Henderson, NV -- October 23, 2018 -- InvestorsHub NewsWire --
Blue Eagle Lithium Inc. (BEAG) ("Blue Eagle" or
the "Company") is pleased to announce it has received a completed
National Instrument NI 43-101 report from Tekhne Research. The
report, commissioned by Blue Eagle in August 2018, represents an
important research tool for the Company to plan an appropriate
exploration program for its Railroad Valley property. Tekhne
Research, based out of Victoria, Canada, was chosen for its
experience in Railroad Valley and having conducted NI 43-101
reports for other Lithium exploration companies.
Blue Eagle is a Lithium exploration
company engaged in identifying, evaluating and developing
early-stage Lithium exploration opportunities in North America. The
Company's initial property is located in Railroad Valley, Nevada, a
highly prospective green-fields petro-Lithium brine target in an
area first identified as Lithium rich by the US Geologic
Survey. Geophysical investigations have also identified
structures and architecture that are consistent with the
Lithium-bearing brine deposit models identified in Clayton Valley,
home to North America's only Lithium producing mine owned by
Albemarle Corp. The Company has a 100% Working Interest in 200
placer claims covering 4,000 acres (~1,619 hectares).
Summary of the
Report
The author highlights that the analogy between Railroad Valley and
Clayton Valley is strong. Both are closed, arid terminal
basins bounded by faults and filled with porous young
sediments. Railroad Valley basis is volumetrically larger,
has a larger playa surface and has a larger catchment area for
source Lithium. The presence of soil samples in the same
range as the Lithium brine at Clayton Valley suggests similar
concentration.
With many features similar to Clayton
Valley, the Property represents a new and untested target for
Lithium brine. The Railroad Valley brine exploration can
build on the dense existing oil field data, the experiences at
Clayton Valley and other Lithium-brine basins to target potential
brine aquifers. The petroleum data can be purchased through
agents and the closed wells can be reopened for water
testing. Only a few companies are starting to utilize the
assets to assess the actual Lithium potential of the several
basins.
The recommended work program consists
of two-phases with further work dependent on results. Phase 1
would focus on collecting and synthesizing available well-logs
(geological and electronic), gravity and seismic data, all of which
can be purchased through oil and gas data brokers. Railroad
Valley's 60-year history of oil exploration will have a large data
set compared with other potential Li-brine basins in Nevada and
Utah. Concurrently, Audio-Magnetotelluric (AMT)
electromagnetic surveys are recommended and would cross the
property along three lines totalling 13.2 km. to test for faults,
and basin depth. A systematic soil augur and biogeochemical
program would also test Lithium anomalies below surface wind-blown
contamination/dilutants. Combining seismic, gravity and AMT
data from multiple traverses, a 3D analysis of the subsurface
geology testing for faults and basin depth could be completed.
“The Company is delighted to have received this report as it
reinforces our belief in the property and provides additional
clarity to our initial exploration program,” Blue Eagle Lithium CEO
Rupert Ireland said. “Infill surface sampling along with ground
based electrical geophysical surveying followed with drilling are
the next logical steps in the exploration of our property. The
initial holes will be designed to test specific structural and
stratigraphic targets, and assuming they confirm the presence of
economic Lithium deposits, additional holes would be drilled to
expand on the basin hydrogeology, leading to resource
estimation. I look forward to implementing an exploration
program with the aid of this report and ultimately to create value
for our shareholders."
The report can be found in full and available for download via the
Blue Eagle website at: Blue Eagle Lithium NI 43-101
Report.
Property and Work Program Overview following the
Report
Mr. Ireland commented, "While the geological features of Railroad
Valley are becoming better understood from published airborne mag
and gravity maps, and from proprietary geophysical work, Railroad
Valley, as Nevada's primary oil and gas producer, is also home to a
rich source of geologic, well log and geophysical data. Many
of the oil and gas wells previously drilled penetrated
brine-bearing horizons, yet few of these brines were ever analyzed
for Lithium. Past and current oil and gas producers represent
a wealth of available data for acquisition and may help interpret
and complete the geologic picture of Lithium brine-formation in
Railroad Valley."
