PURE ENERGY MINERALS COMPLETES PHASE 3 DRILL PROGRAM AT CLAYTON VALLEY SOUTH PROJECT, NEVADA CV-8 EXCEEDS TARGET DEPTH TO OVER 3,000 FEET
VANCOUVER, BC – (07 Feb., 2017) – Pure Energy Minerals Limited (TSX VENTURE: PE) (FRANKFURT: A111EG) (OTCQB: PEMIF) (the “Company” or “Pure Energy”) is pleased to announce that exploration borehole CV-8 has been successfully drilled to a total depth of 3,194 ft (974 m) below ground level at its Clayton Valley South (“CVS”) Lithium Brine Project, near Silver Peak, Nevada (the “Project”). Boart Longyear completed the initial borehole using a variety of techniques, but employed HQ diamond core drilling from approximately 528 ft (161 m) to final depth at 3,194 ft (974 m). Core recovery was generally excellent (averaging more than 90%) down to a depth of approximately 2,630 ft (802 m), where core recovery decreased when the lithology changed to a much coarser grained unit. The drillers are currently reaming the borehole to a larger diameter of 9.75 in (25 cm) to allow for installation of temporary well casing.
Hydrogeologists collected multiple representative sections of core from potential aquifers for testing of physical and hydrogeological properties at accredited laboratories. The team has also conducted preliminary downhole well logging to assess various formational properties before proceeding with well construction. Initial observations of formational conductivity, lithology, and porosity, are encouraging and consistent with other productive lithium-brine exploration boreholes drilled on the Project.
Based on the favorable geology and preliminary indications of brine hosting potential, Pure Energy has elected to convert the borehole into a temporary lithium exploration well. After the temporary well casing is installed and well development is complete (using air-lifting to remove drilling fluids from the well), the Company expects to conduct additional detailed downhole geophysical logs to fully investigate fluid and geological properties. Detailed sampling of brine from the well will follow, along with pumping tests, since all necessary authorizations from the State are already in hand. These results are expected in mid to late February. The upcoming Preliminary Economic Assessment (PEA) will include a full discussion and interpretation of the data from CV-8.
Patrick Highsmith, Pure Energy Minerals CEO commented, “Our phase 3 drilling program at the CVS Project is finishing strong with what we believe will be the deepest well yet drilled in Clayton Valley. Not only have we improved our understanding of the basal geology of the basin, but we have also added an important data point on the western side of the resource. As we complete the upcoming geophysical logs and pumping tests, the team will deliver a lot of valuable new information from CV-7 and CV-8. We look forward to incorporating these new data into the resource update and PEA.”
Quality Assurance and Quality Control
Patrick Highsmith, Certified Professional Geologist (AIPG CPG # 11702), is a qualified person as defined by NI 43-101, and has supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Highsmith is not independent of the Company as he is an officer and director.
About Pure Energy Minerals Ltd.
Pure Energy is a lithium resource developer that is driven to become a low-cost supplier for the burgeoning lithium battery industry. The Company is currently focused on the development of the CVS Lithium Brine Project and the adjoining Glory Lithium Clay Project in Clayton Valley, Nevada. Pure Energy also recently announced the acquisition the of a purchase option on 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 the country. Execution of the definitive agreement concerning the Terra Cotta purchase option is expected during Q1 of 2017.
Pure Energy has developed core strengths in innovative development and processing technologies for lithium brines and lithium mineral deposits. The Company’s key attributes and activities include:
- Generating positive results on a large land position with excellent infrastructure in a first-class mining jurisdiction: approx. 11,000 acres in four main claim groups in Clayton Valley, Esmeralda County, Nevada;
- The only lithium brine resource in North America except for its neighbor, which is the only producing lithium operation in the United States (Albemarle’s Silver Peak lithium brine mine);
- An inferred mineral resource containing approximately 816,000 metric tonnes of Lithium Carbonate Equivalent (LCE) at an average grade of approximately 102 mg/L lithium, reported in accordance with NI 43-101 (see July 2015 Inferred Resource Report);
- An advanced program of testing the efficacy and economics of modern environmentally-responsible processing technologies to convert the CVS brines into high purity lithium products for new energy storage uses;
- A new early stage exploration program on the 13,000 hectare Terra Cotta Project (TCP), located on Pocitos Salar in Salta Province; and
- An active business development program, applying its expertise to the evaluation of new lithium targets around the world.
On behalf of the Board of Directors,
Chief Executive Officer
Pure Energy Minerals Limited (www.pureenergyminerals.com)
Telephone – 604 608 6611, ext 5
Forward Looking Statements: 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 mineral processing, adaptation of test work to larger scale and/or future operational scales, estimates of reduced future capital and operating expenses, delivery of a preliminary economic assessment, 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.
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