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Pure Energy Minerals Options 1,520-acre Property in Clayton Valley from Cypress Development Corporation
Vancouver, British Columbia--(Newsfile Corp. - August 24, 2016) - Pure Energy Minerals Limit...
About this update from Pure Energy Minerals Ltd.
[{"type":"text","content":"Pure Energy Minerals Options 1,520-acre Property in Clayton Valley from Cypress Development CorporationVancouver, British Columbia--(Newsfile Corp. - August 24, 2016) - Pure Energy Minerals Limited (TSXV: PE) (FRANKFURT: A111EG) (OTCQB: PEMIF) (the \"Company\" or \"Pure Energy\") is pleased to announce that it has executed a definitive option agreement governing Cypress Development Corporation's (\"Cypress\") Clayton Valley Project (\"Cypress Property\" or \"the Property\"), subject to TSX Venture Exchange (the \"Exchange\") acceptance. The new option agreement grants Pure Energy the right to acquire up to 70% undivided interest in the 1,520-acre package of Federal mineral claims. The Cypress Property adjoins Pure Energy's Clayton Valley South (CVS) Lithium Brine Project on the eastern side of the valley (See Figure 1).The Cypress geological team has conducted considerable exploration on the Property during 2016, reporting lithium values as high as 2,600 ppm in rock samples (See Cypress news release dated May 10, 2016). The Cypress claims encompass a large area of these lithium-enriched rocks. The optioned claims also include a strip of prospective Clayton Valley basin, along a major structural zone immediately east of Pure Energy's northern resource area. Cypress has already received an approved Notice of Intent from the Bureau of Land Management (BLM) that will facilitate exploration drilling on the Property.In order to fully exercise the two stage option, Pure Energy is to make the following cash and share payments and associated exploration investments in the Property: Cash and share payments of US $75,000 and 350,000 shares within five business days of the date of Exchange acceptance for the agreement;Exploration expenditures of at least US $300,000 before the first anniversary;Cash and share payments of US $100,000 and 750,000 shares on or before the first anniversary;Additional exploration expenditures of US $500,000 before the second anniversary;Partial vesting of 51% undivided interest is reached upon satisfaction of the above;An additional 1 million shares and US $1 million of exploration expenditures before the fourth anniversary to complete vesting at 70%.Patrick Highsmith, Pure Energy Minerals CEO commented, \"We are excited to expand our presence in Clayton Valley through this option agreement with Cypress Developm...