IM Lithium News in Brief 16 – 22 September

By Laura Syrett
Published: Tuesday, 22 September 2015

Nevada Sunrise snaps up brine project in Nevada; Pure Energy gears up for further drilling; REM full-year loss widens.

TSX-V-listed Nevada Sunrise Gold Corp. has entered a definitive agreement for an option to purchase the Neptune lithium property in the Clayton Valley, Esmeralda County, Nevada, US.

For an option to purchase a 100% interest in Neptune, Nevada Sunrise has agreed to issue to the vendors up to 1m common shares of the company, with 200,000 common shares to be issued upon execution of the deal and TSX-V approval. A further 300,000 shares will be issued on the first anniversary of the agreement, followed by 500,000 shares after two years.

The Neptune property consists of a block of 39 unpatented association placer claims totalling approximately 1,263 ha (12.63km2). A 1.5 mile (2.25km) area of interest also applies to the property, which is subject to a 3% gross overriding royalty.

Nevada Sunrise believes Neptune has the potential to host lithium-bearing brines in subterranean aquifers, based on the results of historical exploration at the site.

Fellow TSX-V-listed Pure Energy Minerals Ltd, which recently signed a lithium offtake agreement with electric vehicle maker Tesla Motors Inc., has started permit applications for autumn  and winter exploration drilling programmes at the company’s Clayton Valley South lithium brine project, also located in Esmeralda County Nevada.  

Pure Energy has engaged GeoXplor Corp. to initiate the process for the filing of a notice of intent permit application for exploratory drilling to the Bureau of Land Management field office in Tonopah, Nevada.

Priority target areas have been defined for the drilling programmes, which will target expected depths of approximately 500 meters at the site.

Finally, UK AIM-listed Rare Earth Minerals Plc (REM) recorded a pre-tax loss of £1.2m ($1.86m*) for the year ending in June 2015, compared to a loss of £191,000 a year ago.

The company, which has strategic holdings in fellow AIM-listed lithium explorer Bacanora Minerals Ltd, as well Western Lithium USA Corp. and Australia-based Hastings Rare Metals Ltd, said that it hopes to secure more lithium offtake agreements for projects within its portfolio in the future.

"We are currently advancing additional potential offtake agreements with whom we have non-disclosure agreements with and we look forward to updating the market as we progress of these discussions," REM said in a statement.

*Conversion made September 2015



More like this