Business
Northern Iron Corp Closes Acquisition of Lithium Brines Projects in Nevada and Arizona
(via Thenewswire.ca) VANCOUVER, BRITISH COLUMBIA, CANADA / TheNewswire / August 12, 20...
About this update from Ares Strategic Mining Inc
[{"type":"text","content":"Northern Iron Corp Closes Acquisition of Lithium Brines Projects in Nevada and Arizona(via Thenewswire.ca)\n\n \nVANCOUVER, BRITISH COLUMBIA, CANADA / TheNewswire / August 12, 2016. - Northern Iron Corp. (\"Northern Iron\" or the \"Company\") (TSX-V: NFE) (FRANKFURT: N8I) today announced the closing of the previously announced acquisition of three lithium projects in Nevada and Arizona for an aggregate purchase price of approximately 40 million NFE common shares and $390,000 in cash (see press release dated July 28, 2016), subject to any post-closing adjustments. The Company issued 2,650,000 common shares as finder's fees in connection with the transaction. The property shares and finder's fee shares are subject to a four month hold period expiring December 11, 2016.\n\n\n \nTwo of the projects that the Company has acquired are brines and the other lithium project is hosted in volcanic clays. Approximately two-thirds of global lithium production are derived from brines, salts and clays. While brines are considerably lower grade in lithium than spodumene, the saleable products (lithium carbonate, lithium chloride and other lithium compounds) are generally of higher grade and purity and are subsequently used in battery manufacturing, pharmaceuticals and polymers. \n\n\n \nThe lime soda or solar evaporation process simplistically involves the pumping of lithium-bearing brines out of a reservoir and into a series of shallow ponds where the brine is left to evaporate. \n\n\n \nNEVADA\n\n\n \nNorthern Iron Corp. has acquired 140 mineral claims comprising 2,800 acres in Clark County, Nevada. The contiguous 'Jackpot Lake' claim group is located 39 miles NE of Las Vegas. \n\n\n \nHighlights/Geology - Jackpot Lake\n\n\n \nThe USGS conducted a survey in 1976 taking 129 core samples, all of which encountered lithium with values up to 550 ppm and an average of 175 ppm. \n\n\n \nThe geological and structural setting as well as the weathering history and brine at Jackpot Lake is highly analogous to the Clayton Valley, where Albemarle Corporation (NYSE: ALB) has its Silver Peak lithium-brine operation.\n\n\n \nAlbermarle has been in continuous production of lithium carbonate and lithium hydroxide products from Clayton Valley brines since 1967.\n\n \n \nThe Jackpot Lake property is ideally situated to take advantage of, amongst other things, the...