Pure Energy Minerals Successfully Reaches Target Depth in CV-7
VANCOUVER, British Columbia, Jan. 05, 2017 (GLOBE NEWSWIRE) -- Pure Energy Minerals Ltd. (TSX-V:PE) (FRANKFURT:A111EG) (OTCQB:PEMIF) (the “Company” or “Pure Energy”) is pleased to announce that exploration borehole CV-7 has been successfully drilled to its target depth (“TD”) of 2,000 ft (610 m) below ground level at its Clayton Valley South Lithium Brine Project (“CVS Project”), located near Silver Peak, Nevada. Licensed Nevada well drillers from Harris Exploration Drilling & Associates Inc. employed a variety of techniques to complete the exploration borehole, but diamond core drilling covered the lithium-prospective stratigraphy from approximately 500 ft (152 m) to TD at 2,000 ft (610 m). Core recovery was excellent throughout the target interval (averaging well over 90%). After completing the core hole, the drillers subsequently reamed the borehole to a diameter of 12.25 in (31 cm) to allow for installation of temporary casing.
Pure Energy geologists collected representative samples of drill core from aquifers of interest for testing of physical and hydrogeological properties at accredited laboratories. Preliminary observations of fluid conductivity, lithology, and other geological properties of the sediments are encouraging and consistent with other successful lithium brine exploration boreholes drilled at the CVS Project.
Given the encouraging geology encountered, the team has decided to convert the borehole into a temporary exploration well for brine sampling and possible later pumping tests. After the temporary well casing is installed and well development is complete (air-lifting to remove drilling fluids from the well), the Company expects to conduct downhole geophysical logging to investigate fluid and geological properties. Hydrogeologists will commence detailed sampling of brine from the well as soon as possible in early to mid January. Sampling should be completed in two to three weeks. The data from CV-7 will be incorporated into the forthcoming update of the mineral resource for the CVS Project, and a full discussion of the hydrogeology and chemistry of CV-7 will be included in the subsequent technical reports.
Patrick Highsmith, Pure Energy Minerals CEO commented, “The drilling crew and geologists did a great job on CV-7. Drilling progressed very efficiently and core recovery continues to be high. CV-7 is positioned just west of an interpreted fault, so this hole fills an important gap in the drill pattern to support the resource update. A little over 1 km to the west-northwest, core drilling is also progressing well on CV-8. These important drill holes are the final ingredients needed for the resource update and PEA that we plan to deliver in the first quarter of 2017.”
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.
Pure Energy Retains Focus Communications for Investor Relations Services
The Company is also pleased to announce that it has retained Leo Karabelas of Focus Communications Ltd. (“Focus”) in Toronto to provide investor relations services to the Company pursuant to a consulting agreement dated January 3, 2017 (the “Consulting Agreement”). Focus will provide services to the Company including initiating and maintaining contact with the financial community, the Company’s shareholders, investors and other stakeholders for the purpose of increasing awareness of the Company and its activities. The Consulting Agreement is for a term of one year.
In accordance with the terms of the Consulting Agreement, Focus will receive a monthly fee of C$5,000 plus applicable taxes from the Company as well as eligibility to receive incentive stock options to be awarded based on performance. The Consulting Agreement is subject to TSX Venture Exchange approval and the Company’s stock option plan.
About Focus Communications
Focus Communications is a private Toronto based firm, specializing in investor relations, corporate communications and market awareness services. Utilizing its extensive database of private investors, brokers, analysts and fund managers, Focus provides customized investor relations solutions for its clients. Focus implements a proactive and “one on one” approach in managing relationships between clients, their shareholders and the investment community for positive, long term relationships.
About Pure Energy Minerals Ltd.
Pure Energy is a lithium resource developer that is driven to become a low-cost supplier for the burgeoning lithium battery industry. While the Company is currently focused on the development of the CVS Lithium Brine Project and the adjoining Glory Lithium Clay Project in Clayton Valley, Nevada, it is actively evaluating new lithium targets in North and South America.
Pure Energy has developed core strengths in innovative development and processing technologies for lithium brines and lithium mineral deposits. The Company’s key attributes and activities include:
- Generating positive results on a large land position with excellent infrastructure in a first-class mining jurisdiction: approx. 11,000 acres in four main claim groups in Clayton Valley, Esmeralda County, Nevada;
- The only lithium brine resource in North America except for its neighbor, which is the only producing lithium operation in the United States (Albemarle’s Silver Peak lithium brine mine);
- An inferred mineral resource containing approximately 816,000 metric tonnes of Lithium Carbonate Equivalent (LCE) at an average grade of approximately 102 mg/L lithium, reported in accordance with NI 43-101 (see July 2015 Inferred Resource Report);
- An advanced program of testing the efficacy and economics of modern environmentally-responsible processing technologies to convert the CVS brines into high purity lithium products for new energy storage uses; and,
- An active business development program, applying its expertise to the evaluation of new lithium targets around the world.
On behalf of the Board of Directors,
“Patrick Highsmith”
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 may include statements regarding mineral processing, adaptation of test work to larger scale and/or future operational scales, estimates of reduced future capital and operating expenses, delivery of a preliminary economic assessment, future exploration programs, operation plans, geological interpretations, and mineral tenure issues. 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.
CONTACT:
Pure Energy Minerals Ltd. (www.pureenergyminerals.com)
Email: info@pureenergyminerals.com
Telephone – 604 608 6611, ext 5