Lithium Corporation - Hughes Tonopah 43-101
The report, authored by James Chapman PGeo, reviewed much of the past development, production and the data currently on hand regarding the exploration work performed on the package to date. The report indicates that more than 1,000,000 ounces of gold and 100,000,000 ounces of silver were produced between 1901 and 1930 from the more prominent of the various old mines on Summa's 57 patented or fee title claims, 777 acre (314 hectare) property. The report details exploration work performed in the 1970's through the '90's. There are indications that economically significant, previously un-mined vein mineralization, wider zones of disseminated mineralization both near surface and at depth, as well as a low grade Silver - Gold resource contained within the various mine "dumps" and mill tailings all occur on the property. An example of this mineralization is Hole TR-10 from a 1980 drill program which intercepted a 5 foot wide zone of 0.22 oz/ton Au and 18.58 oz/ton Ag within a 20 foot wide zone that graded 0.045 oz/ton Au and 4.24 oz/ton Ag. Mr. Chapman concludes, "In summary, the property has merit as an exploration prospect and also as a possible producer of silver and gold from existing mine dumps and mill tailings, and warrants further study/exploration." A $710,000 budget is proposed for a dual phased exploration program. Phase I would entail further compilation and assimilation of data into a modern data base, modeling, mapping, sampling, auger drilling of the tailings, and metallurgical bench tests. Phase II would be core drilling of targets generated as a result of the Phase I work program.
Both Lithium Corp. and Summa, LLC intend to put the full report on their websites soon.
About Summa, LLC
Summa, LLC ("Summa") is a US-based private joint venture whose principal asset is a package of several mineral prospects that were previously held by Howard Hughes' Summa Corporation. The Tonopah property is the flagship property in the package. Website: www.summamining.com
About Lithium Corporation
Lithium Corp. is an exploration company based in Nevada devoted to the exploration for energy storage related resources throughout North America, and looking to capitalize on opportunities within the ever-expanding next generation energy storage markets. The Company maintains a strategic alliance with Altura Mining, an ASX listed natural resource development company that is currently ramping up production at its 100% owned world-class Pilgangoora lithium pegmatite property in Western Australia. Website: www.lithiumcorporation.com
Tom Lewis, CEO
Tom Menning, Managing Member
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of minerals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE: Lithium Corp.