LithiumOre Acquires Additional Land in Railroad Valley, Nevada
INCLINE VILLAGE, May 17, 2018 / LithiumOre (http://lithiumore.net) (the "Company"), a wholly-owned subsidiary of Oroplata Resources Inc. (OTCQB: ORRP), a lithium resource exploration and development company, today announced its acquisition of an additional 120 acres of land in Railroad Valley, Nevada. The transaction is expected to close by the end of 2018.
The land purchase further entrenches LithiumOre in the lithium enriched area of Railroad Valley and the state of Nevada. The Company also secured water rights for the land and believes it could be home for the eventual site of its proceeding plant.
LithiumOre Chairman and CEO Doug Cole, commented, "We are committed to the State of Nevada and Railroad Valley for lithium. We are in one of the best areas in the world and now with today's additional land purchase we have enhanced our position in the best area for lithium in the U.S."
LithiumOre holds 260 accepted lithium mineral claims, totaling 5,200 acres, located in the Western Nevada Basin, situated in Railroad Valley in Nye County, Nevada. Railroad Valley is approximately 112 miles northeast of Clayton Valley and can be accessed by paved highway directly from U.S. Route 6. Railroad Valley is one of Nevada's largest trapped basins and is noted to hold all the necessary commercial and engineering prerequisites for a massive lithium brine deposit. The Company's claims have been evaluated by experts and the BLM and are targeted for planned on-site exploration expected to begin by mid-2018.
Railroad Valley is one of the Central Nevada Desert Basins in the Tonopah Basin and is ~80 miles (130 km) long north-south and up to 20 miles (32 km) wide, with some southern areas running southwest to northeast. The Railroad Valley is a closed drainage basin that covers an area of approximately 2,000 square miles (5,180 square kilometers) with a geologic setting that is dominated by lake and basin-fill sediments, which overlie petroleum reservoirs. The basin is bounded on its westerly margin by Tertiary-age volcanic rocks of the Pancake Range, which are enriched in lithium and are considered to be potential source rocks for lithium brines.
In the Railroad Valley Project area, there appears to be a convergence of several factors favorable for lithium brine formation, including a deep, hydrologically closed basin covered by an evaporative playa, and adjacent Tertiary age felsic volcanic rocks of the Pancake Range that may be a source of lithium in the system. Previous oil exploration in the basin, adjacent to WWR's newly acquired land position, has penetrated significant thicknesses of evaporitic and ash-fall sediments, and has demonstrated the existence of a large geothermal anomaly underlying the entire basin. The geothermal anomaly is further evidenced by numerous hot springs on the west side of the basin, and adjacent to the project area, indicative of convective cycling within the local saline groundwater system. The numerous identifiable mechanisms for the potential concentration of lithium brines within the basin are highly promising, and create a compelling exploration target worthy of further investigation.
Such geophysical anomalies, in addition to their close proximity to potential lithium source rocks, nearby geothermal energy occurrences and the presence of evaporative processes found on the existing playa, reflect the major characteristics favorable for lithium brine development.
LithiumOre (http://lithiumore.net), a wholly-owned subsidiary of Oroplata Resources Inc. (OTCQB: ORRP), is a lithium resource exploration and development company, whose primary focus is the establishment of a low cost production base to supply the rapidly growing lithium-ion battery industry for both mobile devises and laptops, as well as the burgeoning EV (electronic vehicle) industry. LithiumOre is focused on becoming a substantial, profitable lithium producer via the timely development of valuable production-grade lithium brine deposits in Nevada.
For more information, please visit: http://lithiumore.net
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including those with respect to the expected project economics for Western Nevada Basin (Railroad Valley), including estimates of life of mine, average production, cash costs, AISC, initial CAPEX, sustaining CAPEX, pre-tax IRR, pre-tax NPV, net cash flows and recovery rates, the impact of self-mining versus contract mining, the timing to obtain necessary permits, the submission of the project for final investment approval and the timing of initial gold production after investment approval and full financing, metallurgy and processing expectations, the mineral resource estimate, expectations regarding the ability to expand the mineral resource through future drilling, ongoing work to be conducted at the Western Nevada Basin (Railroad Valley), and the potential results of such efforts, the potential commissioning of a Pre-Feasibility study and the effects on timing of the project, are "forward-looking statements." Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, interpretations or reinterpretations of geologic information, unfavorable exploration results, inability to obtain permits required for future exploration, development or production, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices, final investment approval and the ability to obtain necessary financing on acceptable terms or at all. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended September 30, 2016. The Company assumes no obligation to update any of the information contained or referenced in this press release.
SOURCE: Oroplata Resources Inc.