Transient Electromagnetic Survey (TEM) Shows Potential Large Lithium Brine Target on Cruz Property
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 21, 2017) - Millennial Lithium Corp. (TSX VENTURE:ML) ("Millennial" or the "Company") is pleased to announce positive results of a recently completed ground geophysics program at its Cruz Property ("Cruz"), located in the Pocitos salar basin in Salta Province, Argentina. The Cruz Property is being explored in partnership with Southern Lithium Corp. which has an option to acquire up to 80% of the project from Millennial by completing certain cash and share payments, funding exploration and completing a feasibility study.
In early February, the companies completed a Transient Electromagnetic Survey (TEM) covering 20.25 square kilometres on a 4500 metre by 4500 metre (m) grid. Analysis shows a continuous north-south trending conductive unit over a distance greater than 6 kilometres, the full length of the Cruz Property. Highly conductive readings have generally been found to indicate a high content of lithium brine in most other salar basins in the area.
In the central core of the property, indications of brine appear as shallow as 30 metres, extending to a depth of 250 metres, at which point survey readings are limited due to the highly conductive nature of the anomaly.
Millennial COO Iain Scarr states: "The results of this geophysics program appear to confirm our assertion that the Pocitos basin is highly likely to host significant lithium brine. The basin's proximity to other large resources, its structural setting and known chemical indicators are reinforced by these results in justifying and targeting exploration drilling. We are very encouraged by this program, and grateful to Quantec Argentina for their quality work and thoughtful interpretation. Our plan now is to commence the drilling program as soon as permitting allows."
About the Cruz Property
The Cruz Property is located in the heart of South America's Lithium Triangle (northern Chile, northwestern Argentina and southwest Bolivia). The property encompasses 2,500 hectares in the Pocitos salar basin in Salta Province, Argentina, and lies 11 kilometres south of ADY Resources Limited's lithium brine resource in the Salar del Rincón Basin. The property is located along the major fault and volcano chain that defines the southern limit of the Rincon Basin, where ADY Resources Limited is extracting lithium brine, and the northern limit of the Pocitos basin, where the Cruz property is located. Both properties lie along the structural belt that hosts the important lithium resources of the region, and adjacent to a major crossing lineament that is thought to have given rise to the hydrothermal activity that has supplied lithium to both closed salar basins.
The 60-kilometre long Pocitos salar basin has previously been drill tested with a shallow 12-hole program in the 1970s, by an Argentinean government agency, "Direccion General de Fabricaciones Militares". To date, this is the only confirmed exploration drilling conducted in the Pocitos basin. The hole that produced the best results is near the southeast edge of the Cruz Property boundary, and averaged 417 parts per million. Note that this result is considered historical and cannot be confirmed under NI 43-101 standards.
This news release has been reviewed by Iain Scarr, AIPG CPG., COO of the Company and a qualified person as that term is defined in National Instrument 43-101.
"Graham Harris"
Chairman, Director
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This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
