Lithium X acquires largest land position in Nevada’s Clayton Valley
16 February 2016
Lithium X Energy Corp. is acquiring a 100% interest in the CVL Lithium Property in Nevada’s Clayton Valley. The acquisition makes Lithium X the largest claims holder with more than 15,020 acres (6,078 hectares) in Clayton Valley and land positions both north and south of Albemarle’s Silver Peak mine, North America’s only lithium producer.
The Clayton Valley South Expansion consists of 471 federal placer mining claims, totaling approximately 9,540 acres (3,861 hectares) and is located approximately 30 miles southwest of Tonopah, Nevada, within the Clayton Valley. Clayton Valley is a 3.5-hour drive south of the Tesla Gigafactory.
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The Property is located between and contiguous with the Silver Peak lithium mine operated by Albemarle Corp. on the northern boundary, the Clayton Valley South project operated by Pure Energy Minerals Ltd to the east and the Neptune property owned by Nevada Sunrise Gold Corporation to the west.
The company plans to test several potential lithium-bearing aquifers on the Property. The geological structure of the sediment-filled deep basin underlying the claims is a rich environment, according to the company; analysis of geological, geophysical and drill log data shows evidence of potential lithium-bearing aquifers.
Within these sediments there are several known lithium bearing aquifers; these are the salt aquifer system, main ash aquifer, lower ash aquifer and the lower gravel aquifer. Faults within the basin create infiltration barriers that hinder the dilution of lithium brines from the influx of fresh water from the surrounding mountains.
Historic and present drilling programs surrounding the Clayton Valley South Expansion suggest the potential for discovery of lithium-bearing brines. Albemarle wells are less than 300 feet from the Property and current drilling by Pure Energy is estimated to be 800 feet from the Property.
Consideration for the acquisition consists of a cash payment of US$350,000 and 4,000,000 common shares of the cCompany to the vendor. A finder’s fee of 295,000 common shares of the Company is payable to a third party.
The acquisition of the Property is expected to close on or before 26 February 2016 and is subject to certain conditions including, but not limited to, receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
The Company also announces the appointment of William Randall as the new VP of Project Development. Randall is a professional geologist and qualified person (QP) with extensive executive and technical experience in lithium exploration and development in the Clayton Valley and in South America.
Lithium X Energy Corp. is a lithium exploration and development company with a focus on becoming a low-cost supplier for the burgeoning lithium battery industry.
Per unit of energy stored, NGK sodium sulphur batteries and ZEBRA and Durathon Sodium-Nickel batteries are far cheaper to make and use for stationary batteries when in volume production. The Sodium-Nickel batteries can also be used in vehicles and are not temperature sensitive and are more robust and reliable and safe than lithium batteries and fewer cells are needed per unit energy stored. FZSONICK makes a 110 volt sodium nickel package for railway passenger vehicle lighting which would be highly suitable for homes instead of the TESLA "home" battery. Most standard lights can be run directly off of the FZSONICK terminals especially CFLs. The cells are highly resistant to overcharging failures and if individual cells fail the battery just operates at a slightly lower voltage. Used, but working cells or full batteries from vehicles can be used in less demanding service such as emergency lights. ..HG..
Posted by: Henry Gibson | 16 February 2016 at 12:50 PM