VANCOUVER, British Columbia, Nov. 30, 2016 (GLOBE NEWSWIRE) -- Pure Energy Minerals Limited (TSX VENTURE:PE) (FRANKFURT: A111EG ) (OTCQB:PEMIF) (the “Company” or “Pure Energy”) is pleased to announce that it has commenced drilling its newest exploration borehole, CV-8, on the Clayton Valley South Project (“CVS Project”). This latest borehole is the final one in Pure Energy’s current phase of exploration work, and Pure Energy has all necessary permits and government permissions in hand to commence work. Since this borehole is being drilled concurrently with CV-7, the Company has retained Boart Longyear as the drilling contractor for CV-8. Boart Longyear has completed collaring of the borehole, and all ancillary works are in place to immediately commence rotary coring of the basin-fill sediments. CV-8 is located approximately 1.8 km (1.1 miles) west-southwest of the recently completed CV-3 well. The Company is targeting depths of approximately 600 – 900 m (2,000-3,000 ft) below ground level for CV-8.
CV-8 is in a highly prospective part of Pure Energy’s claim package, targeting geophysical and stratigraphic features of interest in a very deep portion of the basin. If completed to its full target depth, the Company believes this would be the deepest lithium brine exploratory hole in the area. Upon successful completion of the borehole to target depth as a well, the Company expects to collect new brine samples for lithium analysis and integrate that data into its existing inferred lithium brine resource. At the conclusion of the Phase 3 drilling program, Pure Energy will have drilled a total of approximately 4.1 km (13,320 ft) of exploration boreholes across their claims.
Patrick Highsmith, Pure Energy Minerals CEO commented, “A second drill rig has arrived at the CVS Project and begun work on CV-8, the final drill hole in our phase 3 program. Our understanding of the CVS brines and their host sediments has improved markedly through 2016. The geophysics and hydrogeological interpretations suggest that familiar aquifers from CV-1 and CV3 await us in CV-8. We look forward to testing the hydrogeology in this area to new depths. Once the drilling is complete, we shall prepare an update to the resource that incorporates all the new data.”
Patrick Highsmith, Certified Professional Geologist (AIPG CPG # 11702), is a qualified person as defined by NI 43-101, and has supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Highsmith is not independent of the Company as he is an officer and director.
About Pure Energy Minerals Ltd.
Pure Energy is a lithium resource developer that is driven to become a low-cost supplier for the burgeoning lithium battery industry. While the Company is currently focused on the development of the CVS Lithium Brine Project and the adjoining Glory Lithium Clay Project in Clayton Valley, Nevada, it is actively evaluating new lithium targets in North and South America.
Pure Energy has developed core strengths in innovative development and processing technologies for lithium brines and lithium mineral deposits. The Company’s key attributes and activities include:
- Generating positive results on a large land position with excellent infrastructure in a first-class mining jurisdiction: approx. 11,000 acres in four main claim groups in Clayton Valley, Esmeralda County, Nevada;
- The only lithium brine resource in North America except for its neighbor, which is the only producing lithium operation in the United States (Albemarle’s Silver Peak lithium brine mine);
- An inferred mineral resource containing approximately 816,000 metric tonnes of Lithium Carbonate Equivalent (LCE), reported in accordance with NI 43-101;
- An advanced program of testing the efficacy and economics of modern environmentally-responsible processing technologies to convert the CVS brines into high purity lithium products for new energy storage uses; and,
- An active business development program, applying its expertise to the evaluation of new lithium targets around the world.
On behalf of the Board of Directors, “Patrick Highsmith” Chief Executive Officer
Forward Looking Statements: The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release may include statements regarding mineral processing, adaptation of test work to larger scale and/or future operational scales, estimates of reduced future capital and operating expenses, delivery of a preliminary economic assessment, future exploration programs, operation plans, geological interpretations, and mineral tenure issues. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
CONTACT: Pure Energy Minerals Limited (www.pureenergyminerals.com) Email: info@pureenergyminerals.com Telephone – 604 608 6611, ext 5
