VANCOUVER, BRITISH COLUMBIA–(Marketwired – April 6, 2017) – Advantage Lithium Corp. (the “Company” or “Advantage Lithium“) (TSX VENTURE:AAL)(OTCQX:AVLIF) and its joint venture partner, Nevada Sunrise Gold Corp. (“Nevada Sunrise”), are pleased to announce that a regional drilling program has commenced at the Neptune Lithium Project (“Neptune”) located in the southern Clayton Valley of Nevada, USA. One borehole will be drilled to a depth of approximately 610m (2,000 feet) and will follow up on encouraging results from a 2016 lithium brine drilling program carried out by Nevada Sunrise. Other boreholes are planned at the Jackson Wash, Aquarius and Gemini projects in the coming months.
Neptune is the subject of an earn-in agreement between Nevada Sunrise and Advantage Lithium where Advantage Lithium can earn a 50% interest in Neptune from the Company by spending CDN$700,000 over a three-year period (see NR dated June 26, 2016.
David Sidoo, CEO of Advantage Lithium, commented, “Having completed two very successful rounds of drilling at another of our projects in the region – Clayton NE – we are looking forward to expanding our exploration activity in this area of Nevada. We will be starting with Neptune, at which our JV partner has previously encountered lithium groundwater and where the geology is similar to that encountered at Clayton NE.”
Neptune consists of 316 unpatented 20-acre placer claims totaling approximately 6,320 acres (2,557 hectares) and is located in an active area of lithium exploration and mining. The Silver Peak lithium mine operation, acquired by Albemarle Corporation in 2015, has extracted lithium from brines continuously since 1966 and is located approximately 10 miles (15 kilometres) to the north of Neptune.
Nevada Sunrise completed two exploration holes at Neptune in late March 2016. Borehole N-2016-1, drilled to 457.2 metres (1,500 feet) showed anomalous lithium in groundwater. Composited samples collected from the intersected strata contained lithium-bearing sediments that averaged 156 parts per million (“ppm”) lithium over 215 feet (65.5 metres) from 1285 feet (392.7 metres) to the end of hole at 1,500 feet (457.2 metres), reaching a peak value of 217 ppm lithium from 1365 to 1385 feet.. A third hole up to 2,000 feet deep is underway approximately 1.6 kilometres (1 mile) to the east of hole N-2016-1 in an area interpreted from a 2016 geophysical survey to be a potential trap where denser, lithium-bearing brines could accumulate. If results from the third Neptune borehole warrant further work, a drill pad and access road have been prepared for a fourth hole location.
The two exploration holes completed in March 2016 were targeted using the integration of the results of: (1) a detailed gravity survey by a previous operator that outlined a deep, faulted sub-basin, and (2) a controlled source audio magneto telluric (“CSAMT”) follow-up survey that detected conductive horizons within the sub-basin. In each of the completed holes, permeable sedimentary, lacustrine strata interbedded with volcanic ash and ejecta was logged at various levels throughout the holes. This type of sedimentary strata is interpreted as a requisite host horizon for lithium-bearing brines as seen in the northern Clayton Valley.
The technical information in this news release has reviewed and approved on behalf of the company by Ross McElroy, P.Geol., Technical Advisor for Advantage Lithium Corp., and a “Qualified Person” as defined in NI 43-101.
About Advantage Lithium Corp.
Advantage Lithium Corp. is a resource company specializing in the strategic acquisition, exploration and development of lithium properties and is headquartered in Vancouver, British Columbia. The common shares of the company are listed on the TSX Venture Exchange (TSX VENTURE:AAL), and the company is also traded on the OTCQX Best Market in the U.S. (OTCQX:AVLIF). The company has acquired a 100% interest in five projects in Argentina and up to a 75% interest in a sixth, called Cauchari. Cauchari is host to a near-surface estimated inferred resource of 230 million cubic metres of brine at 380 mg/l Lithium that equates to 470,000 tonnes of lithium carbonate (LCE), and a large exploration target of 5.6mt to 0.25mt of LCE and 19mt to 0.9 of KCL. Cauchari is located just 20 km south Orocobre’s flagship Olaroz Lithium Facility. The Company is also earning an interest from Nevada Sunrise Gold Corp., in a portfolio of five lithium brine projects in the Clayton and Lida Valley regions of Nevada, USA, including 70% in Clayton NE.
Further information about the Company can be found at www.advantagelithium.com.
ADVANTAGE LITHIUM CORP.
David Sidoo, President
Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “is expected”,”intends”, or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Advantage that involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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