Vancouver, British Columbia--(Newsfile Corp. - January 12, 2018) - Alba Minerals (TSXV: AA) (FSE: A117RU) (OTC Pink: AXVEF) along with its joint venture partner Noram Ventures (TSXV: NRM) (FSE: N7R) (OTC Pink: NRVTF) have re-negotiated the ownership terms of their Clayton Valley Lithium Property. Alba currently holds a 25% interest in the 12,920 acre lithium property owned by Green Energy Resources, Noram's wholly owned subsidiary, and will earn an additional 25% interest by paying $350,000 on or before March 1, 2018.
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This amendment was the result of the mutual agreement between both parties to reduce the number of Clayton Valley claims from 888 to 646 during 2017, in order to focus on the properties that host lithium in clays, rather than brine, in keeping with the companies' technology. Management believes these properties offer the greatest potential given the environmental issues particular to Clayton Valley, namely the water table.
Sandy MacDougall, Chairman and Director, stated: "We are very pleased to be increasing Alba's ownership in this project by 25% to a total of 50% after the encouraging results from the recently published NI 43-101. We are progressing well and particularly pleased with results given the small 5-acre footprint explored out of a total of 12,920 contiguous acres. This is less than 1% of the total land package."
The report, which is available on Alba's website, includes a detailed review of the exploration work completed to date, an inferred resource estimate, and recommendations for the next phases of work. It also identified an Inferred Mineral Resource of approximately 17 million metric tonnes at a grade of about 1,060 parts per million lithium, which equates to 96,476 metric tonnes of lithium carbonate equivalent.
It is interesting to note that earlier this week, Cypress Development released results from two holes on their nearby property, with hole DCH-13 reporting an intersection of 107 metres of 1,134 parts per million lithium, one of the longest and higher grade drill results from the property to date as Cypress continues to expand the lithium mineralized zone. Management of both Alba and Noram were pleased to see these results, as the Cypress drill hole is adjacent and along strike to the Alba & Noram claims.
Clayton Valley is also home to Albemarle Corporation's lithium brine operations, the only lithium producer in the United States, which is located within one mile of the Alba & Noram property. And to the north is Tesla's Gigafactory. Tesla, with a planned production rate of 500,000 cars per year in the latter half of this decade, is expected to alone use today's entire worldwide production of lithium ion batteries.
The company's second lithium project, Quiron II, in Argentina, consists of 2,421 hectares of prospective exploration property, approximately 12 kilometres from Liberty One Lithium Corp., and 19 kilometres from Pure Energy Minerals.
The company also has the Jumbo graphite property in British Columbia, which positions the company to become a low-cost supplier to the burgeoning lithium battery industry.
The shares are trading at $0.265 and with 47.5 million shares outstanding, the company is capitalized at $12.6 million.
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