Alset Energy Provides Update on Initial Sampling Programs at the Wisa Lake Lithium and Champion Graphite Projects
THUNDER BAY, ONTARIO--(Marketwired - May 25, 2016) - Alset Energy Corp. (TSX VENTURE:ION) ("Alset" or "the Company") is pleased to announce updates for the Wisa Lake lithium project and the Champion graphite project.
As part of the Company's due diligence, five grab samples were collected from the two historical zones at Wisa Lake. Two grab samples collected from the North Zone graded 1.4% and 0.95% Li20 which are comparable to the grade of the non-NI 43-101 compliant historical resource of 330,000 tonnes grading 1.15% Li2O (Lexindin Gold Mines Ltd., Manager's Report, 1958 - referred to in OGS, Open File Report 6285, Report of Activities 2012). Three additional grab samples were collected in the South Zone, located 900m south and parallel to the North Zone, which graded 1.75%, 1.47% and 1.45% Li2O. Both zones were drilled in the 1950's but very little work has been completed since. Alset has now collected and submitted for assay, an additional 56 grab samples from various pegmatites occurring on the property. Of particular interest is a newly discovered spodumene-bearing dyke located 100m south of the South Zone. Once received, these results will help guide the next phase of exploration.
The Company has also completed a small prospecting program on the recently acquired Champion Graphite project (see Company PR dated April 20, 2016). Using a geophysical instrument designed by Geonics Limited in 1963 known has the Ronka EM 15, the Company identified and confirmed multiple individual conductive zones associated with flake graphite in overburden covered areas. Seven small individual holes dug to bedrock at a depth of approximately 1m over a distance of approximately 1.3km across stratigraphy has identified flake graphite that graded from 1.7% to 8.98% Carbon. The Company is very encouraged with these initial grab samples and is planning further stripping work to commence as soon as possible. The Company cautions all the sampling results above are selected grab samples and may not be reflective of the average grade of any of these identified zones.
With both projects showing encouraging initial results, Alset has applied for Exploration Permits with the Ministry of Northern Development & Mines (MNDM) to allow for further exploration including trenching and diamond drilling where warranted. Under the Ontario Mining Act, the permits are generally issued within 50 days of written application request. Within this process the Company is required to notify and consult with all First Nation Communities and other stakeholders located within the region of the projects. Alset is committed to working in a responsible and respectful manner and will ensure the concerns of all neighbouring stakeholders are addressed.
Alset would also like to thank the Northern Ontario Heritage Fund Corporation and the Ontario Prospectors Association for accepting the Company's applications to receive a grants for both projects under the Junior Exploration Assistance Program.
Alset is well funded with approximately $1 million in cash.
Clinton Barr (P.Geo.), V.P. Exploration for Alset Energy Corp., is the qualified person responsible for this release.
On behalf of the Board of Directors of Alset Energy Corp.,
Stephen Stares, President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections
