U.S. Lithium Provides Update on Data Reprocessing and Digital Database Compilation on its Gochagar Lake Ni/Co/Cu Project
HENDERSON, NEVADA — (Marketwired) — 05/04/17 —
U.S. Lithium Resources Inc. (OTC PINK:LITH) (the “Company”) is pleased to announce that significant progress is being made on the reprocessing and reinterpretation of the historical database at the Gochagar Lake project in Saskatchewan. The results so far are very encouraging especially with the reprocessing of the 2009 VTEM airborne survey which has micro-leveled the survey and removed the significant flight line corrugations that plagued the original survey results. New channels and grids have been created in the database and Maxwell Plate Conductor modeling is underway. The significantly enhanced quality of the reprocessed VTEM data will greatly improve the resulting 3-D models as well as the Company’s overall understanding of this cobalt-bearing massive sulphide deposit.
Eric Allison, Director and board geologist, commented “Dr. Larry Hulbert and his team at NiPtx are doing an outstanding job of improving the quality and usefulness of the historical data base at Gochagar. We look forward to his final interpretations and recommendations as we advance toward the completion of our initial 43-101 compliant report and the selection of locations for our first drill program.”
The Gochagar Lake property has grades of up to 3.92% Nickel, 0.70% Copper and 2.86% Cobalt as reported by the Saskatchewan government (Mineral Property # 0880). Historical resource estimates (non-NI43-101 compliant) were generated in 1968 and 1990. The 1968 resource for the Gochagar deposit calculated 4.3 million tons grading 0.30% Ni and 0.08% Cu. J.S. Steel, reported in 1990, that vertical and longitudinal sections were constructed from the existing data and an orebody with reasonably well defined limits was defined containing 1,770,000 tones at 0.735 nickel-equivalent.
The Company is undertaking a complete digital compilation, reprocessing and reinterpretation of all available data in and around the Gochagar Lake area. It is utilizing all of the latest available technology and one of the world’s leading massive sulphide experts to bring the project up to modern standards. This phase of the project is expected to be completed in 4 to 8 weeks with an initial NI 43-101 report and proposed drill program to follow shortly thereafter.
About U.S. Lithium Corporation
U.S. Lithium Corporation is an exploration and development company focused in North America on lithium and related resources for the rapidly growing energy storage industry. The Company looks to capitalize on opportunities that can provide critical raw materials to the ever expanding next generation battery market. Lithium demand is projected to triple by the year 2025 according to a recent report by Goldman Sachs and for many analysts is considered the new gasoline of the future. Cobalt, nickel, and copper are other key elements with strong demand growth profiles associated with the projected five to six fold increase in battery demand over the next ten years. U.S. Lithium Corp intends to be an integral part of this next booming industry. Our current focus is in the Basin and Range province of Nevada and the mining friendly jurisdiction of Saskatchewan, Canada. Elon, our first project, is located in Clayton Valley and is in close proximity to Albermarle’s Silver Peak Project, the only producing lithium brine mine in North America. The Company’s recently acquired Gochager Lake project, located in a very prospective area for Ni-Co-Cu deposits in Saskatchewan, has a comprehensive historical database with several previously defined anomalies.
Some of the statements contained in this press release are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including the risks and uncertainties related to the progress, timing, cost, and results of technology programs; competition from other companies; and the Company’s ability to obtain additional funding required to conduct its activities. Please refer to the company’s filings with the Securities and Exchange Commission for a comprehensive list of risk factors that could cause actual results, performance or achievements of the Company to differ materially from those expressed or implied in such forward looking statements. The Company undertakes no obligation to update or revise any forward-looking statements.
US Lithium Corp.