VANCOUVER, British Columbia, Aug. 17, 2017 (GLOBE NEWSWIRE) -- Millennial Lithium Corp.(TSX.V:ML) (Frankfurt:A3N2:GR) (OTCQB:MLNLF) (“Millennial” or the “Company”) is pleased to report encouraging results from a geophysical survey conducted at its Pocitos West property in the Pocitos-Rincon basin of Salta Province, Argentina. The results show continuity of possible lithium brine-bearing sediment from the salar under cover into the area of Millennial’s 160 square kilometer Pocitos West property. Millennial is currently exploring the Pocitos West property with its joint venture partner Liberty One Lithium Corp. (“Liberty”) (TSX.V: LBY).
Millennial’s Argentine subsidiary, Proyecto Pastos Grandes S.A. engaged Tecnología y Recursos (TyR), a Salta-based geophysics consulting group to conduct a Vertical Electrical Sounding (VES) survey over the Pocitos West property. This type of survey detects and measures the presence of subsurface conductive layers. Brine is a fluid with a very high salt content, which is highly conductive for electrical currents. Thus, a high brine content in porous sediments can be detected as a conducive anomaly in this type of survey.
A total of eleven stations were measured in the campaign, mainly along a north-south line covering the entire 27 kilometre (km) length of the property, with an additional two stations to define an east-west profile. The results throughout the survey area show clearly a sharp contrast between upper, electrically resistive material, interpreted to be dry sediments, an intermediate zone of likely sediments with fresh or brackish water in the pore spaces, and a low resistivity (conductive) zone that is interpreted to be the continuation of brine-bearing sediments contained in the Pocitos basin. The survey detected higher resistivity materials below the suspected brine host through most of the area, defining the possible base of brine mineralization.
Profiles constructed along the group of VES stations indicate good potential for brine content. The north-south profile, measured along a 24 kilometer line of stations and covering most of the 27 kilometer north-south extent of the mineral rights shows what appears to be a continuous conductive layer of up to 164 meters thick. An east-west profile indicates that the conductive layer extends from the present day Pocitos salar under very recently deposited alluvial material covering much of the western margin of the maximum historical salar surface.
Millennial CEO, Farhad Abasov, commented “The results of the Pocitos West geophysics survey appear to confirm that a brine-bearing aquifer beneath the present day Pocitos salar is related to an older, larger salar footprint, and does in fact appear to extend beneath more recent alluvial cover. These results are being used to target and permit exploration drill holes throughout the 160 square kilometer mining license area controlled by the Company. If we can confirm the presence of brine by drilling, with lithium content that is typical in brine deposits of this region, the potential for brine mineralization could be very large.”
Permits for the drilling plans have passed the required public consultation and are into final stages of the Salta Mining Office approvals process. Approval is anticipated in time for the upcoming fair-weather spring months, with the first round of drilling anticipated for the fourth quarter
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.
To find out more about Millennial Lithium Corp., please contact investor relations at (604) 662-8184 or email firstname.lastname@example.org.
MILLENNIAL LITHIUM CORP.
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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 an 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.
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