Pure Energy Signs Letter of Intent to Option Railroad Valley Property from Ameriwest Lithium Inc
Pure Energy Minerals (TSXV: PE) (OTCQB: PEMIF) has signed a Letter of Intent to acquire up to an 85% interest in the Railroad Valley Property in Nevada from Ameriwest Lithium. The 11,201-acre property is a greenfield lithium brine exploration target. The deal involves a three-stage earn-in process over 6 years, requiring total expenditures of $1.95 million in cash/shares and $3.5 million in project costs.
The Railroad Valley basin shares geological similarities with Clayton Valley, which hosts Pure Energy's existing lithium brine project. However, drilling is still required to confirm lithium brine presence at Railroad Valley. No mineral resources have been defined yet. The transaction is subject to a definitive agreement and regulatory approval.
Pure Energy Minerals (TSXV: PE) (OTCQB: PEMIF) ha firmato una Lettera di Intenti per acquisire fino all'85% della Railroad Valley Property in Nevada da Ameriwest Lithium. La proprietà di 11.201 acri è un obiettivo di esplorazione di salmistrato di litio in un'area vergine. L'accordo implica un processo di guadagno in tre fasi che si svolgerà in 6 anni, richiedendo spese totali di 1,95 milioni di dollari in contante/azioni e 3,5 milioni di dollari in costi di progetto.
Il bacino di Railroad Valley condivide somiglianze geologiche con Clayton Valley, che ospita il progetto esistente di salmistrato di litio di Pure Energy. Tuttavia, sono ancora necessari dei sondaggi per confermare la presenza di salmistrato di litio a Railroad Valley. Non sono ancora state definite risorse minerarie. La transazione è soggetta a un accordo definitivo e all'approvazione normativa.
Pure Energy Minerals (TSXV: PE) (OTCQB: PEMIF) ha firmado una Carta de Intención para adquirir hasta un 85% de interés en la propiedad Railroad Valley en Nevada de Ameriwest Lithium. La propiedad de 11,201 acres es un objetivo de exploración de salmuera de litio en un terreno virgen. El acuerdo implica un proceso de adquisición en tres etapas que se desarrollará durante 6 años, requiriendo gastos totales de $1.95 millones en efectivo/acciones y $3.5 millones en costos del proyecto.
La cuenca Railroad Valley comparte similitudes geológicas con Clayton Valley, que alberga el proyecto existente de salmuera de litio de Pure Energy. Sin embargo, se necesitan perforaciones para confirmar la presencia de salmuera de litio en Railroad Valley. Aún no se han definido recursos minerales. La transacción está sujeta a un acuerdo definitivo y a la aprobación regulatoria.
퓨어 에너지 미네랄스 (TSXV: PE) (OTCQB: PEMIF)가 아메리웨스트 리튬으로부터 네바다의 레일로드 밸리 소유지에서 최대 85%의 지분을 확보하기 위한 의향서를 체결했습니다. 11,201 에이커의 이 소유지는 리튬 브라인 탐사의 그린필드 목표입니다. 이 거래는 6년에 걸쳐 3단계의 수익 모델 과정을 포함하며, 총 195만 달러의 현금/주식과 350만 달러의 프로젝트 비용이 필요합니다.
레일로드 밸리 분지는 현재 퓨어 에너지가 운영 중인 리튬 브라인 프로젝트가 있는 클레이턴 밸리와 지질학적으로 유사점을 공유합니다. 하지만 레일로드 밸리에서 리튬 브라인의 존재를 확인하기 위해서는 추가적인 드릴링이 필요합니다. 아직 정의된 광물 자원은 없습니다. 이 거래는 최종 계약 및 규제 승인에 따라 진행될 예정입니다.
Pure Energy Minerals (TSXV: PE) (OTCQB: PEMIF) a signé une lettre d'intention pour acquérir jusqu'à 85% d'intérêt dans la propriété de Railroad Valley au Nevada auprès d'Ameriwest Lithium. La propriété de 11 201 acres est une cible d'exploration de saumure de lithium dans un terrain vierge. L'accord implique un processus d'acquisition en trois étapes sur 6 ans, nécessitant des dépenses totales de 1,95 million de dollars en espèces/actions et 3,5 millions de dollars en coûts de projet.
Le bassin de Railroad Valley partage des similarités géologiques avec le Clayton Valley, qui abrite le projet de saumure de lithium existant de Pure Energy. Cependant, des forages sont encore nécessaires pour confirmer la présence de saumure de lithium à Railroad Valley. Aucune ressource minérale n'a encore été définie. La transaction est soumise à un accord définitif et à une approbation réglementaire.
Pure Energy Minerals (TSXV: PE) (OTCQB: PEMIF) hat ein Absichtserklärung unterzeichnet, um bis zu 85% Anteile an der Railroad Valley Property in Nevada von Ameriwest Lithium zu erwerben. Das 11.201 Acres große Grundstück ist ein Ziel für die Erkundung von Lithium-Sole in einem unerschlossenen Gebiet. Der Deal umfasst einen dreistufigen Earn-In-Prozess über 6 Jahre, der Gesamtausgaben von 1,95 Millionen Dollar in bar/Aktien und 3,5 Millionen Dollar an Projektkosten erfordert.
