, Fish Lake Valley lithium brine property. A National Instrument 43-101 report titled Technical Report, Fish Lake Valley Lithium-Brine Property, Esmeralda County, Nevada, was completed on the property in November 2015. The purpose of our Phase 2 exploration drill program is to test several potential brine lithium targets identified in the Phase 1 Exploration Program which included surface brine sampling, gravity geophysics and 3,545 feet (1080 meters) of shallow auger and direct push drilling within 41 holes at 25 sites ranging from 42 feet to 150 feet in depth. We also plan to do more high density gravity surveys to better define the subsurface structure and shallow auger brine test holes across the entire holding."
Read the full American Lithium (LI.V) Press Release at: http://www.financialnewsmedia.com/profiles/li.html
American Lithium intends to contract an exploration drilling company to complete up to 13 drill holes to approximately 500ft in depth to firm up its North Bowl Playa shallow prospect as part of its Phase 2 exploratory drill program.
In other lithium developments of note: Lithium X Energy Corp. (OTC: LIXXF) (TSXV: LIX) announced recently that as a result of review by the British Columbia Securities Commission the Company is issuing the following news release to clarify its disclosure with respect to its press releases dated March 3, 2016 and May 12 , 2016. The disclosures were made in regards to the Company's recently acquired interest in the Sal de los Angeles lithium-potash brine project ("Sal de los Angeles Project", or the "Project"). The Company's March 3, 2016 News Release referred to results contained in a Preliminary Economic Assessment ("PEA") prepared by SRK Consulting in 2011 for a previous owner Rodinia Lithium Inc. Although this PEA was based on an inferred resource which was considered at that time to have been current, the Company does not believe, as it stated in the March 3 News Release, that sufficient work has been done to classify that estimate as current and that is treating the estimate as a historical estimate only. Under Canadian Securities Administrators' National Instrument 43-101 it is not permissible to disclose results from a preliminary economic assessment which is based on a historical resource as such a PEA would have no relevance. Accordingly, the Company's disclosure of the results of the PEA was made in contravention of NI 43-101 and all such prior disclosure is hereby retracted. Further, the Company has not established current resources on the Project and therefore considers the PEA to be no longer current or relevant and cautions that the PEA should not be relied upon.
In an article published recently on Bloomberg.com - Richest Lithium Nation Risks Being Left Behind in Tesla-led Boom - The electric-car revolution is here and Chile is looking to ramp up production of the lithium the industry needs for batteries. Or it would be, but for a bitter dispute between the government and the former son-in-law of a military dictator. After Chile's government moved to withdraw its license to exploit one of the world's largest deposits, Soc. Quimica & Minera de Chile SA (NYSE: SQM) opted to invest in a lithium project across the Andes in Argentina and is trying to block a project by Albemarle Corp. (NYSE: ALB) in Chile. SQM is controlled by Julio Ponce, the former husband of the late dictator Augusto Pinochet's daughter.
Demand for lithium is soaring as Tesla Motors Inc. (NASDAQ: TSLA) prepares to start production of its mass-market Model 3 battery-powered car and Chevrolet prepares an all-electric "Volt". The soft, silver-white metal is also used in cell phones.
As of last year, Chile held 54 percent of the world's known lithium reserves, almost all of it in brine underneath the vast salt flats of the Atacama desert. For now though, it's neighboring Argentina that looks to be moving faster to capture surging demand, rather than the normally investor-friendly Chile. New Argentine President Mauricio Macri has removed currency and capital controls and a mineral export tax to lure investment. Read the full article here on Bloomberg.com
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