Highlights:
- Four exploration holes planned from two drill sites in Phase
1
- Lithium X is targeting five known lithium-bearing aquifers
and a lower gravel aquifer the Company believes has strong
potential
- Results could enable an initial Resource Estimate for the
Project
VANCOUVER, July 28, 2016 /CNW/ - Lithium X Energy Corp.
("Lithium X", or the "Company") (TSX-V: LIX)
(OTCQB: LIXXF) is pleased to announce it has mobilized
a drill rig to commence the Phase 1 exploration program at its
Clayton Valley North Lithium Project (the "Project") in
Nevada. Clayton Valley is home to Albemarle's Silver
Peak mine, the only lithium production facility in North America. Lithium X controls the largest
land position in Clayton Valley, located approximately 200 miles
from Tesla's Gigafactory. The first drill hole is approximately 100
metres north of the claim boundary where Albemarle's northernmost
production-sized well is located.
"I am thrilled to commence exploration drilling in Clayton
Valley, where the vision for Lithium X was born less than a year
ago," said Brian Paes-Braga, founder
and Chief Executive Officer of Lithium X. "Testing the exploration
potential in Nevada complements
the ongoing development work at our flagship Sal de los Angeles
deposit in Argentina."
Lithium X is permitted to drill four new exploration holes at
two Clayton Valley drill sites,
initially. The targets include the five known lithium-bearing
aquifers under Clayton Valley and a
lower basal gravel aquifer in the deepest area of the Valley basin.
The Company believes this lower basal gravel aquifer has strong
potential for positive lithium concentrations and production
rates.
The Company expects to drill these holes to a depth that will
intersect the gravel aquifer in the lower part of the basin, which
is expected to be approximately 350 metres. Each drill site is
expected to consist of two closely spaced holes (one diamond core
hole and another rotary) to maximize data collection. This system
helps the Company capture accurate lithological and brine samples,
as well as allowing more thorough pump tests to be completed on
relevant horizons. The current spacing between these drill sites is
approximately 800 metres.
Following initial results, Lithium X may add a third drill site.
Subject to positive results, the three drill sites could enable a
maiden Resource Estimate for the Project.
"The opening of Tesla's Gigafactory here speaks to Nevada's amazing contribution to global
industry, which coincidentally began with our rich history in
mining," commented Mike Montandon,
former mayor of North Las Vegas
and an Advisor to Lithium X. "I am excited to be involved with an
innovative company like Lithium X which aims to provide a
responsible lithium supply for the clean energy revolution."
With over $18 million in cash on
hand, Lithium X is fully funded for Phase 1 exploration in
Nevada and all current planned
development activities in Argentina.
The technical information contained in this news release has
been reviewed and approved by William
Randall, P.Geo, who is a Qualified Person as defined under
NI 43-101. As Vice-President Project Development of the
Company, Mr. Randall is not considered independent.
About Lithium X Energy Corp.
Lithium X Energy Corp. is a lithium exploration and development
company with a goal of becoming a low-cost supplier for the
burgeoning lithium battery industry. Lithium X owns 50%, and
has the option to acquire up to 80% of the Sal de los Angeles
lithium brine project in the prolific "Lithium Triangle" in mining
friendly Salta province, Argentina, a well-known salar with positive
historical economics, grade and size. Lithium X is also exploring a
large land package in Nevada's
Clayton Valley, contiguous to the
only producing lithium operation in North
America – Silver Peak, owned and operated by Albemarle, the
world's largest lithium producer. Lithium X is listed on the TSXV
under the trading symbol LIX.
For additional information about Lithium X Energy Corp., please
visit the Company's website at www.lithium-x.com or
review the Company's documents filed
on www.sedar.com. Join the Company's email list
at http://lithium-x.com/subscribe.
ON BEHALF OF THE BOARD OF DIRECTORS
"Paul Matysek"
Paul
Matysek
Executive Chairman
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
This news release contains certain forward-looking information
and forward-looking statements within the meaning of applicable
securities legislation (collectively "forward-looking statements").
Certain information contained herein constitutes "forward-looking
information" under Canadian securities legislation. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "expects", "believes", "aims
to", "plans to" or "intends to" or variations of such words and
phrases or statements that certain actions, events or results
"will" occur. Forward-looking statements are based on the opinions
and estimates of management as of the date such statements are made
and they are subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially
different from those expressed by such forward-looking statements
or forward-looking information, including the business of the
Company and the commencement of trading in the Company's shares.
Although management of the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements or
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements and forward
looking information. The Company does not undertake to update any
forward-looking statements or forward-looking information that are
incorporated by reference herein, except as required by applicable
securities laws.
SOURCE Lithium X Energy Corp.