DGAP-News: Cardiff Energy Corp. / Key word(s): Interim Report/Expansion
Cardiff Energy Corp. Acquires Eastmain River Lithium project in Quebec And
Provides Clayton #1H Update
22.06.2016 / 09:36
The issuer is solely responsible for the content of this announcement.
Cardiff Energy Corp. Acquires Eastmain River Lithium project in Quebec And
Provides Clayton #1H Update
June 22st, 2016 - CARDIFF ENERGY CORP. (the "Company") (TSX-V: "CRS",
Frankfurt: "C2Z.F", US Pinksheets: "CRRDF") is pleased to announce the
acquisition of the Eastman River Lithium Project from Zimtu Capital Corp.
(TSX-V: "ZC"). The Eastman River Lithium Project comprises 22 mineral
claims encompassing approximately 2,860 acres in Quebec, Canada. The
Eastmain River area consists of a 4km zone of irregular cross cutting dikes
of spodumene pegmatites, up to 60 meters wide and over 100 meters long. As
reported by Pelletier a geologist who evaluated the area in 1977, 277
samples were taken with an average Li20 content of 1.7%. No drilling has
been done on the property to date.
The Eastmain River Li Project is situated in the lower Eastmain greenstone
belt, part of the northeastern portion of the superior province. Rock
types mainly consist of amphibolite facies, felsic metavolcanics and
metasedimentary rocks. Outcrop exposure is extraordinary in the area with
pegmatites crosscutting at surface.
The pegamatites of the Eastmain River area are almost always spodumene
bearing and enriched in light elements such as Li, Be, Na, and B, some
crystals exceeding one meter in length. Slow cooling crystallization of
magmatic fluids is the cause for the megacrystic nature of the pegmatites.
The project is located near kilometer 386 on the road from Matagami, Quebec
and is easily accessed by paved highway or by air from the Opinaca Airport
30 km away. The LG-2 hydroelectric reservoir is 31 kilometers to the east.
There is a gas station, accommodations, and helicopter support located 8
kilometers to the south west of the property. The project is 2.5 kilometers
from the highway and 8 km to the north of Galaxy Resources James bay
Lithium project on the south side of the Eastmain River.
Galaxy Resources James Bay Lithium Project has an" indicated resource of
11.75 million tonnes grading at 1.30% Li2O and inferred resources of
10.47mt grading at 1.20% Li2O. The James Bay deposit occurs at surface and
resource modelling indicates that the resource is amenable to open pit
extraction. There is excellent potential to increase the resources through
additional delineation of the pegmatite dykes along strike and at depth and
potential to increase grade through infill drilling" (Galaxy Resources,
2016).
With regards to the Clayton #1H, operations have been temporarily suspended
until the Company secures additional funding or a Joint Venture partner can
be found to help move the project forward.
About the Company
Cardiff is an emerging junior oil and gas and resource exploration company
engaged in the acquisition, exploration, development and production of
projects. Cardiff is listed on the TSX Venture Exchange under the symbol
CRS. For additional details please visit Cardiff's website at
www.cardiffenergy.com
For additional information contact:
Jack Bal, President and CEO
Cardiff Energy Corp
604-306-5285
jackbalyvr@gmail.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Jack Bal"
Jack Bal,
President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Service Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements relating to the
future operations of the Company. Forward-looking statements are often
identified by terms such as "will", "may", "should", "anticipate",
"expects" and similar expressions. All statements other than statements of
historical fact, included in this release, including, without limitation,
statements regarding future plans and objectives of the Company, are
forward looking statements that involve risks and uncertainties. There can
be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results to
differ materially from the Company's expectations are exploration risks
detailed from time to time in the filings made by the Company with
securities regulations.
The reader is cautioned that assumptions used in the preparation of any
forward-looking information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from those
predicted, as a result of numerous known and unknown risks, uncertainties,
and other factors, many of which are beyond the control of the Company. As
a result, we cannot guarantee that any forward-looking statement will
materialize and the reader is cautioned not to place undue reliance on any
forward-looking information. Such information, although considered
reasonable by management at the time of preparation, may prove to be
incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly
qualified by this cautionary statement. The forward-looking statements
contained in this news release are made as of the date of this news
release, and the Company does not undertake any obligation to update
publicly or to revise any of the included forward-looking statements,
whether as a result of new information, future events or otherwise, except
as expressly required by applicable securities laws.
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