FOR IMMEDIATE RELEASE OTCQB: LTUM
Elko, NV – August 16, 2016 – Lithium Corporation [OTCQB – LTUM] “the Company” is pleased to announce that it has recently received the results from American Lithium’s initial sampling program at Fish Lake Valley, where American Lithium Corp. is earning an 80% interest by making staged cash & stock payments, and incurring $1.1 million worth of exploration expenditures over the next three years.
Six shallow auger holes were completed on the playa, with the following results:
Lithium – ranging from 24.6 to 389 mg/L – average 151.66 mg/L
Boron – ranging from 64.7 to 2210 mg/L – average 665.11 mg/L
Potassium – ranging from 185 mg/L to 5650 mg/L – average 2223.59 mg/L
Magnesium – ranging from 0.3 to 96.9 mg/L – average 27.06 mg/L
Mr. Brian Goss remarked, “We are very pleased with the results obtained from the initial program – the geochemical results of this auger program continue to support Fish Lake Valley as a top tier lithium-in-brine exploration project in the United States. The two highest lithium values were step-outs from the anomaly previously outlined by Lithium Corporation, were both in excess of 300 mg/L, and are very good indicators that the project may host economically significant lithium. We are encouraged that magnesium, an element that is significantly detrimental to lithium extraction continues to appear to be inconsequential here.”
Also the Company recently formed Lithium Royalty Corp., a wholly owned subsidiary that it intends to use as a vehicle to create a portfolio of lithium and other battery related metals royalties. To that end Lithium Royalty staked and optioned off the North Big Smokey property to 1069934 Nevada Ltd., and its parent company 1069934 BC Ltd. Under the terms of the deal, 1069934 has purchased a 100% working interest in the property, for $10,000 cash, 300,000 shares, and reimbursement of all fees and expenses incurred while acquiring title to the property. Lithium Corporation had previously conducted early stage exploration on the property comprised of both sediment & brine sampling, and a gravity geophysical survey. Lithium Royalty Corp. retains a 2.5% Net Smelter Royalty on the property, one half (1.25%) of which can be purchased by 1069934 for $1,000,000.
For further information with regard to Lithium Corporation, please contact Tom Lewis or Brian Goss at (775) 410-2206 or via email at firstname.lastname@example.org
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada devoted to the exploration for energy storage related resources throughout North America, looking to capitalize on opportunities within the ever expanding next generation battery markets. The Company maintains a strategic alliance with Altura Mining, an ASX listed natural resource development company that is currently developing its 100% owned world-class Pilgangoora lithium pegmatite property in Western Australia.
Notice Regarding Forward-Looking Statements
This current report contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of minerals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.