Pure Energy Minerals Options Large Lithium Brine Project at Pocitos Salar, Salta Province, Argentina
Dienstag, 10.01.2017 13:35 von DGAP
DGAP-News: Pure Energy Minerals / Key word(s): Miscellaneous
Pure Energy Minerals Options Large Lithium Brine Project at Pocitos Salar,
Salta Province, Argentina
10.01.2017 / 13:31
The issuer is solely responsible for the content of this announcement.
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Vancouver, British Columbia--(Newsfile Corp. - January 10, 2017) - Pure
Energy Minerals Limited (TSXV: PE) (FRANKFURT: A111EG) (OTCQB: PEMIF) (the
'Company' or 'Pure Energy') announces that it has acquired an option (the
'Option') to purchase 100% interest in more than 13,000 hectares (32,000
acres) of prospective lithium brine exploitation concessions on the Pocitos
Salar in Salta Province, Argentina (the 'Properties'). The Properties are
located in the heart of Argentina's lithium-rich Puna Region. Significant
deposits of lithium in brine occur approximately 32 km (20 miles) north at
Rincon Salar and approximately 90km (56 miles) south at Salar del Hombre
Muerto. The Pocitos Salar is directly accessible by Salta Provincial
Highway 17 and it enjoys excellent infrastructure, including a gas pipeline
and rail line on the eastern edge of the salar and a high voltage power
line only 30km to the north.
Pure Energy has executed a binding letter of intent ('LOI') that defines
the material terms and conditions of the Option. The full execution of the
Option over the course of two years from the initial closing will entail
payment of US $4 million and issuance of up to 6 million common shares in
the stock of the Company, upon which 100% interest in the Properties will
be conveyed to Pure Energy. In conjunction with the receipt of a
satisfactory title opinion on the Properties, the Company has made an
initial payment in the amount of US $25,000. Upon execution of the
definitive agreement (the 'Agreement'), the Company will make an additional
payment of US $175,000. No further payments in cash or shares are due for
90 days from the date of closing.
Previous exploration on the Properties yielded high lithium and potassium
values in brine collected from surface pits, but the Company is not aware
of any historical exploration drilling on the concessions. Another lithium
explorer reported results from surface pit sampling on the Properties in
2010. The Company is not treating the historical sample results as its own,
but for purposes of providing historical context, the historical reports
are briefly summarized below.
Pure Energy is commencing immediately with due diligence and a technical
evaluation of the Properties. The Company's CEO, Patrick Highsmith, has
previously operated in Salta Province as the founding CEO of Lithium One
Inc. During his tenure at Lithium One, Mr. Highsmith built a very
successful team of exploration and engineering professionals who discovered
the large lithium and potash brine deposits of the Sal de Vida Project at
nearby Salar del Hombre Muerto. The Lithium One team rapidly advanced the
Sal de Vida Project from discovery into a strategic joint venture with LG,
GS Caltex, and KORES before orchestrating a friendly merger with Galaxy
Resources in 2012.
Mr. Highsmith commented on Pure Energy's entry into the Lithium Triangle:
'It is a significant moment for Pure Energy to add a second major project
and to enter one of the world's great lithium jurisdictions. Due to its
large size, evidence of strong lithium grades at surface, extraordinary
infrastructure, and proximity to known lithium brine mineralization, we
believe these Properties can develop into our flagship project in
Argentina. These targets at Pocitos are a great fit for Pure Energy because
we can mobilize the technology and project management skills to advance
them rapidly. We look forward to an exciting first quarter as we remain on
track to update the resource and deliver a PEA at Clayton Valley South and
the first technical results from Pocitos aren't far away.'
Historical Technical Data
These data are historical in nature and the Company is not treating the
historical sample results as its own, but the results are summarized here
to provide historical context for some of the previous lithium exploration
work conducted at Pocitos Salar.
During 2010, a non-Canadian reporting issuer announced the results of a
surface exploration program on its optioned concessions on Pocitos Salar,
portions of which now comprise the Properties. The samples were collected
by the technical team of Lacus Minerals, Inc., the optionor of the
property. It was reported that the samplers collected the fluid samples on
a GPS controlled grid, with sample intervals and line spacings of
approximately 1km. Small sampling pits were excavated at each sample site
and following a period of recharge and settling, the samplers collected the
resulting groundwater at a depth ranging from 20 to 30 cm below the water
table. The samplers shipped the samples to Alex Stewart Laboratories in
Mendoza, Argentina, an internationally accredited laboratory, for analysis
by a standard EPA method for the determination of metals in waters.
A total of 46 samples were collected in the first pass program. The
sampling program, as reported, resulted in the delineation of an East
Anomaly and a West Anomaly. The East Anomaly, the heart of which lies
within the Properties that are the subject of this Option, returned lithium
concentrations ranging from 100 ppm to 300 ppm and having a magnesium to
lithium ratio ('Mg:Li') of 3. The potassium concentration on the East
Anomaly ranged from 1,000 ppm to 7,000 ppm. The parties reported that while
the known extent of the East Anomaly as determined by their sampling
program was approximately 6 kilometres (3.6 miles) long by 2 kilometres
(1.2 miles) wide, the full areal extent of the anomaly was unknown and
could be larger.
