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Nevada Energy Metals Options-out Second Lithium Project in Nevada
July 15, 2016 / TheNewswire / Vancouver, British Columbia- Nevada Energy Metals Inc. "the Company" (TSX-V: BFF; OTCQB: SSMLF) (Frankfurt: A2AFBV) is pleased to
About this update from Grid Battery Metals Inc
[{"type":"text","content":"July 15, 2016 / TheNewswire / Vancouver, British Columbia- Nevada Energy Metals Inc. \"the Company\" (TSX-V: BFF; OTCQB: SSMLF) (Frankfurt: A2AFBV) is pleased to announce that it has agreed to an Option Agreement where Wildcat Exploration Ltd. can 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 the Company's President and CEO, Rick Wilson, is also a director of Wildcat Exploration Ltd., and is subject to TSX Venture Exchange (the \"Exchange\") approval. The 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. Pursuant to the terms of the option agreement, Wildcat Exploration Ltd has 36 months within which to exercise the option as follows: USD $20,000 non-refundable deposit on signing; USD$ 180,000 payable and 2,000,000 common shares issuable upon Exchange approval; 2,000,000 common shares issuable on the first anniversary date; 2,000,000 common shares issuable on the second anniversary date USD$ 1,250,000 in eligible on or before the third anniversary date of the Option Agreement. In certain instances and subject to Exchange approval, the Company may pay finder's fees to eligible persons (\"Finders\") in regards to the Option Agreement with Wildcat Exploration Ltd., consisting of cash and or common shares. Dixie Valley Overview Dixie 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. Dixie 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 ...