Noka Initiates Exploration on Nevada Lithium Projects
Vancouver, British Columbia / TheNewswire / June 28, 2016 - Noka Resources Inc. (NX:TSX-V) (2NKN: FSE) (NOKAF:US) (the "Company" or "Noka") is pleased to announce that it plans to commence exploration on its two lithium projects in Esmeralda County, Nevada.
Lincoln Property, Esmeralda County, Nevada
Initial exploration will begin on Noka's Lincoln property within two weeks and will consist of sediment and rock sampling. The initial program will also include shallow, 3 to 4m deep, Vibracore drilling to obtain large diameter core for lithium analysis. The US Bureau of Land Management (BLM) has advised that such drilling can be carried out under its "casual use" provision without a permit. Subsequent exploration and deep drill permit applications will begin upon assessment of initial geochemical results.
The Lincoln project is located near the northwest flank of Albermarle's Silver Peak mine, the only lithium producer in North America. In 1982, a nearby United States Geological Survey drill hole reported 930 ppm lithium at a depth of 100 feet (30 meters). (Source: USGS Open-File Report 82-415, 1982).
Upon completion of further due diligence, the project has been reduced from its originally reported 3,500 acres to 1,600 acres based on geological assessment, cost efficiency and risk management. Accordingly, the terms of the Option Agreement announced in the Company's April 21, 2016, news release have been changed. Consideration for acquisition of the claims is now 1,500,000 shares and $50,000, with no required work commitment on the property.
Columbus Property, Esmeralda County, Nevada
The Columbus lithium property, comprised of 1920 acres of Federal placer claims, is located in the Big Smoky Valley, Esmeralda County, Nevada.
The principal target at Columbus is a large circular gravity low anomaly which is interpreted as an in-filled basin which may contain lithium-rich brine. The Big Smoky Valley was preliminarily drilled in 1979 by the United States Geological Survey and anomalous lithium values were encountered in the basin sediments. Accordingly, the initial exploration phase at Columbus will consist of confirmation geochemical sediment and rock sampling with the specific purpose of localizing drill hole collars for permit in order that drill permits may be acquired. This program will also include shallow Vibracore drilling under the BLM's casual use provision.
It is expected that sampling operations will begin within two weeks.
For further information, contact Nav Dhaliwal, President and Chief Executive Officer, at nav@nokaresources.com or 604-678-5308 or visit www.nokaresources.com.
ON BEHALF OF THE BOARD
"Nav Dhaliwal"
Nav Dhaliwal, President and Chief Executive Officer
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
Copyright (c) 2016 TheNewswire - All rights reserved.
