First Liberty Power Corp. Funds CSAMT/MT Survey Program for Lida Valley Lithium Property in Nevada
LAS VEGAS, Jan. 31, 2011 /PRNewswire/ -- First Liberty Power Corp. (OTC Bulletin Board: FLPC) www.firstlibertypower.com today announced that it has paid $55,000 to initiate the second phase of the Company's exploration program of its Lida Valley Lithium prospect.
This second phase will consist of a controlled source audio magnetotellurics / magentotellurics (CSAMT/MT) survey. This survey determines if conductive zones, possibly indicative of lithium-bearing brines, are present and continuous within the basin. The Lida Valley Lithium prospect, which encompasses 84 placer claims (12,800 acres), is strategically located in Esmeralda County, Nevada (the "LVW claims").
Mr. Don Nicholson, President and CEO, comments, "A key part of my mandate at First Liberty is to quickly implement the next phases of our exploration program, and this is the first step in keeping that pledge. I anticipate we will be announcing the commencement date of this survey in the very near future."
The first phase of the exploration program was a two part gravity survey, successfully completed this past summer. The data generated by the gravity surveys indicate several areas of increased bedrock depths or lower bedrock elevations. These areas may be conducive for concentration of lithium bearing brines.
The CSAMT/MT survey will assist in determining if conductive zones, possibly indicative of lithium-bearing brines, are present and continuous within the basin. CSAMT/MT is an electronic (EM) geophysical method commonly used in the exploration industry. It determines the earth's two dimensional subsurface electrical resistivity distribution by measuring time dependent variations of the Earth's natural electric and magnetic fields, as well as the electric and magnetic fields resulting from high frequency-induced waves. The resistivity information is generally used to determine subsurface geologic and hydrogeologic conditions and structure. The CSAMT/MT method is designed to investigate from depths of approximately 20 - 750 metres.
The LVW claims share a similar geology and weathering history to nearby Clayton Valley (where the Company recently entered into an LOI to acquire a additional 3000 acre claim block), and are also located within 15 miles of the Montezuma Peak, which is believed to be the source of the region's lithium. The north end of Clayton Valley hosts Chemetall Foote Corporation's Silver Peak Mine, the only lithium brine producer in the United States. Mine production comes from a lithium enriched brine located below the surface. This plant has been in production since 1967 and is designed to produce up to 1.2 million kilograms of lithium hydroxide per annum.
About Us
First Liberty Power Corp. is a Nevada based mineral exploration company with a primary focus on lithium and vanadium exploration and development in the United States. The Company is positioned to capitalize on the anticipated increase in demand for both lithium carbonate and vanadium that is projected to result from the adoption and use of clean renewable energy that will fuel demand for products that utilize lithium-ion batteries and vanadium redox batteries.
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, the exploration/work program for the LVW claims, the scheduling or completion of, or any results of any controlled source audio magnetotellurics/magentotellurics (CSAMT/MT) surveys undertaken, Lithium production from the Clayton Valley or surrounding region, and any mineralization, exploration and development of our mineral properties, specifically in regards to lithium and vanadium.
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 metals 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.
SOURCE First Liberty Power Corp.
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