Work Continues at Lithium Corporation's BC Graphite Property
LAS VEGAS--(BUSINESS WIRE)-- Lithium Corporation (OTCQB:LTUM) (the "Company", or "Lithco") is pleased to announce that it has increased the size of its BC Sugar flake graphite property to a little over 18,800 acres (7,608.375 hectares). Prospecting and geological work has been ongoing at the property over the summer, and several graphite prospects have been discovered with the best prospect to date grading over 5% flake graphite. A number of mineralized boulders have also been encountered at various locations on the property, which appear to indicate that the mineralized horizon or horizons may be found at other locales within the claim block.
Prospecting work was performed on the Mt Heimdal property in June/July and several mineralized zones were noted here, the best of which graded 3.72% flake graphite. Although the work was encouraging it was decided that the company would be best served by focusing on the BC Sugar property. Lithium Corp has negotiated an agreement with the vendor of Mt Heimdal whereby the vendor will assign its 100% interest in the property for a 2% "Net Smelter Royalty" on any proceeds from future production from the property.
The BC Sugar property is well placed in the Shushwap Metamorphic Complex, in a geological environment favorable for the formation of flake graphite deposits, and is in an area of excellent logistics, with a considerable network of logging roads within the project area. Additionally the town of Lumby is approximately 19 miles (30 kms) to the south of the property, while the City of Vernon is only 30 miles (50 kms) to the southwest of the western portions of the claim block.
Elsewhere, the Company anticipates the commencement of drilling at its Fish Lake Valley lithium brine property the beginning of September, after a strong rainstorm in late July necessitated postponing this work.
For further information please contact Andy Dewey at Lithium Corporation at (775) 410-2206 or via email at email@example.com
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada devoted to the exploration for new lithium resources within the state of Nevada. The Company explores and develops potentially economic lithium-enriched brine fields, with an eye to becoming a long-term producer of this increasingly strategic and economically important commodity.
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, including but not limited to, any mineralization, exploration and development of our mineral properties, specifically in regards to any future drilling programs.
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.
Andy Dewey,(775) 410-2206
KEYWORDS: United States North America Canada Nevada
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