Alba Minerals Files NI 43-101 with Reported Inferred Mineral Resource of 96,476 Metric Tonnes Lithium Carbonate Equivalent in Nevada - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - November 27, 2017) - Alba Minerals (TSXV: AA) (FSE: 388) (OTC Pink: AXVEF) along with its joint venture partner Noram Ventures recently filed a NI 43-101 Technical Report on their Clayton Valley lithium properties in Nevada. The report, which is available on Alba's website, includes a detailed review of the exploration work completed to date, an inferred resource estimate, and recommendations for the next phases of work.
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The Clayton Valley properties, of which Alba has earned a 25% interest, cover approximately 13,000 acres, are located within 1 mile of Albemarle Corporation's lithium brine operations. Albemarle, the only lithium producer in the United States, has been producing lithium from deep wells from the basin beneath the Clayton Valley, continuously since 1967.
Just south of Albemarle's Silver Peak operation, and to the west of Noram's Spartan Group claims, lies Pure Energy with a NI 43-101 Inferred Resource of 218,000 metric tonnes of lithium carbonate equivalent, and to the north is Tesla's Gigafactory. Tesla, with a planned production rate of 500,000 cars per year in the latter half of this decade, is expected to alone use today's entire worldwide production of lithium ion batteries.
According to analysts at Citigroup, electric vehicles consumed 15,000 tons of Lithium in 2015. By 2025, the car industry will consume 136,000 tons, putting further upward pressure on the price of lithium.
Noram's drilling of 46 shallow core holes into the lithium-rich sediments, previously identified through surface sampling has provided a basis for the definition of an inferred lithium resource. The lithium assays from the drilling provided results that were quite consistent over a reasonably large area of closely-spaced drill holes. The deposit remains open in all directions and at depth, with the drilling testing less than 1% of the extensive area.
The report identified an Inferred Mineral Resource of approximately 17 million metric tonnes at a grade of about 1,060 parts per million lithium, which equates to 96,476 metric tonnes of lithium carbonate equivalent. The report recommends a second phase of shallow core drilling, at an estimated cost of US$90,000, and a concurrent pilot-scale test by Membrane Development Specialists to further demonstrate the extractability of lithium from the clays, with a budget estimated at US$480,000.
The company's second lithium project, Quiron II, consists of 2,421 hectares of prospective exploration property, approximately 12 kilometres from Liberty One Lithium Corp., and 19 kilometres from Pure Energy Minerals.
The shares are trading at $0.095 and with 31.6 million shares outstanding, the company is capitalized at $3.0 million.
For more information please visit the company's website www.albamineralsltd.com, or contact Jason Powell, Investor Relations, at 604-779-6497 or email jasonalbaminerals@gmail.com.
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