Tribeca Cap News: Cruz Property

Showing posts with label Cruz Property. Show all posts

Thursday, 2 February 2017

Update on Southern Lithium’s Cruz Property, Salta Province, Argentina

PRESS RELEASE February 2, 2017

VANCOUVER, Canada -- Southern Lithium Corp. (TSX-V: SNL FSE: SL5) ("Southern" or "the Company") is pleased to provide an update for the lithium exploration program announced (December 6, 2016), to be executed at its Cruz Property (the "Property"), located in Salta Province, Argentina.

The Company is waiting for the review process of the previously submitted application to be completed and the issuance of the permit to drill the property in first quarter of 2017. While waiting for the permit to be issued, the Company has initiated a geophysical survey that will enable the Company to delineate bodies of brine and identify drill targets.

The Phase I lithium brine exploration program will consist of drilling one core hole at two separate locations in the salar to establish stratigraphic and porosity data, and for brine extraction and evaporation trials. At both sites, an HQ core hole will test the salar to a depth of 350m, or deeper if warranted to ensure that any brine bodies identified by the geophysical survey in the salar basin are sampled. In the deeper parts of some salar basins, coarse sediments that were deposited early during the filling of the basins have the potential to be excellent brine aquifers.

During the drilling, samples for chemical analysis will be collected using a drive point system, which employs an in-situ sampling tool to collect brine samples from discrete vertical intervals. The brine will be tested on-site to determine density, conductivity and pH. Chemical analysis will be will be completed at a specialized, certified laboratory.

After drilling the core holes, down-hole geophysics will be used to target potentially productive zones. Subsequently, each hole will be cleaned and fitted with slotted casing and a gravel filter for possible future use as a monitoring well if results indicate that an adjacent pumping test well be drilled.

The program will be managed on the ground in Argentina through its joint venture partner Millennial Lithium Corp. Millennial has engaged HIDROTEC S.R.L., a Salta-based drilling company with extensive recent experience in drilling and testing salar-hosted lithium brines, to complete the Phase I drilling program. Millennial has engaged Mike Rosko of Montgomery and Associates, Inc. a US-based hydrogeological consultancy to provide program guidance and act as the Company's qualified person for reporting results.

About the Cruz Property

Through its joint venture partner Millennial Lithium Corp. (TSX-V: ML) (OTCQB: MLNLF), the Company has executed a formal option agreement with Proyecto Pastos Grandes S.A. (“PPG SA”), a wholly owned subsidiary of Millennial, to be granted an option to acquire an eighty percent (80%) interest in the PPG SA’s Cruz Property in the Pocitos Salar Basin in Salta Province, Argentina.

The Cruz Property is located in the heart of South America’s Lithium Triangle (northern Chile, northwestern Argentina and southwest Bolivia). The property encompasses 2,500 hectares in the Pocitos salar basin in Salta Province, Argentina, and lies 11 kilometers south of ADY Resources Limited’s lithium brine resource in the Salar del Rincón Basin.

The Cruz property is adjacent to the Rincon volcanic center that defines the southern limit of the Rincon salar basin, where ADY Resources Limited is extracting lithium brine, and the northern limit of the Pocitos salar basin, where the Cruz property is located. Both properties lie along the structural belt that hosts the important lithium resources of the region, and at the junction of a large north-south fault system and the northwest-southeast megastructure along which lies the Rincon volcano, the possible source of the lithium brine in both salar basins.

The 60-kilometer long Pocitos salar basin has previously only been drill tested with a shallow 12-hole program in the 1970s, by an Argentinean government agency “Direccion General de Fabricaciones Militares”. To date, this is the only confirmed exploration drilling conducted in the Pocitos basin. The hole that produced the best results is near the southeast edge of the Cruz property boundary, and averaged 417 parts per million; note that these results are considered historical and cannot be confirmed under NI 43-101 standards.

About Southern Lithium Corp (TSX-V: SNL FSE: SL5)

Southern Lithium Corp. is a resource exploration company engaged in the business of acquiring and exploring minerals properties. Southern Lithium Corp. has assembled an experienced management team with a growth strategy to develop portfolio of Lithium projects. The Company's main objective is to add shareholder value through exploration and development of high quality resources through strategic acquisitions, joint ventures, and marketing while maintaining a lower risk profile through project diversification and sound, cost-effective financial management. With the potential acquisition of the Cruz property, Southern Lithium intends to establish its presence in the Pocitos basin and further deliver on its mission to secure technically superior lithium projects. The Company is only focusing on projects of the highest technical merit in favorable geopolitical jurisdictions.

