Sector NewswireTM
Sector: Mining - Metals and Minerals :
Sub sector: Rare Earth Elements, Energy :
News Release - June 5, 2009 05:34 PM ET
First Lithium Resources Inc. - Rare Earth Elements and Lithium
First Lithium Resources presents an exceptional risk-reward scenario as the share price of MCI.V appears in line for an upside adjustment, as the story of their lithium and rare earth element ventures become better understood. Considering the impressive nature of its core holdings MCI appears undervalued with only ~22M shares outstanding and trading under CDN$0.20.
NEW YORK, NY, June 5, 2009 /Sector Newswire/ - Precious Metals Review of First Lithium Resources Inc.. (TSX VENTURE: MCI) (Frankfurt: MHN) (OTC Listing: FLNTF) provides insight into the opportunity afforded investors as First Lithium Resources targets Rare Earth Elements and Lithium.
The full Precious Metals Review with Valuation Commentary and chart may be seen at:
sectornewswire.com
Excerpts:
Rare Earth Elements
First Lithium Resources’ Godslith property (former Inco property) could well host a sizeable deposit of rare earth elements. An enzyme leach geological profile was performed by Dr. Mark Fedikow HBSc., M.Sc., Ph.D., P.Eng., P.Geo., C.P.G. on behalf of the Manitoba, (Canada) provincial government (2001) on the lithium pegmatite. Among his conclusions "the presence of the elements W, Cs, Ba and Nb as geochemical anomalies over this deposit indicate potential may exist for rare-element mineralization in the dyke" and "...may, in fact, be a resource for rare elements in addition to Li."
4.6 million tons grading 1.14% Li20
First Lithium Resources’ Godslith property has seen substantial exploration. Between 1958 and 1961, Inco Ltd. completed 9421 feet of diamond drilling in 25 holes exploring the lithium potential of the spodumene rich pegmatite dike. In 1986, on the basis of this work, William C. Hood, P.Eng., calculated a potential resource of 4.8 million tons grading 1.27% Li20 over an average width of 36.2 feet. In addition, Mr. Hood estimated an additional probable resource of 4.6 million tons grading 1.14% Li20.
Lithium Contained Oilfield Brines Deemed 'Producible'
1,013,360 acre Alberta Lithium Brine Project: The MCI.V Alberta lithium brine project has values which compare favourably to known lithium brine deposits in Nevada, which are currently in production. MCI could conceivably possess such a deposit, with significant size and potential yield. MCI's mining exploration permits cover an area in which an "historical resource estimate" (non NI 43-101 compliant) of 2.4 Billion lbs of Lithium oxide has been provided...
The full Precious Metals Review with Valuation Commentary and chart may be seen at:
sectornewswire.com
SOURCE: Sector Newswire per: Precious Metals Review
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