Oct 27 2009
Lithium Corporation (OTCBB: LTUM) (the "Company", or Lithco) is pleased to announce that it has completed a share exchange and amalgamation with private company Nevada Lithium Corporation. The share exchange and amalgamation was filed with the Securities and Exchange Commission on October 23, 2009. Nevada Lithium Corporation holds two lithium properties in Nevada and recently completed a $500,000 private placement.
On August 25, 2009 Mr. Tom Lewis was appointed as President, Treasurer, Secretary and director of the Company. Mr. John Hiner, the President of Nevada Lithium Corporation will join the board of directors, and has been appointed Lithium Corporation's Vice President of Exploration.
Mr. Hiner is a Geologist who has over 30 years of experience in the Mineral exploration, and Oil and Gas industries, and has considerable experience in this capacity, and also has been an officer or director of several public companies. Similarly Mr. Lewis has over 35 years of progressive experience in the Mineral exploration and Oil and Gas industries. He has worked with or consulted for a wide range of junior and major companies on a number of precious metals, base metals, and industrial minerals projects or prospects in several countries.
Mr. Lewis commented, "I am pleased to have been selected to head-up this new and exciting lithium exploration and development opportunity, and extremely pleased to have the opportunity to work with John again. We have developed a robust exploration model regarding lithium and intend to aggressively identify, evaluate, acquire and develop lithium properties in Nevada and elsewhere as opportunities develop. Our collective experience in the Great Basin, coupled with Nevada's resource-friendly government will be great assets as we grow and expand our portfolio of lithium properties."
The Company currently holds two exploration stage properties in Nevada, and is committed to actively exploring and developing these properties. The Company will continue to generate and acquire additional lithium properties in Nevada and elsewhere. The details on the two properties currently held by Lithco are:
Fish Lake Valley Property
Fish Lake Valley is a lithium enriched salar (also known as a Playa, dry lake, or Salt Pan), which is located in west central Nevada in northern Esmeralda county. The Company holdings here encompass an area of approximately 6400 acres. Lithium-enriched Tertiary-era Fish Lake formation Rhyolitic tuffs or ash flow tuffs have accumulated in this valley or basinal environment, and over time interstitial formational waters in contact with these tuffs, have become enriched in lithium, and could possibly be amenable to extraction by evaporative methods, much as Chemetall Foote currently produces Lithium on their Clayton Valley Property which is only some 19 miles to the SE of Fish Lake. Evaporative brine mining is quite environmentally benign, and is achieved with a minimal carbon footprint. Aside from being almost identical in detail to Clayton Valley, the geological setting at Fish Lake Valley is highly analogous to the salars of Chile, Bolivia, & Peru. Access and infrastructure is excellent in Fish Lake Valley with all weather gravel roads leading to the property from State Highways 264, and 265, and maintained gravel roads ring the Playa. Power is available approximately 9 miles from the property, and the village of Dyer is approximately 12 miles to the south, while the town of Tonopah Nevada is approximately 47 miles to the East. The Company has conducted preliminary soil, and brine sampling on the property in September of this year, and anticipates additional sampling programs in October, followed by a geophysical survey, and eventual drilling in 2010.
Fish Creek Caldera
The Fish Creek Caldera prospect is located in west-central Lander County approximately 34 miles south of the county seat at the town of Battle Mountain in northern Nevada. The property is comprised of 117 conventional 20 acre Lode Mining Claims which cover an area of approximately 2340 acres. Unlike the Fish Lake Valley prospect it is a more traditional bulk mining target which covers an area of clay altered Caetano, and Fish Creek formation Tertiary volcanic tuffs. Both formations originally contained relatively high concentrations of lithium, and locally, through a possible combination of weathering, and hydrothermal processes, these volcanic rocks have been altered to clays. It is thought that the alteration process may have contributed to further lithium enrichment of the clays. Access is good to the property with an all weather road leading up from Buffalo Valley to the west of the property, and a county maintained road leading up from Highway 305, some 9 miles to the east of the property. A low voltage powerline does terminate at the west edge of the claim block, and higher tension power lines can be found in the general area. Lithco will begin preliminary exploratory work on the property this fall to outline areas of lithium enrichment in an effort to define drill targets, for more precise evaluation of the economic potential of the property in 2010.