Millennial Lithium Corp.: Favorable Geophysics Indicate Potential Brine Bearing Formations at Cauchari East
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 12, 2017) - Millennial Lithium Corp. (TSX VENTURE:ML)(FRANKFURT:A3N2)(OTCQB:MLNLF) ("Millennial" or the "Company") is pleased to report favorable results from a geophysical survey at their Cauchari East Project in the Cauchari-Olaroz basin of Jujuy Province, Argentina. Results of the survey show continuity of known lithium-bearing brine aquifers into and likely throughout Millennial's property. The 100% owned Cauchari East Project covers an area of 2,990 hectares on the eastern side of the Cauchari-Olaroz Salar, adjacent to the Orocobre/Advantage Cauchari Project and the Lithium Americas/SQM advanced-stage Cauchari-Olaroz Project.
In March, Millennial engaged Tecnología y Recursos (TyR), a Salta-based geophysics consulting group, to conduct a 10 station Vertical Electrical Sounding (VES) survey over Cauchari East. The survey identified a sharp contrast between high resistivity upper zones and low resistivity (conductive) lower zones. Low electrical resistivity in this type of survey can be indicative of brine-bearing sediments. Technical reports from adjacent properties controlled by Lithium America's Corp., confirm that the brine-bearing aquifer is related to a low resistivity horizon. These horizons under Cauchari East are likely the continuation of the known brine-bearing aquifers of the Olaroz and Cauchari basins.
Measurements taken from most survey stations demonstrate good potential for continuous lithium brine mineralization. A north-south profile over the northern property block identifies a continuous 72 to 105 metre thick conductive layer extending from productive aquifers of the present-day Olaroz salar. As that layer extends into the southern block of Cauchari East, it thickens beyond the capacity of the VES survey to detect the lower resistive zone. An east-west profile in the southern block further supports continuity with the Cauchari basin aquifers. In addition, the profile identifies what appears to be a structurally confined sub-basin containing the deep conductive zone continuous with the north-south profile. The complete report can be found on the company's website.
"The results of the Cauchari East geophysics affirm that lithium brine-bearing aquifers beneath the present day Cauchari-Olaroz salars are related to an older, larger salar footprint. From the data we conclude that the aquifers extend beneath more recent alluvial cover. These results clearly justify an investment in a drill program at Cauchari East," stated Iain Scarr, Chief Operations Officer.
Permitting for a drill program is underway and the required public consultations and Jujuy Government approvals are anticipated to be completed in the second quarter of 2017.
Millennial also reports it has made the 2nd payment, totaling $500,000 USD and 500,000 common shares, to acquire its 100-per-cent interest in the Pastos Grandes project. This property, which is part of Millennial's larger land holdings, consists of 1,200 hectares of prospective lithium brine exploitation concessions in the Pastos Grandes Salar in Salta, Argentina.
This news release has been reviewed by Iain Scarr, AIPG CPG., COO of the Company and a qualified person as that term is defined in National Instrument 43-101.
Graham Harris, Chairman
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This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 an applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
Contact
Millennial Lithium Corp.
Investor Relations
(604) 662-8184
info@millenniallithium.com
www.millenniallithium.com