U.S. Lithium Corp - Cobalt Project Update
HENDERSON, Jan. 17, 2018 - U.S. Lithium Corp.: (OTC PINK:LITH) Gregory Rotelli, President of U.S. Lithium Corp. states: "I'm happy to release results of the 2017 study of our Gochager Lake Nickel-Cobalt property."A compilation and re-analyses in 2017 of all available geological, geochemical and geophysical data for the Gochager Lake Ni-Cu-Co Project area and surroundings, demonstrates that the area has excellent potential to host more Gochager Lake Ni-Cu-Co mineralization.
The area surrounding the Gochager Lake Ni-Cu-Co deposit is enclosed by one of the largest lake sediment Ni, Cu, Co anomalies in the La Ronge Belt, even though the sampling program did not include a lake sediment sample from Gochager Lake.
Between 1966 and 1971 a historic drill indicated reserve amounting to 4,262,400 tons grading 0.295%Ni and 0.081%Cu was calculated for the Gochager Lake deposit. A subsequent historic drill indicated reserve; the A-Zone reserve was reported to consist of 1,770,000 tons grading 0.735 Ni/Cu-equivalent. Significant Cobalt mineralization was recognized occurring with the nickel-copper mineralization but cobalt was not factored into the historic mineral reserve calculations.
A schematic longitudinal and schematic cross section included in the 43-101 report illustrate a consistent distribution of nickel-copper, and it can be assumed by association, cobalt mineralization along the strike of the Gochager Lake deposit.
Cobalt is at a 9-year high and U.S. Lithium intends to evaluate the Gochager Lake deposit with respect to its cobalt and nickel potential and bring this evaluation into the economics of the deposit once evaluated.
Gochager Lake massive Ni-Cu-Co sulphide mineralization and the proximal (10 km ESE) MAL Lake mineralization have remarkably high nickel/copper and palladium/iridium ratios characteristic of world-class komatiite-hosted nickel deposits (Thompson Nickel Belt, Manitoba; Kambalda mining camp, Western Australia), and are unlike any other nickel deposits in the La Ronge Belt in this respect.
The komatiitic composition of Gochager-type mineralization is not compatible with the host gabbro rock and silicate mineral compositions, which implies the Ni-Cu-Co sulphide mineralization was introduced into the host gabbro by a much more primitive larger komatiitic system at depth or proximal to the Gochager Lake deposit. This and the nature of the comparable MAL mineralization suggest a “Tip of the Iceberg” scenario for the known Gochager-style mineralization in the area.
Current analyses of the available geophysical data (airborne and ground surveys) for the Gochager Lake area reveal for the first time a striking “EYE” shaped conductivity and lesser so magnetic pattern engulfing the deposit. This phenomenon is similar to the “EYE” like geophysical patterns associated with the recent discovery of the Nova-Bollinger nickel mining camp in the Fraser Range, Australia where the “EYE” feature identifies new high priority targets in which conductive Ni-Cu bodies lie within the “EYE” feature.
U.S. Lithium is planning a 2018 spring work program and to re-interpret the Gochager Lake dataset for new drill targets. Once further detailed analyses and 3D modeling are complete, U.S. Lithium will proceed with a drill program to further upgrade the past reserves and include cobalt assays and reserves in its new model moving forward towards future production at the Gochager Lake site.
The Gochager Lake property is favorably located only 21 km west of the hamlet of Missinipe off provincial highway 102. A historic winter drill road (currently not navigable) joins the old drill camp at the north end of Gochager Lake to provincial highway 102 just north of the Otter Lake bridge. Major infrastructure can be found in the town of La Ronge, Saskatchewan, 75 km from the Gochager Lake deposit.
Favorable mining jurisdiction - the Fraser Institute Annual Survey of Mining Companies, 2016, rates 104 jurisdictions; Saskatchewan ranks as the top jurisdiction in the world. https://www.fraserinstitute.org/
About U.S. Lithium Corporation
U.S. Lithium Corp. is an exploration and development company focused in North America on lithium and related resources for the rapidly growing energy storage industry. The Company looks to capitalize on opportunities that can provide critical raw materials to the ever-expanding next generation battery market. Lithium demand is projected to triple by the year 2025 according to a recent report by Goldman Sachs and for many analysts is considered the new gasoline of the future. Cobalt and nickel are other key elements with strong demand growth profiles associated with the projected five to six-fold increase in battery demand over the next ten years. U.S. Lithium Corp. intends to be an integral part of this next booming industry. Our current focus is in the Basin and Range province of Nevada and the mining friendly jurisdiction of Saskatchewan, Canada. Elon, our first project, is located in Clayton Valley and is in close proximity to Albermarle's Silver Peak Project, the only producing lithium brine mine in North America. The Company's recently acquired Gochager Lake project, located in a very prospective area for Ni-Co-Cu deposits in Saskatchewan, has a comprehensive historical database with several previously defined anomalies.
Forward-looking Statements: Some of the statements contained in this press release are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including the risks and uncertainties related to the progress, timing, cost, and results of technology programs; competition from other companies; and the Company's ability to obtain additional funding required to conduct its activities. Please refer to the company's filings with the Securities and Exchange Commission for a comprehensive list of risk factors that could cause actual results, performance or achievements of the Company to differ materially from those expressed or implied in such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements.
Contact Information:
Gregory Rotelli
ir@uslithiumcorp.com