The West Anomaly, of which only a small portion lies on the Properties that
are the subject of this Option, included lithium concentrations ranging
from 100 ppm to 200 ppm and having Mg:Li of 10. The potassium concentration
of the West Anomaly ranged from 1,000 ppm to 5,000 ppm. The West Anomaly
was described as having a similar scale as the East Anomaly, but its full
areal extent was unknown.
These initial reports from a previous explorer of these Pocitos concessions
were approved by Mr. David G. Wahl, P.Eng., P.Geo., a qualified person as
defined by Canadian National Instrument 43-101. Based on those news
releases and other summaries of the previous work, the Company believes
these data to have been collected according to professional standards.
However, again, the reader is cautioned because the data are considered
historical in nature and the Company is not treating the data as its own.
The Company has already commenced technical due diligence on the
Properties, which will include field visits.
The Purchase Option
Pure Energy has entered into a binding LOI with private vendors that
defines the terms of an Agreement under which the Company can acquire 100%
beneficial interest in the Properties over a two-year period. Total
payments over the Option period will be US $4.0 million and 6 million
common shares in the stock of Pure Energy. A total of US $200,000 (US
$25,000 deposit and US $175,000 balance) is due to the vendors at closing
and additional discretionary payments of shares and cash will follow at 3
months, 6 months, 12 months, and 24 months from the closing date. Should
the Option be fully executed and the Company elect to proceed with a
feasibility study or to commence production, an additional cash bonus
payment will be due to the vendors. The Company expects to pay a finder's
fee in conjunction with this transaction.
The Agreement will be subject to approval by the TSX Venture Exchange, but
the Company is not aware of any further contingencies or barriers to
achieving closure by January 31, 2017. The Company has commissioned a
Technical Report, as defined by National Instrument 43-101, which will
document various details of the Properties and demonstrate their status as
a project of merit.
Patrick Highsmith, Certified Professional Geologist (AIPG CPG # 11702), is
a qualified person as defined by NI 43-101, and has supervised the
preparation of the scientific and technical information that forms a
portion of this news release. Mr. Highsmith is not independent of the
Company as he is an officer and director.
About Pure Energy Minerals Ltd.
Pure Energy is a lithium resource developer that is driven to become a
low-cost supplier for the burgeoning lithium battery industry. While the
Company is currently focused on the development of the Clayton Valley South
('CVS') Lithium Brine Project and the adjoining Glory Lithium Clay Project
in Clayton Valley, Nevada, it is actively evaluating new lithium targets in
North and South America.
Pure Energy has developed core strengths in innovative development and
processing technologies for lithium brines and lithium mineral deposits.
The Company's key attributes and activities include:
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Generating positive results on a large land position with excellent
infrastructure in a first-class mining jurisdiction: approx. 11,000
acres in four main claim groups in Clayton Valley, Esmeralda County,
Nevada;
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The only lithium brine resource in North America except for its
neighbor, which is the only producing lithium operation in the United
States (Albemarle's Silver Peak lithium brine mine);
-
An inferred mineral resource containing approximately 816,000 metric
tonnes of Lithium Carbonate Equivalent (LCE) at an average grade of
approximately 102 mg/L lithium, reported in accordance with NI 43-101
(see July 2015 Inferred Resource Report);
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An advanced program of testing the efficacy and economics of modern
environmentally-responsible processing technologies to convert the CVS
brines into high purity lithium products for new energy storage uses;
-
A management team and board of directors including deep technical
expertise in geochemistry, hydrogeology, and lithium exploration and
development; and
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An active business development program, applying its expertise to the
evaluation of new lithium targets around the world.
On behalf of the Board of Directors,
'Patrick Highsmith'
Chief Executive Officer
CONTACT:
Pure Energy Minerals Limited (www.pureenergyminerals.com)
Email: info@pureenergyminerals.com
Telephone - 604 608 6611, ext 7
Forward Looking Statements: The information in this news release contains
forward looking statements that are subject to a number of known and
unknown risks, uncertainties and other factors that may cause actual
results to differ materially from those anticipated in our forward looking
statements. Factors that could cause such differences include: changes in
world commodity markets, equity markets, costs and supply of materials
relevant to the mining industry, change in government and changes to
regulations affecting the mining industry. Forward-looking statements in
this release may include statements regarding mineral processing,
adaptation of test work to larger scale and/or future operational scales,
estimates of reduced future capital and operating expenses, delivery of a
preliminary economic assessment, future exploration programs, operation
plans, geological interpretations, and mineral tenure issues. Although we
believe the expectations reflected in our forward looking statements are
reasonable, results may vary, and we cannot guarantee future results,
levels of activity, performance or achievements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release
Click on, or paste the following link into your web browser, to view
the associated documents
http://www.newsfilecorp.com/release/24424
News Source: Newsfile
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Language: English
Company: Pure Energy Minerals
Canada
ISIN: CA74624B2057
End of News DGAP News Service
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