Lithium Corporation Reports on Significant Results at Its Fish Lake Project, and Progress at the Salt Wells and Cortez Valley Projects
Lithium Corporation (OTCBB: LTUM) (the 'Company', or 'Lithco?) is
pleased to announce it has received very positive results from the
second phase of sampling from the spring work program at Fish Lake
Valley. Additionally the company would like to provide an update on
progress at both the Salt Wells and Cortez prospects.
Subsequent to Lithium Corporation′s April 28th announcement,
follow-up near surface brine sampling on the Company′s Fish Lake Valley
prospect has better defined an anomalous area that is 1.3 miles wide by
2 miles long, where Lithium values are in excess of 50 mg/L, and Boron
and Potassium levels are also elevated. Within this anomalous area lies
a zone that measures 1 x 1.2 miles, where the lithium contents of the
brine samples are all in excess of 80 mg/L, Boron values are greater
than 1135 mg/L, and Potassium levels are 4000 mg/L (0.4%), and above. In
turn this anomalous area encapsulates a more enriched zone which
measures approximately 0.87 miles by 1.05 miles. Within this zone Li in
brine values range from 100 to 150 mg/L, with Boron ranging from 1500 to
2670 mg/L, and Potassium from 5400 to 8400 mg/L. The average content of
the brine samples taken within this highly anomalous zone is; Lithium
122.5 mg/L, Boron 2219 mg/L, and Potassium 7030 mg/L.
Magnesium content in the brine is extremely low within the Fish Lake
anomaly with the highest sample value being only 1.5 mg/L. This is
especially good news as elevated Magnesium content in brines increases
processing costs considerably, so at the Company′s Fish Lake Project it
is conceivable that low-magnesium lithium brines with moderate Boron and
Potassium contents may be economically viable. The Company is planning
to drill this prospect in September when ground conditions allow better
access.
Elsewhere in Nevada, Lithium Corporation expects to begin drilling at
its Cortez prospect in Lander County during the first week of July.
After a year and a half of fieldwork and detailed studies of the basin,
the Company looks forward to additional fieldwork at the prospect. At
Salt Wells Lithco suspended drilling operations after four holes were
completed due to poor surface access conditions in the Eight Mile Basin.
The deepest hole drilled on the northern fringes of the anomaly outlined
during the course of an earlier brine sampling program (described in the
press release dated May 09, 2011) was 210 feet, and results are pending.
The Company intends to return to this area in early August to finish the
drill program.
For further information please contact Lithium Corporation at (888)
299-3989 or via email at info@lithiumcorporation.com
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada devoted to
the exploration for new lithium resources within the state of Nevada.
The Company explores and develops potentially economic lithium-enriched
brine fields, with an eye to becoming a long-term producer of this
increasingly strategic and economically important commodity.
Notice Regarding Forward-Looking Statements
This current report contains 'forward-looking statements,' as that term
is defined in Section 27A of the United States Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. Statements in
this press release which are not purely historical are forward-looking
statements and include any statements regarding beliefs, plans,
expectations or intentions regarding the future, including but not
limited to, that the Company′s Fish Lake Project may be economically
viable., that the Company may drill this prospect in September, that the
Company, intends to return to the Salt Wells project in early August to
finish the drill program, and in general any mineralization, exploration
and development of our mineral properties, specifically in regards to
any future drilling programs.
Actual results could differ from those projected in any forward-looking
statements due to numerous factors. Such factors include, among others,
the inherent uncertainties associated with mineral exploration and
difficulties associated with obtaining financing on acceptable terms. We
are not in control of minerals prices and these could vary to make
development uneconomic. These forward-looking statements are made as of
the date of this news release, and we assume no obligation to update the
forward-looking statements, or to update the reasons why actual results
could differ from those projected in the forward-looking statements.
Although we believe that the beliefs, plans, expectations and intentions
contained in this press release are reasonable, there can be no
assurance that such beliefs, plans, expectations or intentions will
prove to be accurate. Investors should consult all of the information
set forth herein and should also refer to the risk factors disclosure
outlined in our most recent annual report for our last fiscal year, our
quarterly reports, and other periodic reports filed from time-to-time
with the Securities and Exchange Commission.
Lithium Corporation
Samantha White, (888) 299-3989
info@lithiumcorporation.com