Qualified Persons

The scientific and technical information contained in this news release has been reviewed and approved by Larry Segerstrom, M.Sc. (Geology), P.Geo., a Director of the Company, who is a "Qualified Person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

Further information about the Company is available on our website at www.southernlithium.com or under our profile on SEDAR at www.sedar.com.

ON BEHALF OF THE BOARD OF DIRECTORS

“David Alexander”

Chief Financial Officer

For further information, please contact:

Southern Lithium Corp.

Sam Eskandari

Phone: +1.416.918.6785

Email: ir@southernlithium.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within it, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements, other than as required pursuant to applicable securities laws.

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Monday, 23 January 2017

Southern to Begin Geophysical Survey at Cruz Property, Argentina

PRESS RELEASE January 23, 2017

VANCOUVER, Canada –- Southern Lithium Corp. (TSX-V: SNL FSE: SL5) ("Southern" or "the Company") is pleased to announce that it has initiated a ground geophysics program at its Cruz property ("Cruz"), located in the Pocitos salar basin in Salta Province, Argentina.

Phase 1 Cruz Geophysics Program

Southern will be executing a controlled-source, audio-frequency magnetotellurics ("CSAMT") geophysical survey at the Cruz property (Cruz). Once completed, the CSAMT program will better delineate drill targets. Southern expects to commence the drilling program early this spring.

Controlled-source audio-frequency magnetotellurics ("CSAMT") is a commonly used surface-based geophysical method which provides resistivity information of the subsurface. This low-impact, non-intrusive technique has been used extensively by the minerals, geothermal, hydrocarbon and groundwater exploration industries since 1978 when equipment systems first became available commercially.

The CSAMT method involves transmitting a controlled signal at a suite of frequencies into the ground from one location (transmitter site) and measuring the received electric and magnetic fields in the area of interest (receiver site). Calculated resistivity values from CSAMT data relate to geology. Primary factors affecting resistivity include rock or sediment porosity and the density of pore fluids, which gives an indication of the concentration of dissolved salts, including those of lithium, in the pore fluids.

At Cruz, as at neighbouring projects including the nearby Enirgi Group’s 100% owned Rincón Project through its wholly owned subsidiary ADY Resources Limited, formations such as the Halitic Zone and structures such as district and local faults exert significant control on mineralization. The CSMAT survey will help Southern identify such stratigraphic units and structures.

Company President Larry Segerstrom states: “The CSAMT geophysical program will strongly assist the Company in identifying and mapping potential lithium-rich brine targets for the next phase of exploration.” We are excited to be on the property which is strategically located within the ‘Lithium Triangle’, where over half of the earth's identified resources of lithium are found.”

About the Cruz Property

The property is located along the major fault and volcano chain that defines the southern limit of the Rincon Basin, where ADY Resources Limited is extracting lithium brine, and the northern limit of the Pocitos basin, where the Cruz property is located. Both properties lie along the structural belt that hosts the important lithium resources of the region, and adjacent to a major crossing lineament that is thought to have given rise to the hydrothermal activity that has supplied lithium to both closed salar basins.

The 60-kilometer long Pocitos salar basin has previously only been drill tested with a shallow 12-hole program in the 1970s, by an Argentinean government agency, “Direccion General de Fabricaciones Militares”. To date, this is the only confirmed exploration drilling conducted in the Pocitos basin. The hole that produced the best results is near the southeast edge of the Cruz property boundary, and averaged 417 parts per million; note that these results are considered historical and cannot be confirmed under NI 43-101 standards.

About Southern Lithium Corp (TSX-V: SNL FSE: SL5)

Qualified Persons

Further information about the Company is available on our website at www.southernlithium.com or under our profile on SEDAR at www.sedar.com.

ON BEHALF OF THE BOARD OF DIRECTORS

“David Alexander”

Chief Financial Officer

For further information, please contact:

Southern Lithium Corp.

Sam Eskandari

Phone: +1.416.918.6785

Email: ir@southernlithium.com

###

Thursday, 1 December 2016

Southern Lithium Provides Updates and Additional Information on the Cruz Property

December 1, 2016, Vancouver, B.C. – Southern Lithium Corp. (the “Company”) (TSX-V: SNL FSE: SL5) On November 17th, 2016, Southern Lithium announced that it has executed a formal option agreement (a “Definitive Agreement”) with Proyecto Pastos Grandes S.A. (“PPG SA”), a wholly owned subsidiary of Millennial Lithium (TSX-V: ML), to be granted an option to acquire an eighty percent (80%) interest in the PPG SA’s Cruz property in the Pocitos salar basin in Salta Province, Argentina.

