VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 25, 2016) - Advantage Lithium Corp. (the "Company" or "Advantage Lithium") (TSX VENTURE:AAL), is pleased to announce that drill permits have been received by Nevada Sunrise Gold Corp. ("Nevada Sunrise") for three lithium brine projects in Nevada, USA. The Jackson Wash, Clayton NE and Gemini Lithium projects are three of five included in the LOI earn-in agreement the company recently signed with Nevada Sunrise. The Company has commissioned, and received, for regulatory review, a NI 43-101 report on Jackson Wash, where a first phase program of US $560,000 is recommended. With preparations underway for active exploration, the Company has appointed Ross McElroy to the Board. Mr. McElroy, who has received multiple industry awards for exploration success, will oversee the Company's work programs and assist in the assessment and acquisition of other top tier lithium projects in the US and South America.
Lithium Brine Project Highlights
- Jackson Wash is located in the Lida Valley of Nevada, approximately 20 miles (30 kilometers) southeast of the Silver Peak lithium brine mine. A drill permit for 10 holes was granted by the US Bureau of Land Management (BLM) in February 2016.
- Clayton NE is adjacent to Albermarle's Silver Peak mine in the Clayton Valley Basin - N. America's only brine-hosted lithium producer.
- Silver Peak lithium brine production wells are situated as close as 100 metres west to the Clayton NE boundary
- Gemini is located in the Lida Valley Basin - a flat, desert basin with a similar geological setting to the lithium-rich Clayton Valley basin.
- Drill permits have been received from the BLM for Clayton NE (6 holes) and Gemini Lithium (10 holes)
- Drill programs at both lithium brine projects are planned for Q3/Q4 2016, following the closing of the earn-in agreement between Advantage Lithium and Nevada Sunrise
David Sidoo, Director and proposed President of Advantage Lithium, commented, "Advantage Lithium is making excellent progress. We now have drill programs planned for a total of three lithium brine projects covered in our agreement with Nevada Sunrise. In addition, with Ross McElroy, one of Canada's most successful exploration-focused geologists, officially joining us as both director and technical advisor, we can aggressively continue our strategy of assessing and acquiring strategic, prospective lithium projects."
Mr. Ross McElroy, P. Geol. - Career Highlights
Mr. Ross McElroy is a professional geologist with nearly 30 years of experience in the mining industry. He is the winner of the PDAC Bill Dennis award for exploration success and the Northern Miner's 'Mining Person of the Year. He has comprehensive experience working with, and managing, many types of mineral projects, from grass roots exploration to feasibility and production. Most recently, Mr. McElroy has led Fission Uranium's technical team to success with two major, high-grade discoveries in three years.
To accommodate the above Board appointment, the Hon. Herb Dhaliwal has resigned as director. The Board thanks the Hon. Dhaliwal for his participation and contributions to the Board and wishes him well in his future endeavours.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol., Technical Advisor to Advantage Lithium Corp., and the Designated Qualified person for the company.
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. Common Shares are listed on the TSX Venture Exchange under the symbol "AAL.H".
ADVANTAGE LITHIUM CORP.
Nick DeMare, Corporate Secretary
Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
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 "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" 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 Lithium which 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. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company and Advantage Lithium disclaim 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.
Neither 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 release.