VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 28, 2016) – Advantage Lithium Corp. (the “Company” or “Advantage Lithium“) (TSX VENTURE:AAL) has, further to the news release of September 14th, now signed the definitive agreement to acquire 100% interest in the Stella Marys project, Salta Province, Argentina (the “Property”). Stella Marys in an advanced lithium brine project, comprising 1,472 ha, located in the western sector of the Salinas Grandes salar within Argentina’s “Lithium Triangle” of developing and producing projects, including the country’s two lithium producers. The property is adjacent to Orocobre’s Salar de Salinas Grandes lithium-potassium-boron brine project, which hosts a near-surface, low sulfate inferred resource estimate of 56.5 million cubic meters of brine grading 795 mg/l lithium (239,200 tonnes lithium carbonate equivalent (LCE)) and 9,547 mg/l potassium (1.03 million tonnes of potash equivalent) and 283 mg/l boron.
Orocobre’s shallow inferred mineral resource potentially extends onto the Stella Marys property, where a previous operator is reported to have completed a comprehensive exploration program of mapping and sampling, geochemistry, some drilling with pump tests, and preliminary engineering.
David Sidoo, President and CEO, of Advantage Lithium, commented: “The acquisition of the highly-strategic Stella Marys project is an important milestone for Advantage Lithium and establishes our presence in this important lithium district. We plan to aggressively develop our key projects and we have the funds to do so. Just as we have commenced drilling at our Clayton NE project in Nevada, just a few months after closing the agreement, so we expect to begin exploration work at our exciting Stella Marys property within a short period of time.“
- 1,472 ha lithium brine project immediately adjacent to a significant shallow depth, inferred resource, which has substantial grades and good chemistry
- Prior exploration work includes mapping, sampling, geochemistry, drilling with pump tests and preliminary engineering
- Salta province of Argentina is ranked by Fraser Institute (2015 survey) as one of the most favourable jurisdictions in Central and South America for exploration
- Near to excellent infrastructure corridor of road, rail, and power
Details of the Agreement
In order to acquire the Property, the Company must pay: (a) a non-refundable deposit of US$100,000 upon signing of the LOI (which has been paid); (b) a further US$250,000 and 300,000 common shares of the Company on the earlier of the date of TSXV acceptance and 90 days from date of the LOI; (c) a further US$250,000 and 300,000 common shares on the six month anniversary of TSXV acceptance; and (d) a further US$650,000 and 900,000 common shares on the first anniversary of TSXV acceptance.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol., Technical Director for Advantage Lithium Corp., and the Designated Qualified Person for the company.
Further information about the company can be found at www.advantagelithium.com.
About Advantage Lithium Corp.
Advantage Lithium Corp. is a resource company specializing in the strategic acquisition, exploration and development of lithium properties and is headquartered in Vancouver, British Columbia. Common Shares are listed on the TSX Venture Exchange under the symbol “AAL”. The company is earning an interest from Nevada Sunrise Gold Corp., in a portfolio of five lithium brine projects in the Clayton and Lida Valley regions of Nevada, USA, together with certificated water rights in the Clayton Valley. The company has also entered into an LOI agreement to earn interest from Radius Gold Inc. in four lithium brine projects in the states of Chihuahua and Coahuila, Northwest Mexico. In addition, the company has entered into an LOI to acquire 100% of the Stella Marys lithium brine project in Argentina’s Lithium Triangle.
ADVANTAGE LITHIUM CORP.
David Sidoo, President & CEO
Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Advantage Lithium which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company and Advantage Lithium disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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.