Lithium Corporation (OTCQB:LTUM) (the "Company", or “Lithco”) is pleased to announce that it has increased the size of its BC Sugar flake graphite property to a little over 18,800 acres (7,608.375 hectares). Prospecting and geological work has been ongoing at the property over the summer, and several graphite prospects have been discovered with the best prospect to date grading over 5% flake graphite. A number of mineralized boulders have also been encountered at various locations on the property, which appear to indicate that the mineralized horizon or horizons may be found at other locales within the claim block.
Prospecting work was performed on the Mt Heimdal property in June/July and several mineralized zones were noted here, the best of which graded 3.72% flake graphite. Although the work was encouraging it was decided that the company would be best served by focusing on the BC Sugar property. Lithium Corp has negotiated an agreement with the vendor of Mt Heimdal whereby the vendor will assign its 100% interest in the property for a 2% “Net Smelter Royalty” on any proceeds from future production from the property.
The BC Sugar property is well placed in the Shushwap Metamorphic Complex, in a geological environment favorable for the formation of flake graphite deposits, and is in an area of excellent logistics, with a considerable network of logging roads within the project area. Additionally the town of Lumby is approximately 19 miles (30 kms) to the south of the property, while the City of Vernon is only 30 miles (50 kms) to the southwest of the western portions of the claim block.
Elsewhere, the Company anticipates the commencement of drilling at its Fish Lake Valley lithium brine property the beginning of September, after a strong rainstorm in late July necessitated postponing this work.
For further information please contact Andy Dewey at Lithium Corporation at (775) 410-2206 or via email at
About Lithium Corporation