The terms of the Definitive Agreement:

In order for the Company to acquire a seventy percent (70%) interest in the Cruz Property, the Company must:
Pay a non-refundable deposit of US$150,000 to PPG SA. This payment has already been completed.
Pay an additional US$50,000 non-refundable deposit to PPG SA upon the execution of the Definitive Agreement. This payment has been made.
Issue 540,000 common shares of Southern Lithium to PPG SA or Millennial at a deemed price of $0.25 CDN subject to exchange approval.
On closing of the first tranche of the Private Placement or November 30, 2016 (whichever is earlier) place in a joint exploration account the sum of US$500,000 (the “Exploration Funds”).
Spend the Exploration Funds of US$500,000 lithium mineral resources exploration activities on the Cruz Property on or before October 1, 2017
Pay to PPG SA the sum of US$1,000,000 on or before October 1, 2017; and
Pay to PPG SA the sum of US$1,000,000 on or before October 1, 2018.
((a)-(g) being, collectively, the “Option Exercise Price”).

To earn the additional 10% interest (for an aggregate total 80% interest) in the Property, the Company must, prior to that date which is 6 months after the third anniversary of the Definitive Agreement, complete a bankable feasibility study on the Property.

The transaction is subject to TSX Venture Exchange approval.

Southern Lithium’s president Larry Segerstrom commented, “We are excited to advance past the LOI stage and enter into a Definitive Agreement with Millennial Lithium so that we can get to work on the Cruz property. We are also actively looking at other properties in this region.”

Additional Information and Updates on the Cruz Property

The Cruz property is located within South America’s Lithium Triangle (northern Chile, northwestern Argentina and southwest Bolivia). It encompasses 2,500 hectares at the north end of the Pocitos salar basin in Salta Province, Argentina, and 11 kilometers south of Ady Resources’ Salar del Rincón operation, the only lithium producer in the province.

Ady Resources, subsidiary of Enirgi Group, announced on July 7, 2016, “Positive Results of Definitive Feasibility Study for Salar Del Rincon Lithium Project”.

The key findings of this definitive feasibility study are found in the table below:

(http://www.marketwired.com/press-release/enirgi-group-announces-positive-results-definitive-feasibility-study-salar-del-rincon-2140673.htm)

Ady Resources’ property in the Salar Del Rincon basin is separated from the Pocitos salar basin by a small cluster of source volcanoes; both salars represent the northern and southern parts of the same tectonic depression and have similar geology geologic characteristics.

The 60-kilometer long Pocitos salar basin has only been drill tested by 12 shallow holes in 1979 by an Argentinian government agency, the “Direccion General de Fabricaciones Militares”. The best hole is the closest to the Cruz property, only 1 km southeast of the property boundary, and averaged 417 parts per million lithium. The results of these holes and the sampling cannot be confirmed under NI 43-101 standards of exploration applicable today. In 2010, Li3 Energy, Inc., announced the results of 46 brine samples taken from just below the surface of the salar, with brine assays ranging from 300 ppm to 600 ppm lithium. These samples were taken immediately south of the Cruz property.

(http://www.rohstoff-welt.de/aktien/snapshot.php?nachrichten=1&mid=1229&sid=1030&lang=en).

As a result of the potential acquisition of the Cruz property, Southern Lithium hopes to establish its presence in the Pocitos basin and further deliver on its mission to secure strategic lithium projects. The Company is only interested in projects of the highest technical merit in favorable geopolitical jurisdictions. “A high level comparison of the Cruz Property and the Ady-Resources mining site seem to suggest similar geology. This substantially increases my optimism in Southern Lithium’s exploration prospect within the Cruz Property and will hopefully driver of value for our shareholders.”

Larry Segerstrom, M.Sc. (Geology), P.Geo., A Director of the Company, is a Qualified Person as defined by National Instrument 43-101 (“NI 43-101”) and has reviewed and approved the contents of this news release.

About Southern Lithium Exploration

Southern Lithium Corp. is a resource exploration company engaged in the business of acquiring and exploring minerals properties. Southern Lithium Corp. has managed to assemble an experienced management team with a growth strategy to develop a diversified portfolio of projects. The Company’s main objective is to add shareholder value through exploration and development of high quality resources through strategic acquisitions, joint ventures, and marketing while maintaining a lower risk profile through project diversification and sound, cost-effective financial management.

On behalf of the Board of Directors,

David Alexander

Chief Financial Officer

Further information about the Company is available on our website at www.southernlithiumcorp.com or under our profile on SEDAR at www.sedar.com.