Lithium-enriched brine is the most
cost-effective form of Lithium production and is responsible for a
large portion of the global production. This type of project
has a number of advantages over other Lithium mining
projects/alternatives, most notably conventional hard rock.
The Company's focus is in Lithium brine as these types of projects
are generally more cost effective to explore, quicker to prove to a
resource and reserve, faster/less capital intensive to put into
production and have a smaller in environmental footprint.
"In modelling potential Lithium targets in Nevada, it
was clear that Railroad Valley represented an exciting prospect,"
stated Mr. Ireland. "The area was already known to hold similar
geologic characteristics to that of Clayton Valley and to the salt
flats in Argentina and Chile, whereby young volcanic tuffs and
flows are thought to be the source of Lithium. The Railroad Valley
catchment area is known to contain a 550 sq. km lake that
evaporated over the Pleistocene epoch, and that geothermally
circulating water descended down from the mountains leaching
Lithium from the volcanics. The available oil and gas well
data confirm that the playa sediments contain tuffaceous volcanic
material, which is consistent with brine formation theories in
closed basins.
“In evaluating various potential projects, the Company also looked
at the combination of gravity surveys indicating a closed gravity
low in the southern Railroad Valley coincident with a zone of high
electrical conductivity and the publicly available USGS sediment
samples. In totality, it was evident that this target area in
Railroad Valley held the potential for a discovery. In
addition, unlike the large-scale Lithium brine projects in South
America, the U.S. has a better transportation and electrical grid
infrastructure, skilled labour and the property is within easy road
access of Tesla's Gigafactory."
The Company's planned drilled program
will be optimized with consideration to technology so as to examine
the basin's overall reservoir potential while an examination of the
geophysics will evaluate the lateral extent of the brine
horizons. By testing brine flow rates, the program would be
designed to provide detailed economic analysis and ultimately a
resource.
"While not finalized, we
are also keen for the Company to consider deploying several methods
and technologies, including but not limited to auger sampling, air
rotary water core and diamond drilling", stated COO Rod Murray.
"Given both my own and Railroad Valley's history with oil and gas,
we believe there is merit to considering technologies used in the
oil patch for the Company's Lithium project. If we can
identify a brine horizon that can be pumped out, the Company will
look to a larger diameter well, thus suggesting drilling technology
from the oil sector. As the Lithium deposit here would be
salt, a smaller diameter hole via aircore rotary or diamond
drilling would likely be inefficient. If the Company can
drill through a hundred-foot brine horizon that intersects a strike
length of a couple miles, for instance, a horizontal well could
then result in operations for years. Ultimately, these brine flow
rates would define the economics of the property, so we want the
technology to be implemented for the work program to consider not
just the drilling but also future production."
The Company's geological team is in
the process of acquiring and reviewing available well data and
developing a planned exploration program of drilling and geophysics
for its Lithium project, and the NI 43-101 report is a key
component of its evaluations.
www.blueeagleLithium.com
Investor Relations
IR TOLL-FREE: 1-877-344-BLUE
INVESTOR EMAIL: IR@blueeagleLithium.com
OTCQB:
BEAG
Blue Eagle Lithium INC.
2831 St Rose Parkway
Henderson, NV 89052
EMAIL: info@blueeagleLithium.com
WEB www.blueeagleLithium.com
Forward-looking Statements
This news release may contain "forward-looking" statements. These
forward-looking statements are only predictions and are subject to
certain risks, uncertainties and assumptions that could cause
actual results to differ from those in the forward
looking-statements. Potential risks and uncertainties include such
factors as uncertainty of consumer demand for the Company's
products, as well as additional risks and uncertainties that are
identified and described in the Company's SEC reports. Actual
results may differ materially from the forward-looking statements
in this press release. Statements made herein are as of the date of
this press release and should not be relied upon as of any
subsequent date. The Company does not undertake, and it
specifically disclaims, any obligation to update any
forward-looking statements to reflect occurrences, developments,
events or circumstances after the date of such statement.