Canada Lithium and Gold Summit complete drilling at Nevada lithium property
Mon Oct 5, 3:03 PM
ca.news.finance.yahoo.com
TSXV: CLQ
TORONTO, Oct. 5 /CNW Telbec/ - Canada Lithium Corp. (TSXV: CLQ.V) and Gold Summit Corporation (TSXV: GSM.V) announced today that drilling at the Paymaster lithium brines property in Esmeralda county, Nevada has intersected subsurface aquifers.
The hole was completed to a depth of approximately 365 metres and conductive layers were intersected from 325 to 338 metres downhole and from 347 metres to the bottom of the hole. Solution samples from the hole have been dispatched for analysis. Assay results are anticipated within two weeks.
The Paymaster site was selected on the basis of geochemical and geophysical data collected and interpreted over the past year, with surface assays returning results of up to 140 parts per million lithium. Field work and data studies are underway in a number of other basins in southwest Nevada. This work is expected to lead to the selection of other drill targets.
Canada Lithium holds a 75% interest in the joint venture and Gold Summit, the operator, holds 25%.
Canada Lithium Corp. is a Canadian-based resource and exploration company trading under the symbol CLQ on the TSX-V. The Company plans to develop a former lithium mine near Val d'Or, Que., which operated from 1955 to 1965. It hosts an NI 43-101 non-compliant historical resource of 15 million tonnes grading 1.14% Li2O. Please note, a Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources; Canada Lithium Corp. is not treating the historical estimate as current mineral resources; and the historical estimate should not be relied upon. Canada Lithium is also exploring the potential of several lithium brine deposits in Nevada.
Neither the 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.
Forward-looking Information
The statements made in this press release may contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of Canada Lithium Corp. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of Canada Lithium Corp. management as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the Company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the Company. Canada Lithium Corp. disclaims any obligation to update information contained in any forward-looking statement.
Contacts
Peter Secker
President and CEO
(416) 361-2821
Olav Svela
Director
Investor Relations
(416) 361-2821
osvela@canadalithium.com
Dan Symons
Renmark Financial Communications Inc.
(514) 939-3989
dsymons@renmarkfinancial.com
Or visit the Canada Lithium website at www.canadalithium.com. (Please note
the website is undergoing an update and re-design.) |