Contact Information:

Southern Lithium Corp.
Sam Eskandari
Telephone: +1.416.918.6785
Email: ir@southernlithium.com

Thursday, 3 November 2016

Millennial Signs Letter of Intent to Option its Cruz Property to Southern Lithium Corp.

November 03, 2016

VANCOUVER, BRITISH COLUMBIA--(Nov. 3, 2016) - Millennial Lithium Corp. (TSX VENTURE:ML) ("Millennial" or the "Company") reports that its wholly owned Argentine subsidiary, Proyecto Pastos Grandes S.A. ("PPG SA") has entered into a letter of intent (the "LOI") with Southern Lithium Corp. (TSX VENTURE:SNL) ("Southern") whereby, upon execution of a definitive agreement (the "Definitive Agreement") Southern will be granted the option to acquire up to an eighty (80%) percent interest in and to the Company's Cruz Property in the Pocitos salar basin in Salta Province, Argentina.

Terms of the LOI:

The LOI, dated effective October 31, 2016, calls for PPG SA and Southern to enter into a Definitive Agreement on or before November 10, 2016.

To earn a seventy (70%) interest in the Cruz Property, Southern must:

a. pay a US$150,000 non-refundable deposit to PPG SA (which has been paid);

b. pay an additional US$50,000 non-refundable deposit to PPG SA on execution of the Definitive Agreement;

c. on closing of the Definitive Agreement, issue to PPG SA or Millennial (at Millennial's option) US$100,000 worth of common shares (the "Southern Shares") of Southern with the Southern Shares being valued at the same price per share as a private placement (the "Private Placement") Southern is expected to announce concurrently or shortly after the announcement of the LOI;

d. on closing of the first tranche of the Private Placement or November 30, 2016 (whichever is earlier) place in a joint exploration account the sum of US$500,000 (the "Exploration Funds");

e. make US$500,000 of exploration expenditures (the "Exploration Expenditures") on or before October 1, 2017;

f. pay to PPG SA the sum of US$1,000,000 on or before October 1, 2017; and

g. pay to PPG SA the sum of US$1,000,000 on or before October 1, 2018.

((a) to (g) being, collectively, the "Option Exercise Price").

The LOI calls for the Definitive Agreement to contain the following terms:

a. that PPG SA is expected to act as operator on the Property until the Exploration Expenditures are made upon which time Southern may assume operating responsibility;

b. that Southern can earn an additional ten (10%) of the Cruz Property by completing, on or before the date that is three years and six months from the date of the Definitive Agreement, a bankable commercial feasibility study of the Cruz Property; and

c. additional terms and conditions customary to an option agreement in the resource industry including terms governing the planning of Exploration Expenditures.

The Cruz Property was acquired by PPG SA under the terms of an option agreement (the "Underlying Option Agreement ") dated effective October 11, 2016 although fully executed after that date. The Underlying Option Agreement is, for Millennial, an exempt transaction not subject to Exchange review under the Exchange's Policy 5.3. The Underlying Option Agreement provides that the Company can acquire up to a one-hundred (100%) interest in the Cruz Property from the vendor. The Company intends to use funds from the Option Exercise Price to fund its exercise of the option under the Underlying Option Agreement.

About the Cruz Property:

The 2,500 hectare Cruz Property lies at the north end of the Pocitos salar basin in Salta Province, Argentina. The Cruz Property is at the junction of a large north-south fault system and the northwest-southeast "megastructure" along which lies the Rincon volcano, the possible source of the Rincon salar lithium brine occurrences in the Rincon salar basin immediately north of the Pocitos salar basin.

The 60 kilometre long Pocitos salar basin has been the subject of surface sampling by several groups in the past. In the 1970's a government agency made a single shallow drill hole in the Pocitos salar basin. To the Company's knowledge, that drilling is the only exploration drilling to date and the results of that drilling cannot be confirmed under NI 43-101 standards for exploration applicable today. A review by the Company of recent samplings in the Pocitos salar basin tend to show higher lithium concentration along the deep faults in the basin, leading to the possibility, which would have to be confirmed with further exploration, that the faults could be conduits for lithium-bearing fluids emitted by the northern volcanic center.

The LOI is conditional upon its approval by the TSX Venture Exchange.

This news release has been reviewed by Iain Scarr, VP of Development and Exploration of the Company and a qualified person as that term is defined in National Instrument 43-101.

MILLENNIAL LITHIUM CORP.

Graham Harris, Chairman

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.

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 INFORMATION

Millennial Lithium Corp.
Investor Relations
(604) 662-8184
info@millenniallithium.com

www.millenniallithium.com