First Lithium Options Nevada Lithium Target
25 Février 2010 - 3:00PM
Marketwired
First Lithium Resources Inc. (the "Company") (TSX VENTURE:
MCI)(OTCBB: FLNTF)(FRANKFURT: MHN) is pleased to announce that it
has entered into an Option Agreement (the "Option") with Ashburton
Ventures Inc., (the "Optionor") to earn an 80% interest in the
Teels lithium prospect located at Teels Marsh, Mineral County,
Nevada, approximately 54 miles northwest of Clayton Valley. The
prospect comprises 120 placer claims (2,400 acres -- 3.7 square
miles) which cover approximately the western two-thirds of the
Teels Marsh, a closed, desert basin.
In the mid seventies, the U.S.G.S. performed extensive sampling
to evaluate the potential for economically viable lithium sources
in Nevada (Lithium in Sediments and Rocks in Nevada, 1976, U.S.G.S.
O.F.R 76-828). Though 58 basins were sampled in all, particular
attention was given to the Teels Marsh Basin, as evidenced by
greater than 25% of the total number of the study's samples being
collected there. Hydrofluoric acid dissolution of the crushed,
dried samples followed by atomic absorption tests yielded the top
"high samples" produced in the entire study. They are as
follows:
850 ppm (high sample) - 47 samples near springs marginal to
playa
580 ppm (high sample) - 50 samples from backhoe pits near
springs
560 ppm (high sample) - 30 samples from playa surface
Subsequent water sampling along the northwest margin of the
Teels Marsh playa (see news ABR.V, 2010-01-11) has confirmed
lithium anomalies detected in the above referenced U.S.G.S.
surveys. Three 2009 water samples containing 530 to greater than
1000 ppb Li were collected from surface springs near the edge of
the playa; the anomalously high lithium contents are interpreted to
reflect Li input into the playa from the hills to the northwest.
The hills are largely underlain by Tertiary volcanic rocks and
Cretaceous granodiorite, either of which could be source rocks for
lithium-bearing brines at depth in the playa.
The Teels prospect is a playa (dry lake) deposit containing
chlorides, sulphates, carbonates, bicarbonates and borates of
sodium and potassium. These occurences, and the existence of
historical data suggesting lithium water flows into the marsh are
the factors responsible for eliciting the Company's keen
interest.
Teels Marsh was first worked in the 1860s for salt. Then in
approximately 1872, borax was discovered and was produced steadily
until 1892, by U.S. Borax, which still holds the private ground to
the east. Operations ceased when other borax resources were found
in Death Valley.
The Clayton Valley (which has been producing lithium brines
since the 1960s and continues in production today) was also mined
in the 1800s for salt and borax, denoting obvious similarities to
Teels. As lithium-bearing brines tend to be the last product of
evaporation, it appears (and from the Clayton Valley work) that the
deeper portions of the playa, usually fault derived (as at Atacama,
Chile) have been allowed the proper time for evaporation of these
last stages of brines. A fault along the western margin of the
Teels playa, within the claims' boundary, appears to have
down-dropped (or tilted), potentially forming a deep basin.
In order to maintain the Option in good standing and to earn an
80% interest in the Property, the Company shall make cash payments,
issue common shares to the Optionor and incur Exploration
Expenditures by the following deadlines:
a. pay $40,000 and issue 250,000 common shares in the capital of
the Company ("common shares") within three business days of the
Company receiving Exchange approval of the transactions
contemplated by this Agreement;
b. pay $50,000 and issue 500,000 common shares by the first
anniversary of the date on which the Optionor gains legal and
beneficial title to the Property (the "Registration Date");
c. pay $85,000 and issue 500,000 common shares by the second
anniversary of the Registration Date; and
d. incur Exploration Expenditures of an aggregate of $450,000 on
the Property as follows:
i. $100,000 by the first anniversary of the Registration
Date;
ii. $150,000 by the second anniversary of the Registration Date;
and
iii. $200,000 by the third anniversary of the Registration
Date.
President Craig Naughty states: "We are very pleased that our
continued search for an additional lithium prospect to add to our
already strong portfolio has culminated in such an exciting
exploration opportunity. The Company intends to commence further
exploration on the property immediately following the transfer of
title."
ON BEHALF OF THE BOARD
Craig Naughty, President & CEO
For further information contact or Craig Naughty, or visit the
website at
www.firstlithiumresources.com.
This news release has been prepared on behalf of the First
Lithium Resources Inc. Board of Directors, which accepts full
responsibility for its contents. The technical contents of this
release have been reviewed and approved by David A. Hedderly-Smith,
Ph.D., P.G., a qualified person as defined by National Instrument
43-101.
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Contacts: First Lithium Resources Inc. Craig Naughty President
& CEO (604) 669-0401 or Toll Free: 1 (877) 669-0401 (604)
669-0414 (FAX) info@firstlithiumresources.com
www.firstlithiumresources.com
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