Advance Lithium Enters Discussions with Mexico's National Lithium Company LitioMx to Form a Joint Venture
Kamloops, March 1, 2023 - Advance Lithium Corp. (TSXV: AALI) ("Advance Lithium" or "the Company") is pleased to announce that it has entered into discussions with Mexico's national lithium company, LitioMx, to form a joint venture. The goals of Advance Lithium and LitioMx are aligned, in that both want Mexico to become a lithium mining country as quickly as possible.
Advance Lithium has a group of lithium and potassium salars/salt lakes in central Mexico. The lithium and potassium mineralization are in clay deposits that start right at the surface. The lithium and potassium are not bound up in other minerals.
Advance Lithium has the rights to use a patent pending lithium and potassium extraction method for its salars. The first step is to add water to the clay and then agitate it to release the lithium and potassium from the clay. Then using electrical separation, a concentrate would be produced of lithium, potassium and water. Followed by adding an organic compound to the concentrate to separate the lithium and potassium from the water.
Key benefits of this extraction method is low energy would be needed which could be provided using solar power. The lithium extraction methods for other lithium clay deposits need expensive roasters that have high energy costs as the lithium is bound up in other minerals. The water from the method could be recycled and used many times, which is a key difference between other lithium extraction methods from clay deposits which require significant amounts of water that can't be recycled. No need for acid digestion to liberate the lithium and potassium from other minerals. It truly is a green mining solution to produce lithium crucial for green energy.
A demonstration plant is currently being built in Zacatecas, Mexico by a team of metallurgists with extensive experience working for Mexican major mining companies building and operating production facilities. The goal is to show potential partners, shareholders and other interested parties the unique method to extract lithium and potassium from Advance Lithium's salars.
Allan Barry Laboucan, President and CEO of Advance Lithium Corp. commented: "I'm excited about entering discussions with LitioMx to form a joint venture. Two large vehicle manufacturing companies have recently announced plans to build battery manufacturing facilities in Mexico, one of which will be located in the state of San Luis Potosi in close proximity to our salars. It has always been a goal of Advance Lithium that if we become a lithium and potassium producer and that the lithium and potassium stays in Mexico to help with domestic battery manufacturing and to benefit Mexican farmers. Of course, I have to add that we have not as of yet come to terms on a joint venture, and until that is done we haven't made an agreement. Based on our discussions with LitioMx, I believe there is a path to making a joint venture happen in the near term. Battery manufacturing is ramping up in Mexico, a domestic source of lithium to supply the coming demand will be crucial, we believe we have the potential to be part of these efforts and working with LitioMx would be the quickest way to make that a reality."
Dr. Julio Pinto Linares is a qualified person, doctor in geological sciences with an academic specialty in economic geology and a qualified professional, No. 01365 by MMSA. He is the qualified person as defined by National Instrument 43-101 for Advance Gold and is responsible for the accuracy of technical information contained in this news release.
About Advance Lithium Corp.
Advance Lithium is a junior exploration company focused on acquiring and exploring mineral properties containing precious metals, agricultural minerals and battery metals. The company acquired a 100-per-cent interest in the Tabasquena silver mine in Zacatecas, Mexico, in 2017, and the Venaditas project, also in Zacatecas state, in April, 2018.
In March, 2021 Advance Gold acquired 13 salars in central Mexico containing potassium, boron and lithium, enabling it to move into agricultural minerals and the exciting lithium space.
In June, 2022 Advance Lithium sold its 3% Royalty interest in strategic claims in the Liranda Corridor in Kenya, East Africa, where Shanta Gold Ltd. is upgrading their resource. The sale of the Kenya royalty to Orogen Royalties was for US$120,000 and the Sarape epithermal gold project in Mexico.
For further information, please contact:
Allan Barry Laboucan,
President and CEO
Phone: 492-238-5282 (Direct-Mexico Cell)
Email: allan@advancelithiumcorp.com
This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/156736