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Lithium Energy Products Announces the Closing of the Transaction to Acquire All the Mining Assets of the Vanadium Ridge Project
(via TheNewswire) Vancouver, British Columbia / TheNewswire / July 25 ...
About this update from Ares Strategic Mining Inc
[{"type":"text","content":"Lithium Energy Products Announces the Closing of the Transaction to Acquire All the Mining Assets of the Vanadium Ridge Project(via TheNewswire)\n \n \nVancouver, British Columbia / TheNewswire / July 25th, 2018 - LITHIUM ENERGY PRODUCTS INC. (\"Lithium Energy Products\" or \"LEP\" or the \"Company\") (TSX-V: LEP) (FRANKFURT: N8I) is pleased to announce the closing of the transaction with the vendors of the Vanadium Ridge project (\"Vanadium Ridge\" or the \"Property\"). Under the terms of the agreement, the Company acquires 20 mining claims, covering over 5,200 acres, situated 40 minutes by road from Kamloops, British Columbia, in exchange for the issuance of 2,500,000 common shares of the Company and $135,000 in cash payment.\n\n \n \nThe Property is a vanadium-rich magnetite deposit, discovered by a Provincial Government airborne magnetic survey, which found an intense magnetic anomaly near Barriere, British Columbia. Follow-up surface mapping and ground geophysics resulted in well-defined magnetic anomalies and a vanadium-rich magnetite deposit exposed right at surface. Initial metallurgical testing of the magnetite/vanadium samples by ALS, Australia, produced concentrate averaging 67% iron (Fe203), 93% magnetite (Fe304), and 0.74% vanadium, indicating the potential to produce a concentrate for direct shipping material. These assays also indicate that the magnetite is coarse-grained, soft, and that silica is not bound in magnetite. Crushing produces a good liberation of silica, resulting in a high-grade magnetite concentrate, even in samples with disseminated magnetite.\n\n \n \nJames Walker, CEO of LEP said, \"I'm very pleased we were able to complete this acquisition successfully. As announced in a previous press release, we will be involved in a minority partnership going forward with the Argentum Silver Corporation, who are majority owned by 'Sprott Mining Incorporated.' With Sprott's backing, Argentum is seeking to become a leading energy metals company to supply the increasing demand for battery metals. The Vanadium Ridge acquisition is the first project Argentum and Sprott have identified to help achieve their goal, and LEP has entered into the agreement as it believes Argentum and Sprott are best positioned to exploit the project's potential, for the benefit of both Argentum and LEP.\"\n\n \n \n\n\n--Raul Sanabria, P...