DENVER, July 12, 2017, PEMIF, (GLOBE NEWSWIRE) — Pure Energy Minerals Limited (TSX-V:PE) (OTCQB:PEMIF) (the “Company” or “Pure Energy”) is pleased to announce the start of a geophysical exploration program at its Terra Cotta Project (TCP or “the Project”) located on the Pocitos Salar in Salta Province, Argentina. This geophysical program consists of a Vertical Electrical Sounding (VES) survey that includes about 75 points at nominal 1-kilometer spacing along five transects. The transects span Pure Energy’s 13,000 hectare mining concession on the Pocitos Salar. Conhidro S.R.L., a hydrogeological consultancy based in the city of Salta, Argentina, is performing the work under contract to Pure Energy.
The VES method is widely used to identify zones of high electrical conductivity in the subsurface. Zones of relatively high electrical conductivity are often portions of an aquifer with correspondingly high brine concentrations.
Upcoming phases of surface exploration work at the TCP are expected to include a gravity survey and a near-surface brine sampling program. Walter Weinig, Pure Energy’s Vice President of Projects and Permitting, noted “Starting the geophysical program is an important milestone in the exploration of the Terra Cotta Project. Historical work and our own due diligence suggest the presence of near-surface brine, but this geophysical survey should give us an indication of potential brine targets at 100 to 200 meters (330 to 660 feet) below surface. The Conhidro team has extensive experience on lithium-brine projects in this region of Argentina, so we are confident the work is in good hands. We look forward to the results of the geophysical survey, as we plan for the first phase of drilling program at the Terra Cotta Project.”
Pure Energy’s Terra Cotta Project is located in the heart of Argentina’s lithium-rich Puna Region. Significant proven deposits of lithium in brine occur approximately 32 km (20 miles) north at Rincon Salar and approximately 90 km (56 miles) south at Salar del Hombre Muerto. The Pocitos Salar is directly accessible by Salta Provincial Highway 17 and enjoys excellent infrastructure, including a gas pipeline and rail line on the eastern edge of the salar and a high voltage power line only 30 km (18 miles) to the north.
Walter Weinig, Professional Geologist and SME Registered Member (SME Registered Member # 4168729), is a qualified person as defined by NI 43-101 and supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Weinig is not independent of the Company as he is an officer.
Issuance of Stock Options
The Company also announces, subject to regulatory approval, that it has granted a total of 2,150,000 stock options (the “Options”) to directors, officers, and consultants of the Company to purchase common shares of the Company in accordance with its stock option plan. All of the Options vest quarterly in four equal tranches, with the first such vesting occurring upon issuance of the Options, are issued at an exercise price of $0.57 per common share and expire five years from the date of issuance.
About Pure Energy Minerals Limited
Pure Energy Minerals is a lithium resource developer that is driven to become a low-cost supplier for the growing lithium battery industry. The Company is developing the Clayton Valley (CV) Project and the adjoining Glory Lithium Clay Project in Clayton Valley, Nevada. The Company is also starting exploration of a major new lithium brine project in the Lithium Triangle of South America, the Terra Cotta Project (“TCP”). The TCP is located on Pocitos Salar in Salta, Argentina, where it enjoys some of the best infrastructure and access of any lithium brine exploration project in Argentina.
Pure Energy has developed core strengths in innovative development and processing technologies for lithium brines and lithium mineral deposits. Key attributes and activities include:
- A large, strategic land position with excellent infrastructure in a first-class mining jurisdiction: approximately 10,700 hectares (26,000 acres) in Clayton Valley, Esmeralda County, Nevada, located a 3-hour drive from the Gigafactory;
- An inferred mineral resource of approximately 247,000 tonnes of lithium hydroxide (218,000 tonnes of LCE) at the CV Project with an average grade of 123 mg/L lithium;
- The only lithium brine resource in North America to yield a positive Preliminary Economic Assessment including after-tax NPV (8% discount) of US $264 million and an IRR of 21%;
- Advanced metallurgical testwork demonstrating the improved efficacy of a new environmentally responsible lithium processing technology that produces low-cost battery grade lithium hydroxide ;
- An early stage exploration program on the 13,000-hectare (32,000 acre) Terra Cotta Project (TCP), located on Pocitos Salar in Salta Province; and
- An active business development program, applying Company expertise to the evaluation of new lithium targets around the world.
On behalf of the Board of Directors,
Chief Executive Officer
The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release may include statements regarding planned test or exploration work, future exploration programs, operation plans, geological interpretations, and mineral tenure issues. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT: Pure Energy Minerals Limited (www.pureenergyminerals.com) Email: firstname.lastname@example.org Telephone – 604 608 6611, ext 5