Work Continues at Lithium Corporation’s BC Graphite Property
August 27 2013 - 7:00AM
Business Wire
Lithium Corporation (OTCQB:LTUM) (the "Company", or “Lithco”) is
pleased to announce that it has increased the size of its BC Sugar
flake graphite property to a little over 18,800 acres (7,608.375
hectares). Prospecting and geological work has been ongoing at the
property over the summer, and several graphite prospects have been
discovered with the best prospect to date grading over 5% flake
graphite. A number of mineralized boulders have also been
encountered at various locations on the property, which appear to
indicate that the mineralized horizon or horizons may be found at
other locales within the claim block.
Prospecting work was performed on the Mt Heimdal property in
June/July and several mineralized zones were noted here, the best
of which graded 3.72% flake graphite. Although the work was
encouraging it was decided that the company would be best served by
focusing on the BC Sugar property. Lithium Corp has negotiated an
agreement with the vendor of Mt Heimdal whereby the vendor will
assign its 100% interest in the property for a 2% “Net Smelter
Royalty” on any proceeds from future production from the
property.
The BC Sugar property is well placed in the Shushwap Metamorphic
Complex, in a geological environment favorable for the formation of
flake graphite deposits, and is in an area of excellent logistics,
with a considerable network of logging roads within the project
area. Additionally the town of Lumby is approximately 19 miles (30
kms) to the south of the property, while the City of Vernon is only
30 miles (50 kms) to the southwest of the western portions of the
claim block.
Elsewhere, the Company anticipates the commencement of drilling
at its Fish Lake Valley lithium brine property the beginning of
September, after a strong rainstorm in late July necessitated
postponing this work.
For further information please contact Andy Dewey at Lithium
Corporation at (775) 410-2206 or via email at info@lithiumcorporation.com
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada
devoted to the exploration for new lithium resources within the
state of Nevada. The Company explores and develops potentially
economic lithium-enriched brine fields, with an eye to becoming a
long-term producer of this increasingly strategic and economically
important commodity.
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,
including but not limited to, any mineralization, exploration and
development of our mineral properties, specifically in regards to
any future drilling programs.
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.
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