Lithium Energy Products Accelerates the Jackpot Lake Project Acquisition
TSX VENTURE: LEP
Vancouver, British Columbia / TheNewswire / 11th January, 2019. LITHIUM ENERGY PRODUCTS INC. ("Lithium Energy Products" or "LEP" or the "Company") (TSX-V: LEP) (FRANKFURT: N8I) is pleased to announce it has completed its 100% acquisition of the Jackpot Lake lithium property (the "Jackpot Lake Property") in Nevada.
Under the terms of the original agreement, the Company was to make a final payment of $205,000 by July 26, 2018 to acquire a 100% of the Jackpot Lake Property. The vendor has agreed to immediately transfer a 100% interest in the Jackpot Lake Property for a payment of $102,500 in LEP shares at the January 10, 2019 closing price of $0.135 for a total of 759,259. The balance, $102,500 to be paid within 6 months of the transfer of the Jackpot Lake Property. Completion of the acquisition are subject to TSX Venture Exchange approval.
The Jackpot Lake Lithium Project consists of 140 placer claims in a flat, arid drainage basin, occupying approximately 2,800 acres and is analogous to other prospective lithium exploration operations currently undergoing development nearby. LEP has completed both gravitational and CSAMT/MT surveys on the project, identifying a closed basin filled with highly enriched brine. The geology and conditions of Jackpot closely resemble Abermarle's nearby Nevada based lithium producing mine; and at least six other start-up companies also recognize the highly promising geological setting and have recently placed or leased claims in close proximity.
James Walker, CEO of LEP said, "We are very pleased to have fully acquired 100% of the Jackpot Lake Lithium Property. We believe it has enormous potential and will form a core part of our business in the future. Lithium, energy metals, and the electric battery, are an intrinsic part of our future technologies, vehicles and infrastructure, and demand will only increase. We're well positioned to take advantage of that increase in demand, and hope to be a significant part of fuelling that future."
About Lithium Energy Products Ltd.
Lithium Energy Products has 3 highly prospective properties in Kamloops, Nevada and Arizona.
Vanadium Ridge Project - Barriere, British Columbia
100% owned - 5213 acres - 20 claims
50km north of Kamloops.
Airborne magnetic survey detected an intense magnetic anomaly. A vanadium-rich magnetite deposit was subsequently discovered.
Preliminary diamond drilling discovered multiple massive magnetite seams and pods. All drill holes intersected broad intervals of magnetite mineralization.
Initial metallurgical testing of the magnetite / vanadium produced concentrate averaging 67% iron, 93% magnetite, and 0.74% vanadium.
Metallurgical testing indicates that the magnetite is coarse-grained, soft, and that silica is not bound in magnetite. Crushing produces a good liberation of silica at 106 microns resulting in a high-grade magnetite concentrate even in samples with disseminated magnetite.
Favourable logistics are excellent: Rail, high power transmission lines and a highway run through the property. It is located just over 300 km from a shipping port in Vancouver, B.C.
Jackpot Lake Lithium Property -Moapa Valley, Nevada
100% owned - 2,800 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 Lithium Property -Arizona
1,400 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
The USGS has identified a 22-sq. mile anomaly with high electrical conductivity, interpreted as subsurface brine field with no hydrological outlet.
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.
Neither the 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
For further information, please contact:
Lithium Energy Products Ltd.