Elko, NV (FSCwire) - Lithium Corporation [OTCQB – LTUM] “the Company” is pleased to announce that it has signed a Letter of Intent (LOI) on the Salt Wells lithium-in-brine prospect located in Churchill County Nevada.
Under the terms of the agreement Nevada Sunrise Gold Corp. (TSX-V - NEV, OTC - NVSGF) may earn a 100% interest in the property subject to a 2% Net Smelter Royalty (NSR) by making staged payments of cash and shares over the next two years. The terms are;
- $10,000 non-refundable deposit on signing the LOI
- $15,000 & issue 400,000 common shares of NEV on the later of TSX-V approval or the signing of a formal definitive agreement
- $50,000 & 500,000 shares - 1st anniversary
- $75,000 & 600,000 shares - 2nd anniversary
NEV will pay all claim and other property related fees during the earn-in phase of the agreement, and will also retain the right to purchase one half (1%) of the NSR at any time up until the third anniversary of the signing of the formal agreement for $1,000,000.
Lithium Corporation conducted exploration on the property that culminated in a multiple phase - shallow direct push drilling program in 2011. Results from that program were enigmatic, and with the then looming substantial increase of Federal claim fees, it was decided to put the property in abeyance and concentrate elsewhere. Reinterpretation of the results from all previous fieldwork indicates that efforts here should be refocused on targets that were not tested during the earlier work. Field work on this playa outlined a broad geochemically anomalous area where results as high as 750 ppm lithium, and 3920 ppm boron in sediments have been seen. To date the most anomalous lithium-in-brine result from this area has been 36.5 mg/L. The Company is looking forward to assisting Nevada Sunrise in developing this prospect in any way that we can, and look forward to a continuing association with them.
For further information with regard to Lithium Corporation, please contact Tom Lewis at (775) 410-2206 or via email at This email address is being protected from spambots. You need JavaScript enabled to view it.
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada devoted to the exploration for energy storage related resources throughout North America, looking to capitalize on opportunities within the ever expanding next generation storage markets.
