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Millrock Announces Cancelation of Agreement on Lithium Brine Project, New Mexico, USA15.09.2018 | 0:00 Uhr | GlobeNewswire
VANCOUVER, Sept. 14, 2018 - Millrock Resources Inc. (TSX-V: MRO, OTCQX: MLRKF) ("Millrock") announces that the purchase and sale agreement concerning the company’s Lordsburg lithium project has been canceled. The transaction was described in the Company’s prior press release dated June 21, 2018. The agreement with Nevada-registered Xinda International Corp (OTC: XNDA, “Xinda”) required that Xinda make a cash payment to Millrock and maintain the claims in good standing. Xinda was unable to raise needed financing and the agreement was therefore canceled. Millrock has retained the claims. The Lordsburg lithium brine project is located in southern New Mexico and consists of 54 federal mining claims covering 1,080 acres surrounded by a large Area of Interest (“AOI”), which measures in excess of 2,200 square miles. The objective of the exploration project is to discover large volumes of lithium-bearing brine from which lithium metal can be economically extracted. The project covers a large, closed, sedimentary basin that is of adequate catchment area for the accumulation and recharge of lithium-bearing brines. The basin is surrounded by young, lithium-bearing volcanic rocks from which lithium may have been leached over time and migrated to depositional sites within the basin as brine. The claims are situated over a central playa or salar, and cover the deepest portions of the sedimentary basin, where brine would be most likely to accumulate. As evidenced by local, active hot springs, there is a high regional heat flow to drive fluid movement. Structures, interpreted from geophysical surveys, provide fluid pathways and potentially form boundaries that create brine pool traps. The arid climate of southern New Mexico allows for brine formation, and geological age relationships demonstrate that sufficient accumulation time was available in this long-lived basin to develop sustainable brines. This is an early-stage conceptual target. No prior exploration is known to have occurred for lithium at this location. Qualified Person About Millrock Resources Inc. ON BEHALF OF THE BOARD “Gregory Beischer” Gregory Beischer, President & CEO FOR FURTHER INFORMATION, PLEASE CONTACT: Some statements in this news release contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs. Dieser Artikel stammt von Rohstoff-Welt.de
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