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Wildcat Acquires Option on Lithium Exploration Project at Dixie Valley, Nevada
(via Thenewswire.ca) July 15, 2016 / TheNewswire / Vancouver, British Columbia:...
About this update from Fuse Battery Metals Inc
[{"type":"text","content":"Wildcat Acquires Option on Lithium Exploration Project at Dixie Valley, Nevada(via Thenewswire.ca)\n \n \nJuly 15, 2016 / TheNewswire / Vancouver, British Columbia: Wildcat Exploration Ltd, \"the Company\", (TSX-V: WEL) is pleased to announce that it has entered into an Option Agreement with Nevada Energy Metals Inc. to acquire a 100% interest, subject to a 3% Net Smelter Royalty, in 348 mineral claims located in Dixie Valley, Churchill County, Nevada. The Option Agreement is \"non-arms' length\" and so constitutes a related party transaction, as one of the Company's Directors, Rick Wilson, is also the President and Chief Executive Officer of Nevada Energy Metals Inc., and is subject to TSX Venture Exchange (the \"Exchange\") approval. \n\n \n \nThe DVA 1 to 348 placer claims, having an area of approximately 2,817 hectares/6,960 acres, covers a significant portion of the Humboldt Salt Marsh playa. Of the seven characteristics favorable for the formation of a Lithium brine deposit, as outlined in the USGS deposit model, all seven are found in Dixie Valley. The Lithium deposit model for Dixie Valley is a Clayton Valley style brine deposit. \n\n\n \nPursuant to the terms of the Option Agreement, the Company has 36 months within which to exercise the option as follows: \n\n\n \n\n\n-USD $20,000 non-refundable deposit on signing;\n\n\n\n-USD$ 180,000 payable and 2,000,000 common shares issuable upon Exchange approval;\n\n\n\n-2,000,000 common shares issuable on the first anniversary date;\n\n\n\n-2,000,000 common shares issuable on the second anniversary date; \n\n\n\n-USD$ 1,250,000 in eligible exploration expenditures on or before the third anniversary date of the Option Agreement. \n\n\n\n\n \nDixie Valley Overview\n\n\n \nDixie Valley is located in west central Nevada, about 160 km east northeast of Reno. The entire basin is about 98 km long and up to 16 km wide. Humboldt Salt Marsh occupies the central part of the playa and is about 10 km north-south and 6 km east-west. \n\n \n \nDixie Valley is home to a large and long-lived geothermal system that is still active. The Caithness Dixie Valley geothermal power plant is producing about 64 megawatts of electricity making it the largest geothermal power plant in Nevada. The active geothermal system extends about 30 km roughly north - south along the entire west side of the valley. Th...