RESOLVE VENTURES ANNOUNCES COMMENCEMENT OF LITHIUM DRILLING PROGRAM AT NEPTUNE PROJECT, CLAYTON VALLEY, NEVADA
Resolve Ventures Inc. has provided an update. Nevada Sunrise Gold Corp. and Advantage Lithium Corp. have commenced a lithium brine drilling program at the Neptune lithium project located in the southern Clayton Valley of Nevada. One borehole to a depth of 610 metres (approximately 2,000 feet) is planned to follow up on encouraging results from a 2016 lithium brine drilling program carried out by Nevada Sunrise.
In September, 2016, Resolve entered into an agreement with Nevada Sunrise and Advantage Lithium to allow Advantage Lithium to earn up to a 50-per-cent working interest in Neptune by, among other things, incurring $700,000 in exploration expenditures on the property (see Resolve news release dated Sept. 27, 2016).
The amending agreement supersedes the company's joint venture and option agreement with Nevada Sunrise dated May 3, 2016. Pursuant to the original option agreement, Resolve had the right to earn up to a 50-per-cent working interest in the property. In May, 2016, Resolve fulfilled the obligations of its initial 25-per-cent earn-in for Neptune. Pursuant to the amending agreement, Resolve has agreed to terminate its right to a second-stage earn-in, where Resolve could have increased its interest to 50 per cent. The amending agreement grants Advantage Lithium the option to earn up to a 50-per-cent interest in the property, with the company and Nevada each retaining a 25-per-cent interest. Upon Advantage Lithium exercising its option to earn a 50-per-cent interest, a three-way joint venture would be formed, with Nevada Sunrise and Resolve each retaining a 25-per-cent interest. Neptune is subject to a 3-per-cent gross overriding royalty according to the terms of an underlying option agreement with a Nevada vendor.
Nevada Sunrise completed two exploration boreholes at Neptune in late March, 2016. Borehole N-2016-1, drilled to 457.2 metres (1,500 feet), showed anomalous lithium in a grab sample of groundwater of 6.8 milligrams per litre lithium at a depth of 438.9 metres (1,440 feet). A third borehole is under way, planned to a depth of up to 2,000 feet and located approximately 1.6 kilometres (one mile) to the east of hole N-2016-1 in an area interpreted from a 2016 geophysical survey to be a potential trap where denser, lithium-bearing brines could accumulate. If results from the third Neptune borehole warrant further work, a drill pad and access road have been prepared for a fourth hole location.
Neptune consists of 316 unpatented 20-acre placer claims totalling approximately 6,320 acres (2,557 hectares) and is located in an active area of lithium exploration and mining. The Silver Peak lithium mine operation, acquired by Albemarle Corp. in 2015, has extracted lithium minerals from brines continuously since 1966 and is located approximately 10 miles (15 kilometres) to the north of Neptune. Pure Energy Minerals Ltd. and Lithium-X Energy Corp. hold claims near or adjacent to Neptune.
Drill targets at Neptune have been generated from the integration of the results of: a detailed gravity survey by a previous operator that outlined a deep, fault-bounded subbasin, a controlled source audio magnetotellurics follow-up survey that detected conductive horizons within the subbasin, and a 2016 time-domain electromagnetic survey that provided additional detail about the conductive horizons. In each of the two holes completed in 2016, permeable sedimentary, lacustrine strata interbedded with volcanic ash and other ejecta was logged at various levels throughout the holes. This type of sedimentary strata is interpreted as a requisite host horizon for lithium-bearing brines as seen in the northern Clayton Valley.
A National Instrument 43-101-compliant technical report on Neptune dated Feb. 29, 2016, can be accessed on the company's SEDAR listing.
Initial water and sediment samples collected in 2016 were submitted to ALS Minerals in Reno, Nev., and analyzed at ALS Minerals in Vancouver, B.C. Water samples were analyzed by ICP-AES (inductively coupled plasma atomic emission spectroscopy) and ICP-OES (inductively coupled plasma optical emission spectroscopy), and composite sediment samples were analyzed by 48-element, four-acid ICP-MS (inductively coupled plasma mass spectrometry). Reanalysis of groundwater was carried out by Western Environmental Testing Laboratory in Reno, Nev., where testing included analysis for specific gravity, total hardness and alkalinity, bicarbonate, carbonate, hydroxide, TDS and electrical conductivity. Anions (chloride, sulphate) were analyzed by ion chromatography. Trace metals (lithium, magnesium, boron, calcium, potassium and sodium) were analyzed by ICP-OES. All depth measurements reported, including sample and interval widths are downhole. As holes are oriented vertical and geologic stratigraphy is primarily horizontal to subhorizontal, downhole measurements are assumed to be close to true thickness.
Robert M. Allender, CPG, RG, SME, is the company's designated qualified person for this news release within the meaning of NI 43-101 and has reviewed and approved the technical information contained herein.Back to Past News