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USCM Initiates Permitting Process to Drill Clayton Ridge Lithium Property
Vancouver, British Columbia--(Newsfile Corp. - March 22, 2023) - US Critical Metals Corp. (TSXV: ...
About this update from Us Critical Metals Corp.
[{"type":"text","content":"USCM Initiates Permitting Process to Drill Clayton Ridge Lithium PropertyVancouver, British Columbia--(Newsfile Corp. - March 22, 2023) - US Critical Metals Corp. (TSXV: USCM) (OTCQB: USCMF) (FSE: 0IU0) (\"USCM\" or the \"Company\") is pleased to announce that the Company has initiated permitting with the Bureau of Land Management (\"BLM\") to diamond drill up to 2,000 meters at the Clayton Ridge Lithium Property (the \"Property\"). The Property is located in Esmeralda County, Nevada and spans a total of approximately 3,600 acres covering a hanging basin above the Clayton Valley (as outlined in the map below), which is the only lithium producing region within the United States (the \"US\"). USCM has the right to acquire a 100% interest in the Property.Figure 1To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8837/159394_c3c2c7a434084933_001full.jpgUSCM has engaged Westland Engineering & Environmental Services, Inc. to complete and file a Notice of Intent (\"NOI\") with the BLM in the coming days to permit the Phase 1 diamond drilling. The NOI provides up to five acres of disturbance area, which is more than sufficient for the current drill plan. Phase 1 will comprise of up to fourteen diamond drill holes to test the most compelling targets identified to date. The proposed program will test down to depths of up to 250 meters providing invaluable information related to the thickness and grades of the lithium-bearing units across the Property. The Company will be forthcoming with a press release describing the respective drill targets included in the upcoming campaign. To fulfill the earn-in requirements set forth in the option agreement for the Property, USCM is contractually required to make an additional cash payment of US$75,000, issue 500,000 common shares, and complete 1,500 meters of exploration drilling during the 2023 field season. The Company has previously issued 1,000,000 common shares to the vendor and satisfied US$150,000 in cash payments. The Company expects to complete these final requirements of the option agreement in 2023, upon which it will have acquired 100% ownership of the Property.Management Commentary Mr. Darren Collins, Chief Executive Officer and Director of USCM, comments: \"USCM spent much of 2022 completing surface sampling and detailed mapping of ...