VANCOUVER, BRITISH COLUMBIA, CANADA – May 15, 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 CSAMT/MT Survey of its Jackpot Lake property in Nevada beginning May 16th.
The purposes of the CSAMT/MT survey are to delineate basinal features, map the geologic stratigraphy and structure relative to the occurrence of lithium-bearing brine, identify conductors that are thought to be representative of lithium-bearing brine, and provide information for the selection and design of additional geophysical surveys or the identification of drilling locations. This work will map features up to depths of 1,200 meters and compliment the earlier gravitational survey in determining the extent and depth of all brines.
LEP has retained Hasbrouck Geophysics to undertake this electromagnetic survey. Hasbrouck is ideally suited to conducting this survey as it has extensive experience of both surveying and data processing for brine-bearing basin environments across the southwestern U.S. The interpreted data that results from the EM survey will be used to help scope and locate future drilling targets throughout LEP’s claim area and support the development work underway towards producing a 43-101 resource estimate.
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; “We expect this survey to significantly improve our understanding of the Jackpot Lake prospects and our ability to map our claim’s subsurface features and geology. The Jackpot site is well connected to utilities and roads, and near already established infrastructure so we are very confident we can quickly progress this project towards the next stages of development.”
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.
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
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.