Evidence of large quantities of highly concentrated brines throughout the Jackpot Lake property.
Evidence of highly concentrated brines predominating the basin at over 380 meters of depth across a 5km by 2km area.
Future Drilling Sites for Sampling Identified.
Large closed sedimentary basin overlying basement rock with no inlet or outlet.
VANCOUVER, BRITISH COLUMBIA, CANADA – June 19, 2017
LITHIUM ENERGY PRODUCTS INC. ("Lithium Energy Products” or “LEP” or the “Company”) (TSX-V: LEP) (FRANKFURT: N8I) reports positive results from the geophysical controlled source audio magnetotellurics/magnetotellurics (CSAMT/MT) survey conducted at their Jackpot Lake Project in Nevada.
James Walker, CEO of LEP said, “The results from this CSAMT survey are very positive. We now have evidence of possessing highly concentrated brines which are relatively near the surface. We are now confident enough to progress towards drilling and sampling programs so we can advance this project. The anomaly defined by the CSAMT survey has demonstrated a large volume approximately 5km by 2km with depths of over 380 meters. These results combined with our Gravitational Survey results - which indicated a closed basin – have provided us the evidence of favorable characteristics we were hoping to observe.”
The CSAMT survey results of the Jackpot Lake Project demonstrate a large consistent body of very low resistivity – consistent with highly lithium concentrated brine behavior – throughout the property, predominantly above bedrock depths of 625 meters (as modeled in the April 2017 Lithium Energy Products gravity survey).
The CSAMT Survey and report was conducted and prepared by Hasbrouck Geophysics, who has extensive experience of both surveying and data processing for brine-bearing basin environments across the southwestern U.S. Hasbrouck Geophysics noted that “based upon experience in other basins… values less than or equal to 2.7 ohm-meters resistivity (possibly indicate) higher concentration brine, and between 2.7 and 5.0 ohm-meters resistivities (possibly indicate) moderate concentration brine… Using depth sections, tabulated results and horizontal depth slice movies it is interpreted that the zones with less than or equal to 2.7 ohm-meter resistivities… have a general range in depth from about 110 to 490 meters… with a predominant distribution from depths of about 180 to 460 meters.”
The evidence of highly concentrated brines relatively near the surface, combined with the positive indications from the LEP gravity survey that the basin is closed and dilution unlikely, provides the justification to proceed to the next stage of exploration of drilling and brine sampling. The CSAMT has helped identify the drilling targets throughout LEP’s claim area and now planning this work can commence. The conclusion of the drilling and sampling work will contribute towards producing the NI 43-101 resource estimate necessary as part of our exploration process.
The Jackpot Lake Project consists of 140 placer claims in a flat, arid drainage basin, occupying approximately 2800 acres and is analogous to other prospective lithium exploration operations currently undergoing development nearby. The geology and conditions of Jackpot closely resemble Abermarle’s nearby Nevada based lithium producing mine; and at least six other start-up companies also recognize the highly promising geological setting and have recently placed or leased claims in close proximity.
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.