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Pure Energy Minerals Expands Clayton Valley Lithium Project
DENVER, Nov. 08, 2017 (GLOBE NEWSWIRE) -- Pure Energy Minerals Limited (TSX VENTURE:PE) (OTCQB:PEMIF) (the “Company” or “Pure Energy”) is pleased to announce th
About this update from Pure Energy Minerals Ltd.
[{"type":"text","content":"DENVER, Nov. 08, 2017 (GLOBE NEWSWIRE) -- Pure Energy Minerals Limited (TSX VENTURE:PE) (OTCQB:PEMIF) (the “Company” or “Pure Energy”) is pleased to announce that it has entered into an asset purchase agreement (the “Agreement”) with Advantage Lithium Corp. (“Advantage”) and Nevada Sunrise Gold Corporation (“Nevada Sunrise”, together, the “Vendors”) to acquire the Clayton NE claim blocks located in Esmeralda County, Nevada (the “Acquired Claims”). The Acquired Claims are contiguous with the northern portion of the Company’s Clayton Valley Project (“CV Project”) and to Albemarle Corporation’s (“Albemarle”) Silver Peak Operations, the only producing lithium brine mine in North America. Upon completion of the acquisition of the new claims, Pure Energy’s CV Project will cover approximately 26,050 acres (10,542 hectares). The acquisition is expected to close on or before November 30, 2017. Highlights of the Transaction Pure Energy to acquire 1,450 acres (587 hectares) of unpatented claims. Advantage drilled 6 boreholes on the Clayton NE project during 2016 and 2017 over a strike length of 5.6 kilometers (3.5 miles), ranging in depth from 348 to 610 meters (1,142 to 2,000 feet). Drilling encountered several brine aquifer systems having average lithium grades of over 204 mg/L lithium, including samples as high as 322 mg/L lithium. The Vendors to convey 100% interest in the Acquired Claims, subject to a 3% gross over-riding royalty in favour of a prior owner. Pure Energy to issue a total of 7 million common shares (the “Consideration Shares”), 4.9 million to Advantage and 2.1 million to Nevada Sunrise. Vendors agree to restrict trading of the Consideration Shares for 18 months from closing, followed by quarterly releases of 25% at a time. Vendors further agree to vote in favour of all matters proposed by Pure Energy management before the shareholders for a period of 24 months from closing. Patrick Highsmith, President and CEO of the Company, commented on the acquisition, “We are excited to add this high grade brine project onto Pure Energy’s exceptional land position surrounding North America’s only producing lithium mine. This land package is a natural fit with our current holdings. Based on Advantage’s excellent exploration results to date, the property holds great promise to add to our existing brine resource in the near-term. We als...