VANCOUVER, British Columbia, September 20, 2016
VANCOUVER, British Columbia, September 20, 2016 /PRNewswire/ --
Nevada Energy Metals Inc. "the Company", TSX-V: BFF (OTCQB: SSMLF) (Frankfurt: A2AFBV) is pleased to report that American Lithium Corp (TSX-V: LI), the Optionee of the Company's Clayton Valley BFF-1 Project "the Project", has advised the Company that the BLM has approved a Notice of Intent describing proposed locations for up to 6 sonic drill holes on the property. Sonic drilling is capable of reaching a depth of 500 feet and is used for determining the characteristics and orientation of subsurface playa sediments. The ultimate goal of this program is to confirm the presence of a fine grained green sand and silt logged as volcanic ash in previous drilling on the property. This horizon is thought to be correlative to the Main Ash Aquifer on the adjacent Albermare/Rockwood lithium producing property. (ref. Geology and Conceptual Modeling of the Silver Peak Geothermal Prospect, Esmeralda County, Nevada; Jeffrey B. Hulen, PG, 2008)
American Lithium Corp. holds the right to acquire up to a 70% interest in and to the Clayton Valley BFF-1 Project by making staged cash payments in the amount of USD$275,000, issuing 1,200,000 million common shares of American Lithium Corp in three tranches and incurring USD$1,000,000 in exploration expenses on or before the third anniversary date of the agreement.
Rick Wilson, Chief Executive Officer of Nevada Energy Metals, commented: "We are delighted to have American Lithium Corp. as our partner with which to advance the Clayton Valley BFF-1 property. The Project covers an area similar to the structural and geologic settings at Albemarle's Silver Peak lithium-brine operation, the border of which, lies only two hundred meters to the south east. We look forward to an exciting exploration program in the months ahead."
About the Clayton Valley Project:
The Clayton Valley BFF-1 Project is an early-stage lithium brine prospect in Esmeralda County, Nevada. A total of 77 placer claims encompassing an area of approximately 623 ha (1,540 acres) on the north-western side of the original Clayton Valley playa. The property position covers an inferred graben bounded by the Silver Peak Range front on the west and by an outlier of Paleozoic rocks known as Goat Island on the east. The exploration concept is that the graben is a sub-basin of the larger Clayton Valley basin and may represent a secondary trap for lithium brines within the greater system.
The Clayton Valley BFF-1 NI 43-101 Technical Report by Alan Morris, CPG, QP, states " The property has strong potential to host lithium brine deposits in favorable geologic horizons within the basin fill. Another possible target is lithium enriched clay within the fill package and potentially in previous high stands of the playa." (April, 2016)
Geologic and geophysical mapping conducted for geothermal exploration and documented by Hulen (2008) indicates previously unrecognized, deep graben lying between the Silver Peak range front and outcrops of Paleozoic rocks at Goat Island and Alcatraz Island. This area was their target zone for a deep circulating geothermal system they hoped to exploit for geothermal power. This graben is the main target for lithium brine as it may represent a separate sub-basin in Clayton Valley that holds brines not subject to pumping by production wells on the east side of the main valley. Exposed mineralization is confined to salt crust on the playa surface and other locations in the valley.
Western Geothermal Partners drilled a 120 meter (400 foot) geothermal gradient test well in 2006 on what is now the Clayton Valley BFF-1 Project. Bottom hole temperature was 50C (122F) which showed moderate potential for geothermal power. Of significance, the well encountered a 25-foot-thick zone of volcanic ash reportedly similar to the Main Ash Aquifer in the Clayton Valley lithium operation. The presence of any felsic ash in this hole is significant in light of that, it is the presumed source for at least some of the lithium in the brines (Price et al, 2000).
Qualified Person: The technical content of this news release has been reviewed and approved by Alan Morris CPG, Elko, Nevada.
About Nevada Energy Metals: http://nevadaenergymetals.com/
Nevada Energy Metals Inc. is a well funded Canadian based exploration company who's primary listing is on the TSX Venture Exchange. The Company's main exploration focus is directed at lithium brine targets located in the mining friendly state of Nevada. The Company has 100% ownership in 77 claims in Clayton Valley, only 250m from Rockwood Lithium, the only brine based lithium producer in North America. Nevada Energy Metals has also acquired, 100 claims (Teels Marsh West) covering 2000 acres (809 hectares) at Teels Marsh, Mineral County, Nevada, a prospective lithium exploration project, 100% owned without any royalties; the San Emidio Desert Lithium Project, consisting of 155 claims (approximately 3,100 acres/1255 hectares) in Washoe County, Nevada; the Alkali Lake Project in Esmeralda county, is a 60% earn in option agreement from Dajin Resources Corp, where near surface lithium values have been confirmed; the Dixie Valley Project consisting of 911 claims covering 73.6 square kilometers/28.4 square miles (7,363 hectares/18,194 acres) of salt marsh playa. Of the seven characteristics favourable for the formation of a lithium brine deposit as outlined in the U.S. Geological Survey deposit model, all seven are found in Dixie Valley. The lithium deposit model for Dixie Valley is a Clayton Valley-style brine deposit.
On Behalf of the Board of Directors
Rick Wilson, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the contents of this release.
Disclaimer for Forward-Looking Information:
The information discussed in this press release may include "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). All statements, other than statements of historical facts, included herein concerning, among other things, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, business strategy and other plans and objectives for future operations, are forward looking statements. These forward looking statements are identified by their use of terms and phrases such as "may," "expect," "estimate," "project," "plan," "believe," "intend," "achievable," "anticipate," "will," "continue," "potential," "should," "could," and similar terms and phrases. Although we believe that the expectations reflected in these forward looking statements are reasonable, they do involve certain assumptions, risks and uncertainties and are not (and should not be considered to be) guarantees of future performance. It is important that each person reviewing this release understand the significant risks attendant to the operations of the Company. Nevada Energy Metals Inc. disclaims any obligation to update any forward-looking statement made herein.
SOURCE Nevada Energy Metals Inc.