Pure Energy Minerals Successfully Reaches Target Depth in CV-7
VANCOUVER, British Columbia, Jan. 05, 2017 (GLOBE NEWSWIRE) -- Pure Energy Minerals Limited (TSX-V:PE) (FRANKFURT:A111EG) (OTCQB:PEMIF) (the “Company” or “Pure Energy”) is pleased to announce that exploration borehole CV-7 has been successfully drilled to its target depth (“TD”) of 2,000 ft (610 m) below ground level at its Clayton Valley South Lithium Brine Project (“CVS Project”), located near Silver Peak, Nevada.
Licensed Nevada well drillers from Harris Exploration Drilling & Associates Inc. employed a variety of techniques to complete the exploration borehole, but diamond core drilling covered the lithium-prospective stratigraphy from approximately 500 ft (152 m) to TD at 2,000 ft (610 m). Core recovery was excellent throughout the target interval (averaging well over 90%). After completing the core hole, the drillers subsequently reamed the borehole to a diameter of 12.25 in (31 cm) to allow for installation of temporary casing.
Pure Energy geologists collected representative samples of drill core from aquifers of interest for testing of physical and hydrogeological properties at accredited laboratories. Preliminary observations of fluid conductivity, lithology, and other geological properties of the sediments are encouraging and consistent with other successful lithium brine exploration boreholes drilled at the CVS Project.
Given the encouraging geology encountered, the team has decided to convert the borehole into a temporary exploration well for brine sampling and possible later pumping tests. After the temporary well casing is installed and well development is complete (air-lifting to remove drilling fluids from the well), the Company expects to conduct downhole geophysical logging to investigate fluid and geological properties. Hydrogeologists will commence detailed sampling of brine from the well as soon as possible in early to mid January. Sampling should be completed in two to three weeks. The data from CV-7 will be incorporated into the forthcoming update of the mineral resource for the CVS Project, and a full discussion of the hydrogeology and chemistry of CV-7 will be included in the subsequent technical reports.
Patrick Highsmith, Pure Energy Minerals CEO commented, “The drilling crew and geologists did a great job on CV-7. Drilling progressed very efficiently and core recovery continues to be high. CV-7 is positioned just west of an interpreted fault, so this hole fills an important gap in the drill pattern to support the resource update. A little over 1 km to the west-northwest, core drilling is also progressing well on CV-8. These important drill holes are the final ingredients needed for the resource update and PEA that we plan to deliver in the first quarter of 2017.”
Quality Assurance and Quality Control
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 the basis for 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 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:
- 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;
- 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);
- 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; and,
- An active business development program, applying its expertise to the evaluation of new lithium targets around the world.