Aldever Acquires Miller’s Playa Lithium Project in Big Smoky Valley, Nevada
ALDEVER RESOURCES INC. 2200 HSBC Building – 885 West Georgia St, Vancouver, BC, V6C 3E8 www.aldever.com
ALDEVER ACQUIRES MILLER’S PLAYA LITHIUM PROJECT IN BIG SMOKY VALLEY, NEVADA
February 11, 2016
Aldever Resources Inc. (ALD—TSXV) (ALDVF—OTCQB) (17G1—Frankfurt) is pleased to announce that it has entered into an agreement an arms’ length vendor to acquire a 100% interest in the Miller’s Playa Lithium Project, comprised of 1,920 acres (777Ha) of contiguous placer claims, located in the Big Smoky Valley, Esmeralda County, Nevada. The Big Smoky Valley is located immediately north of the Clayton Valley, home to Albemarle’s Silver Peak Lithium Mine (in continuous operation since 1967), and is where Pure Energy recently identified a NI43-101 compliant inferred resource of 816,000 metric tonnes of lithium carbonate equivalent (LCE)* at a cut-off of 20mg/L in brine. (*Technical Report (2015) Spanjers, MS. PG.)
The Miller’s Playa Project is located east of ground held by Ultra Lithium, and is ~40km north of the Silver Peak mine. The principal target at the Miller’s Playa Project is a large northeast trending gravity low anomaly which is suggestive of an in-filled basin. The project directly adjoins Unity Energy Corp’s Miller’s Crossing Project to the south. The Big Smoky Valley was investigated with regional reverse circulation (“RC”) drilling in 1979 by the United States Geological Survey (USGS) and anomalous lithium values were encountered in the basin sediments. The quality and concentrations of lithium brines discovered in the Clayton Valley may be present in the Big Smoky Valley.
Tesla Motors, which in September of 2015 signed an off-take agreement with Pure Energy, is driving the current lithium exploration boom in Nevada. Tesla is building a lithium-ion battery factory, called the Gigafactory, just outside of Sparks, Nevada, which is scheduled to be operational in 2016/17. The Miller’s Playa Project is located some 225 km SE of the Gigafactory site.
Under the terms of the agreement, the Company can earn a 100% interest in the claims by issuing to the vendor 2,700,000 common shares within 5 days of TSX Venture Exchange approval. The Company is also obligated to make cash payments of $50,000 within 18 months and $150,000 within 36 months of TSX Venture Exchange Approval. A 1% Gross Overriding Royalty (“GORR”) has also been granted to the vendor, of which ½% can be purchased by the Company for $1,000,000. This transaction is subject to TSX Venture Exchange approval.
About Lithium in Nevada
Lithium is a scarce and technologically important element produced primarily from brines and pegmatites. Although it is a non-renewable resource, it is used in conjunction with renewable energy technologies and hybrid automobiles, primarily in the form of Li-ion batteries, currently the most widely applied battery technology in many electronic devices. The consumption of lithium carbonate is on the rise and so far global production has kept pace with demand.
Located in the Range Province in southern Nevada, the Big Smoky Valley, which is approximately 3km wide and 14km long, is an internally drained, fault bounded and closed basin. Geological modeling suggests that lithium-rich brines have been transported and deposited in the both the Clayton and Big Smoky valleys since the Pleistocene era. The primary exploration model is to identify and map basins with ground gravity surveys and evaluate the chemistry of salts and sediments therein with RC or rotary-mud drilling. In the later stages of exploration, downhole geophysics and seismic reflection surveys are also utilized to define lithium bearing aquifers.
The technical contents of this news release have been prepared under the supervision of Dr. Peter Born, P. Geo. Dr. Born is a Qualified Person as defined in NI 43-101, and has approved this news release.
For further information, please contact:
Clive Massey, President Aldever Resources Inc., Phone: (604) 622-1199
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 release. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward‐looking statements”. Forward‐looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.