Lithium Energy Products Commences Gravity Survey on Jackpot Lake Project, Nevada to Identify the Potential for Brine Aquifers
TSX VENTURE: LEP
Vancouver, BC / TheNewswire / April 13, 2017 - LITHIUM ENERGY PRODUCTS INC. ("Lithium Energy Products" or "LEP" or the "Company") (TSX-V: LEP) (FRANKFURT: N8I) announce today that it has scheduled a large-scale geophysics gravitational survey of its Jackpot Lake property in Nevada beginning April 14th.
This work is being undertaken to assess the depth and extent of the brine basin and will inform the strategy for the follow-up electro-magnetic survey which is planned to map the site at depths of up to 1,200 meters. Once this has been ascertained, drilling to test for lithium rich brines can commence and the totality of this work will assist in determining if a brine target exists at depth at Jackpot Lake.
LEP has retained KLM Geoscience to undertake this survey and perform the data acquisition. KLM Geoscience has significant geological experience of the area and has conducted similar work in brine-bearing properties, as well having vast experience in conducting similar gravitational surveys throughout North America, South America and Asia. The data will be processed by Hasbrouck Geophysics. Hasbrouck is ideally suited to processing and analysing the data as it has extensive experience of both surveying and data processing for brine-bearing basins across the southwestern US. This work will be accompanied by a follow up EM survey, planned to begin within the month following the completion of the gravitational survey.
The Jackpot Lake property consists of 140 placer claims in a flat, arid drainage basin in the Nevada desert occupying approximately 2800 acres. The property is analogous to other highly prospective lithium brine operations undergoing development nearby. At least six other start-ups have recently placed or leased claims in the same area due to the highly promising geological setting with the intention of developing lithium producing projects.
James Walker, CEO of LEP said; "This is an important first step towards exploring and understanding the subsurface geology of Jackpot Lake. With lithium becoming an increasing part of the emerging energy revolution it is very exciting to be involved in the supply end of this industry. According to GCiS China Strategic Research the lithium carbonate spot price increased about 250% in only 1 year1, making more deposits economically viable. We are very confident we can quickly progress this project towards its next stages of development and take advantage of this burgeoning market."
"Bloomberg Business Week wrote recently that 'Banks and consultants such as Deutsche Bank and Macquarie Research are near-unanimous in their belief that the next several years will see an increase of 60 percent to 250 percent in demand for lithium - and that it will sell for 50 percent or more above historical levels'2 making this one of the most exciting markets to be involved in. The Jackpot site is well connected to utilities and roads, and near already established infrastructure. We are very excited about the potential of this property to our business and hope it will be a stepping stone to developing even more properties into lithium producing projects."
Paul Sarjeant, P.Geo., is a qualified person as defined by NI 43-101 and has reviewed and approved the technical contents of this news release. Mr. Sarjeant is not independent to the Company as he is a director. The property has not been the subject of a NI 43-101 report.
About Lithium Energy Products Ltd.
Lithium Energy Products has 3 highly prospective lithium properties in Nevada and Arizona.
Jackpot Lake -Moapa Valley, Nevada
-100% owned - 2800 acres - 140 claims
-35 km NE of Las Vegas
-1976 USGS completed 129 core samples; highest Lithium value was 550 ppm, average 175 ppm
-Spectrographic and atomic-absorption analyses of 135 stream sediment samples confirmed potential for lithium mineral deposits.
Wilcox Playa -Arizona
-1400 acres on shore of Wilcox Playa - Dry lake bed
-In 1976 USGS identified this area as one of the most prospective locations for lithium brines and highly analogous to Clayton Valley
-USGS has identified a 22-sq. mile anomaly with high electrical conductivity, interpreted as subsurface brine field with no hydrological outlet.
Little Rock Lithium Target - Yavapai County - Arizona
-High grade, lithium rich lacustrine clay identified.
-Target is 2500 metres along strike of basin bounding fault, 300 m perpendicular to the fault and 20 m thick
-Strongly clay-altered rhyolite tuff yielded highly anomalous lithium content of 172 ppm.
-Clayton Valley sediments assay between 73 and 220 ppm Lithium
-Hectorite clays from the same late Miocene lacustrine and volcanic strata 40 km east of the target area carry over 2,700 ppm Lithium
-Identified via electromagnetic survey in 2007
-Large, highly electrically conductive body
-Clay-altered rhyolite tuff.
The company is also the owner of five iron (magnetite) properties in the Red Lake District in the Province of Ontario. The Red Lake District is an established mining region where Lithium Energy Products has two near term development projects, the past producing Griffith mine and the Karas property.