Another project which is close to ABR holdings
ALITHIUM X TO COMMENCE DRILLING AT CLAYTON VALLEY NORTH, NEVADA
Lithium X Energy Corp. has mobilized a drill rig to commence the phase 1 exploration program at its Clayton Valley North lithium project in Nevada. Clayton Valley is home to Albemarle's Silver Peak mine, the only lithium production facility in North America. Lithium X controls the largest land position in Clayton Valley, located approximately 200 miles from Tesla's Gigafactory. The first drill hole is approximately 100 metres north of the claim boundary where Albemarle's northernmost production-sized well is located.
Highlights:
Four exploration holes planned from two drill sites in Phase 1 Lithium X is targeting five known lithium-bearing aquifers and a lower gravel aquifer the Company believes has strong potential Results could enable an initial Resource Estimate for the Project
"I am thrilled to commence exploration drilling in Clayton Valley, where the vision for Lithium X was born less than a year ago," said Brian Paes-Braga, founder and Chief Executive Officer of Lithium X. "Testing the exploration potential in Nevada complements the ongoing development work at our flagship Sal de los Angeles deposit in Argentina."
Lithium X is permitted to drill four new exploration holes at two Clayton Valley drill sites, initially. The targets include the five known lithium-bearing aquifers under Clayton Valley and a lower basal gravel aquifer in the deepest area of the Valley basin. The Company believes this lower basal gravel aquifer has strong potential for positive lithium concentrations and production rates.
The Company expects to drill these holes to a depth that will intersect the gravel aquifer in the lower part of the basin, which is expected to be approximately 350 metres. Each drill site is expected to consist of two closely spaced holes (one diamond core hole and another rotary) to maximize data collection. This system helps the Company capture accurate lithological and brine samples, as well as allowing more thorough pump tests to be completed on relevant horizons. The current spacing between these drill sites is approximately 800 metres.
Following initial results, Lithium X may add a third drill site. Subject to positive results, the three drill sites could enable a maiden Resource Estimate for the Project.
"The opening of Tesla's Gigafactory here speaks to Nevada's amazing contribution to global industry, which coincidentally began with our rich history in mining," commented Mike Montandon, former mayor of North Las Vegas and an Advisor to Lithium X. "I am excited to be involved with an innovative company like Lithium X which aims to provide a responsible lithium supply for the clean energy revolution."
With over $18 million in cash on hand, Lithium X is fully funded for Phase 1 exploration in Nevada and all current planned development activities in Argentina.
The technical information contained in this news release has been reviewed and approved by William Randall, P.Geo, who is a Qualified Person as defined under NI 43-101. As Vice-President Project Development of the Company, Mr. Randall is not considered independent.