Das Railroad Valley Becken weist geologische Ähnlichkeiten mit dem Clayton Valley auf, in dem sich das bestehende Lithium-Sole-Projekt von Pure Energy befindet. Es sind jedoch noch Bohrungen notwendig, um die Anwesenheit von Lithium-Sole im Railroad Valley zu bestätigen. Es wurden bisher keine Mineralressourcen definiert. Die Transaktion steht unter dem Vorbehalt eines endgültigen Vertrags und behördlicher Genehmigungen.
- Potential to acquire majority interest (up to 85%) in a large lithium exploration property
- Railroad Valley basin has geological similarities to Clayton Valley, an established lithium producing area
- Staged earn-in structure allows Pure Energy to gradually increase its stake based on exploration results
- Expands Pure Energy's lithium exploration portfolio in Nevada
- Significant cash/share expenditures ($1.95M) and project costs ($3.5M) required over 6 years to earn full 85% interest
- Early-stage exploration project with no confirmed lithium resources yet
- Drilling still required to verify presence of lithium brines at the property
Vancouver, British Columbia--(Newsfile Corp. - September 4, 2024) - Pure Energy Minerals Ltd. (TSXV: PE) (OTCQB: PEMIF) ("Pure Energy" or "the Company") is pleased to announce that it has signed a Letter of Intent ("LOI") dated August 30, 2024 to acquire up to an
Pure Energy's LOI with Ameriwest provides for the following terms over six years:
- Initial earn-in option over three years to earn a
65% interest in the Property by expenditures in cash and shares of$450,000 , plus project expenditures of USD$1.0 million ; - Second Option over two years to earn-in to a
75% interest in the Property by expenditures of an additional$500,000 in shares and cash, plus project expenditures of USD$1.5 million ; - Third Option over one year to earn-in to a
85% interest by US$1.0 million in cash and shares, and project expenditures of USD$1,000,000.
The 11,201 acre (4,533 hectare) Property is a green fields lithium brine exploration target located in Railroad Valley, Nevada. The North Railroad Valley drainage basin is larger in size and has geologic characteristics to host a lithium brine deposit similar to the one found in Clayton Valley, Nevada, located just 125 mi to the west-southwest. Clayton Valley currently hosts the most advanced and largest lithium-brine pilot plant in the United States, developed at Pure Energy Minerals' Clayton Valley property with our partner, which is currently in operation to produce lithium carbonate (Li2CO3). Clayton Valley also hosts the Silver Peak lithium brine mine operated by Albemarle Corporation (NYSE: ALB). Similarities of the RRV Property to Clayton Valley do not guarantee exploration success at RRV.
Ameriwest has defined a large lithium brine exploration target in the southwestern end of North Railroad Valley. The target is based on gravity, magnetotelluric, and seismic geophysics studies completed by Ameriwest, along with available historic oil well drilling logs and seismic data. Drilling is required next to confirm the presence of a lithium bearing brine, and no mineral resources or reserves have yet been defined on the property. The transaction is subject to the entering into of a definitive agreement and approval of the TSX Venture Exchange.
"Pure Energy is pleased to add the Railroad Valley property to its exploration focus, as it shows a number of important markers for lithium brine potential," remarked Joseph Mullin, CEO of Pure Energy Minerals. "We look forward to collaboration with Ameriwest in the exploration of the RRV property, and to continue our efforts in the battery metals arena."
About Pure Energy Minerals Ltd.
Pure Energy is a lithium resource company that has consolidated a preeminent land position at its Clayton Valley Project (the "Project") in the Clayton Valley of central Nevada for the exploration and development of lithium resources. The property comprises 950 mineral claims over 23,600 acres (9,450 hectares) representing the largest land holdings in the valley.
About Ameriwest Lithium Inc.
Ameriwest is a Canadian-based exploration company focused on identifying strategic lithium mineral projects for exploration and resource development. The Company is currently focused on exploring its Thompson Valley lithium clay property in Arizona. The property consists of 17 mineral exploration permits with the Arizona State Department of Lands and 33 mineral claims totaling with the Bureau of Land Management totaling about 9,500 acres (3,800 hectares). A NI 43-101 Technical Report entitled Thompson Valley Lithium Project Exploration Target, Yavapai County, Arizona, with release date January 31, 2023, and effective date January 17, 2023, can be found under Ameriwest's corporate filings on www.sedarplus.ca.
The information in this news release has been reviewed and approved by Mary L. Little, MMSA QP#01503, who is a Qualified Person as defined by National Instrument 43-101. Ms. Little is a director of the Company and therefore is not considered to be independent.
On behalf of the Board of Directors,
"Joseph Mullin"
CEO, Pure Energy Minerals Ltd.
CONTACT:
Pure Energy Minerals Limited (www.pureenergyminerals.com)
Email: info@pureenergyminerals.com
Telephone - +1 604 608 6611
Cautionary Statements and Forward-Looking Information
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 future exploration and development of the Clayton Valley and Railroad Valley Projects. 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.
The Company does not undertake to update any forward-looking information, except as required by applicable laws.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222138
FAQ
What percentage interest can Pure Energy Minerals (PEMIF) acquire in the Railroad Valley Property?
How large is the Railroad Valley Property that Pure Energy Minerals (PEMIF) is acquiring?
What are the total expenditures required for Pure Energy Minerals (PEMIF) to earn the full 85% interest?
Has lithium been confirmed at the Railroad Valley Property that Pure Energy Minerals (PEMIF) is acquiring?
