New World Resource Drills 30 Metres of 1,395 ppm Lithium at Pastos Grandes Lithium Brine Project, Bolivia
24.08.2011 | Marketwire
VANCOUVER, Aug. 24, 2011 - New World Resource Corp. (TSX VENTURE: NW) (FRANKFURT: NWU) ("New World" or the "Company") announces mid-program results from drill holes on its' 99% owned Pastos Grandes lithium brine project in southwestern Bolivia.Highlights
- High lithium content continues in additional drill holes.
- Attractively low Mg/Li ratios.
- Camp expansion and onsite laboratory construction completed.
Drill sites 1, 4, 12, and 18 have returned excellent lithium grades and attractively low magnesium to lithium ratios and sulphate to lithium ratios. Drill sites 2 and 3 as represented by 2A and 3A, 3B are interpreted to intersect a higher energy aquifer hosted by gravels and sands and are not conducive to the concentration of lithium or potassium.
Aquifer From (m) To (m) Thickness (m) Li (ppm) K (ppm) Mg:Li
Ratio SO4:Li
Ratio
1A* 6 15 9 1,118 6,357 2.1 1.3
1B * 30 46 16 877 4,567 2.4 2.3
2A 7.5 37.5 30 182 1,424 3.3 3.4
3A 6 36 30 140 816 2.7 3.2
3B 36 82.5 46.5 71 328 2.8 4.7
4A 6 12 6 939 5,625 2.6 3.8
4 12 42 30 1395 7425 2.5 1.9
4C 31 48.5 17.5 1016 6014 2.5 2.1
12A 13.5 20 6.5 1,141 7,516 2.8 2.5
12 20 50 30 1,368 6,733 2.0 1.6
18 24 53 29 1,243 7,691 2.7 1.9
*Previously released – January 18, 2011
As a quick estimate for assessing the feasibility of extraction, higher K/Mg and SO4/Mg ratios enhance the potash recovery from the preferred production method utilizing solar evaporation ponds. Moreover, lower Mg/Li and SO4/Li ratios facilitate lithium recovery.
Each site consists of an initial pilot hole to identify the depth and thicknesses of the aquifers present, followed by the drilling of a cluster of holes within a radius of approximately 15 metres from the pilot hole. Each hole within the grouping will independently test one of the aquifers as identified by the pilot hole.
The aquifers with substantial lithium and potassium values are dominated by fine grained sand and silty sand, with localized layers of ulexite. The maximum depth encountered in the salar to date is 83 metres.
Subsequent to the aquifer identification drilling program, several sites will be selected for hydrologic assessment. This process will involve completing a series of monitoring wells around each pump well. Controlled pumping will be carried out within the centrally located pump hole, and the monitoring wells will determine the drawdown rates for each aquifer. This data is a portion of an ongoing comprehensive hydrological assessment of the Pastos Grandes aquifer system and will be essential as the Company develops its resource estimate. The hydrological assessment implementation and guidelines are under the direction of Dr. Richard Martin. Dr. Martin joined the Company as a consultant in February 2011 and holds a PhD in Hydrogeology. He is highly regarded as an expert in the field of solution mining and exploration.
The Company has completed the expansion and construction of the onsite laboratory, offices and accommodations. This drill program is now over a 50% complete and will resume in the near future once environmental conditions improve.
Quality Control and Assurance
A sampling procedure was designed and implemented by management and the Company's consultants to ensure sample quality control and assurance. The intra-lab standards, blanks and replicates were augmented by unmarked blanks, replicates and by aliquots of two standards acquired by New World. Unmarked checks (standards, blanks and duplicates) were inserted into the numbered sample sequence, and represents approximately 5% of the total samples. Under the supervision of the project geologist, samples were sealed and stored, pending secured transport for analysis. The samples were forwarded to Spectolab in Ouruo, Bolivia. Spectrolab is recognized for its quality control system and is an ISO-17025 accredited laboratory.
Joan McCorquodale, P. Geo is the Company's Vice President, Exploration and "qualified person" as required under National Instrument 43-101 and has reviewed the technical information contained in this press release.
Separately, the Company has granted incentive stock options to an employee of the Company, to purchase 50,000 common shares of the Company. These options are exercisable for a period of five years at a price of $0.34 per common share. The options were granted under and are subject to the terms and conditions of the Plan.
About New World
New World Resource Corp. is a Canadian based mining exploration company focused on building a strong, diversified project portfolio within the Americas. The Company's projects include the Lipeña copper gold project and the Pastos Grandes lithium brine project in Bolivia.
NEW WORLD RESOURCE CORP.
John Lando
President
This news release includes "forward-looking information", as such term is defined in applicable securities laws. The forward-looking information includes, without limitation, statements regarding the extent and timing of its exploration programs, exploration program budgets and exploration results. This forward-looking information is given as of the date of this news release. Users of forward-looking information are cautioned that actual results may vary from the forward-looking information contained herein. While the Company has based this forward-looking information on its expectations about future events as at the date that such information was prepared, the information is not a guarantee of the Company's future performance and is subject to risks, uncertainties, assumptions and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking information. Such factors and assumptions include, amongst others, the effects of general economic conditions, the price of lithium, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgments in the course of preparing forward-looking information. In addition, there are also known and unknown risk factors which could cause the Company's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Known risk factors include, among others, risks relating to exploration and development; the ability of the Company to obtain additional financing; the Company's limited operating history; the need to comply with environmental and governmental regulations; political and economic instability and general civil unrest in Bolivia; potential defects in title to the properties; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; and other risks and uncertainties. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company is under no obligation to update or alter any forward-looking information except as required under applicable securities laws.
Neither the 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 news release.
Contact Information
New World Resource Corp.
John Lando
(604) 669-2701 or Toll Free: 1 800 663 0510
New World Resource Corp.
Ian Mitchell
(604) 669-2701 or Toll Free: 1 800 663 0510
(604) 687-4670 (FAX)
info@newworldresource.com
www.newworldresource.com