Lithium Corporation (OTCBB: LTUM) (the "Company", or “Lithco”) is pleased to announce that it has received the analytical results from the most recent round of Sonic drilling on its Fish Lake Valley property in Esmeralda County, Nevada.
Lithium Corporation tested an area of the property where prior exploration by the Company discovered elevated lithium levels in subsurface brines. During the recent program a total of 378.09 meters (1,240.58 feet) was drilled in 20 holes at 17 discrete sites, and an area of 1,023 meters (3,356.46 feet) by 846 meters (2,775.73 feet) was systematically explored by grid drilling. The deepest hole was 24.69 meters (81 feet), and the shallowest hole that produced brine was 10.36 meters (34 feet). The average depth of the holes drilled during the program was 18.90 meters (62.02 feet). The program successfully demonstrated that lithium-boron-potassium-enriched brines exist to at least 18 meters depth in sandy or silty aquifers that vary from approximately one to three meters in thickness (3 to 10 feet). Lithium values range from 7.6 mg/L to 151.3 mg/L, whereas boron ranges from 146 to 2,160.7 mg/L, and potassium ranged from 0.1 to 1.3%. Average lithium, boron and potassium contents of all samples are 47.05 mg/L, 992.7 mg/L, and 0.535% respectively. The anomaly outlined by the drill program is 450 meters by 750 meters (1,476 by 2,461 feet), and is not fully delimited, as the area available for drilling was restricted due to soft ground conditions to the south. A 50 mg/L lithium cutoff is used to define this anomaly and within this zone average lithium, boron and potassium contents are 90.97 mg/L, 1,532.92 mg/L, and 0.88% respectively.
The Company is very pleased with the results here, and believes that the playa at Fish Lake Valley may be conducive to the formation of a “Silver Peak” style lithium brine deposit. The Company is reviewing the results in regards to the overall geological interpretation of the lithium, boron and potassium bearing strata. The results confirm the presence of targeted mineralization and further evaluation programs will focus on determining the extent and depth of mineralization.