VANCOUVER, BC--(Marketwired - Jun 29, 2016) - Pure Energy Minerals Limited (TSX VENTURE: PE) (FRANKFURT: A111EG) (OTCQB: HMGLF) (the "Company" or "Pure Energy") is pleased to announce that exploration borehole CV-3 has been successfully drilled to a total depth of 2,000 feet below ground level (610 metres) at its Clayton Valley South ("CVS") Lithium Brine Project, located near Silver Peak, Nevada (the "Project"). The original target depth for this well was 1,600 feet (490 metres), but favourable drilling conditions and positive return of cuttings and formation fluids supported extending the depth of investigation down to the final depth. The well has been completed to a diameter of 12.5 inches (32 centimetres), and field crews are currently installing temporary well casing. The new well will serve the dual purpose of deep exploration and monitoring for pumping tests. The Company expects to commence detailed brine sampling in early July; results will follow soon thereafter.
Drillers employed a combination of drilling techniques to complete the CV-3 well, including diamond core drilling to 1,400 feet (427 metres) and mud rotary from 1,400 to 2,000 feet (610 metres). Core recovery continues to be excellent ( > 95%) on the CVS Project. The new well was collared approximately 660 feet (200 metres) east-southeast of CV-1. The geological and porosity data from CV-3 will be important additions to the database in the northern project area.
Quality Assurance and Quality Control
Patrick Highsmith, Certified Professional Geologist (AIPG CPG # 11702), is a qualified person as defined by NI 43-101, and has supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Highsmith is not independent of the Company as he is an officer and director.
About Pure Energy Minerals Ltd.
Pure Energy is a lithium-brine resource developer that is driven to become the lowest-cost lithium supplier for the burgeoning North American lithium battery industry. Pure Energy is currently focused on the development of our prospective CVS Lithium Brine Project, which has the following key attributes:
- A large land position with excellent existing infrastructure in a first-class mining jurisdiction: Approximately 9,324 acres in three main claim groups in the southern half of Clayton Valley, Esmeralda County, Nevada.
- Adjacent to the only producing lithium operation in the United States (Albemarle's Silver Peak lithium brine mine).
- An inferred mineral resource of 816,000 metric tonnes of Lithium Carbonate Equivalent (LCE), reported in accordance with NI 43-101.
- Metallurgical and process studies underway to better understand the feasibility and economics of using modern environmentally-responsible processing technology to convert the CVS brines into high purity lithium products for new energy storage uses.
On behalf of the Board of Directors,
Chief Executive Officer
Forward Looking Statements: The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release