VANCOUVER, BRITISH COLUMBIA, CANADA – May 29, 2017.
LITHIUM ENERGY PRODUCTS INC. ("Lithium Energy Products” or “LEP” or the “Company”) (TSX-V: LEP) (FRANKFURT: N8I) reports results from a geophysical gravitational survey at their Jackpot Lake Project in the Nevada.
The Jackpot Lake Project consists of 140 placer claims in a flat, arid drainage basin, occupying approximately 2800 acres and is analogous to other highly prospective lithium brine operations that are currently undergoing development, nearby. At least six other start-ups also recognize the highly promising geological setting and have recently placed or leased claims in close proximity, with the intention of developing lithium producing projects.
Survey results of the Jackpot Lake Project demonstrate a large, closed sedimentary basin overlying basement rock complex beneath the property. These results give clear signs that the basin has no inlet or outlet, indicating that any potential brine aquifers would experience no dilution from external water sources, nor would any Brine Aquifers be lost through underground channels or means.
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The Gravitational Survey was conducted by KLM Geoscience and the data was analyzed and the technical report prepared by Hasbrouck Geophysics. The work is currently being followed up by a CSAMT/MT survey to map the Jackpot Lake property’s features to depths upward of 1,200 meters. The combined data from the gravitational survey and the CSAMT/MT survey will assist in determining the extent and depth of potential brines within the closed basin, and will also help scope and locate future drilling targets throughout LEP’s claim area and support the development work that is currently underway, towards producing a 43-101 resource estimate.
James Walker, CEO of LEP said, “The results from this gravitational survey are very encouraging. Knowing that we have a closed basin significantly reduces the possibility of both dilution and seepage of any potential brine aquifers, increasing the likelihood of this project’s economic viability. These results, combined with the results from the CSAMT/MT currently underway, will significantly improve our understanding of the Jackpot Lake prospects, and will contribute to our progressing this project towards the next stages of development. The geology and conditions of Jackpot closely resemble Abermarle’s Nevada based lithium producing mine, providing us an example of how to structure our operations once we have completed our development work.”
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.