Lithium Corporation Regains Full Control of Fish Lake Valley Property
ELKO, May 7, 2019 - Lithium Corp. (OTCQB: LTUM) ("LTUM" or "the Company"), a North American company focused primarily on energy metals for the growing energy storage sector and high tech industries, is pleased to announce the February 10th, 2016 option agreement pertaining to their Fish Lake Valley prospect has been terminated with Lithium Corp. retaining 100% ownership of the subject property.
Lithium Corp. acquired the Fish Lake Valley prospect in 2009. In the 1800s, it operated as a producer of borates from a lithium/boron/potassium rich brine recovered from the east side of the salt flats. The prospect is currently comprised of one hundred and forty three - 80 acre Association Placer claims for a total of approximately 11,360 acres (4,597 hectares), covering the most prospective portions of the playa. These flats lie at an elevation of 4684 feet (1427 meters) above sea level and are ideally suited for a lithium brine operation. In addition to the flat geography, the valley is arid and there are considerably more evaporative days in the year than days where conditions are not conducive to evaporation. The property is easily accessible via Highways 6 & 773 and several miles of well maintained gravel roads. In addition to the road network, infrastructure is very good in Fish Lake Valley with power, fuel and phone service available locally, and most supplies available in Tonopah approximately 40 miles (60 kms) east.
As the crow flies the property is only 22 miles (35 kms) west across the Silver Peak Range from Albermarle's Silver Peak lithium brine operation, the only active commercial lithium mine in the United States. LTUM's Fish Lake Valley lithium-in-brine prospect is quite analogous to the Silver Peak lithium brine operation as:
- Hosts a documented lithium enriched brine both near surface and at relatively shallow depths €“ has not been fully delineated, and explored to depth.
- Brine hosted in the same sediments/rocks as the mineralized brine at Silver Peak.
- Proximal to lithium enriched geothermal waters which are likely at least in part responsible for the formation of the lithium-in-brine deposits that occur both here and at Silver Peak.
- Structure conducive to the formation of a Silver Peak style deposit. At the junction of a possible splay of the northeasterly trending Death Valley - Furnace Creek fault system and the northwesterly trending Grand Central fault which is possibly related to, or an extension of, the Cross Central fault that is an integral part of the system at the Silver Peak mine.
The Company intends to concentrate its time and resources in the short term reviewing the work done by the Optionee during the past three years, following this a plan will be formulated for developing the Fish Lake Valley property.
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
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.
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