Scotch Creek Ventures Inc. Acquires the 5,360 Acre Miranda Lithium Project in Nevada

Rhea-AI Summary

Scotch Creek Ventures announces its acquisition of the Miranda lithium project in Jackson Valley, Nevada, expanding its lithium footprint to approximately 14,500 acres. The project includes 268 placer claims across 5,360 acres, located near the only producing lithium mine in North America. The acquisition involves 3,100,000 common shares and $120,000 cash. The geological aspects suggest high potential for lithium resources, supported by favorable environmental conditions.

Positive

• Acquisition expands lithium footprint to approximately 14,500 acres.
• Positioning as one of the largest lithium landholders in Nevada.
• Geological data indicates high exploration potential for lithium resources.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / February 2, 2022 / Scotch Creek Ventures Inc. (the "Company") (CSE:SCV)(FSE:7S2)(OTC PINK:SCVFF) ("Scotch Creek" or the "Company") is pleased to announce its acquisition of the Miranda lithium project (the "project") in Jackson Valley, Esmeralda County, Nevada.

The Miranda project is located roughly 20 miles southeast of the famous Silver Peak lithium mine, the only producing lithium operation in North America. The Miranda lithium project consists of 268 placer claims spanning across roughly 5,360 Acres, bringing Scotch Creek Ventures' lithium footprint in Nevada to approximately 14,500 acres, firmly establishing the company as one of the largest lithium land positions in Nevada.

Scotch Creek Ventures' CEO, Mr. David Ryan, commented "We are very excited with this acquisition as we consider Miranda as a high potential lithium brine and sediment project. We are relatively early comers to this valley, and we believe that we have secured the section that follows the natural groundwater." Mr. Marvin, the company's Technical Director, and Qualified Person added "Jackson Valley presents Scotch Creek with a large land position within a basin with exposed mudstone and ash rich rock units that are likely part of the upper portion of the regionally mineralized Esmeralda Formation. Evaporite and volcanic ash units in the Esmeralda Formation host world-class brine and claystone lithium resources in both the proximal Clayton Valley and in the Tonopah North exploration areas. The project has high exploration potential for the types of lithium resources being produced and developed within the region."

The terms of this transaction award Scotch Creek Ventures with 100% ownership of the Miranda lithium project in exchange for the issuance of 3,100,000 million common shares of the company and a cash consideration of $120,000 USD.

Miranda Lithium Project's Geological Highlights:

• Jackson Valley is a relatively closed, arid basin with a high evapotranspiration environment with similar geological characteristics as Clayton Valley.
• During the Plio-Pleistocene, and as recent as the late Quaternary interglacial periods, Jackson Valley contained large lakes that at some point overtopped the south rim near Mount Jackson and spilled over into the adjacent Lida Valley through Jackson Wash. The general groundwater flow direction in Jackson Valley is from north to south with the base of Jackson Valley at the southern margin at about 5,130 feet MSL.
• Vehicle access in the valley is good with two improved Esmeralda County gravel roads and several two-track roads that lead to various parts of the valley and surrounding mountains.
• Currently, only Nevada Sunrise Gold Corp is the only placer claimant in Jackson Valley exploring for lithium. According to Nevada Sunrise Gold Corp.'s website, surface obsidian fragments in Jackson Valley returned assay values ranging from 97 to 117 parts-per-million (ppm) of lithium.
• Scotch Creek Ventures' Miranda project is located west of the Nevada Sunrise Gold Corp's land position and expands the footprint to specifically secure the ground shown by their gravity flow data and follows the natural groundwater flow.

Qualified Person

The technical aspects of this press release have been reviewed and approved by Robert D. Marvin, P. Geo., the designated Qualified Person (QP) under National Instrument 43-101.

About Scotch Creek Ventures

Scotch Creek is a mineral exploration company, focused on the acquisition, exploration, and development of lithium projects located in tier-one North American mining jurisdictions. Scotch Creek's mission is to become a best-in-class lithium exploration company situated in one of the most promising lithium districts in the world, Clayton Valley, Nevada.

Scotch Creek would like to invite investors and stakeholders to connect with our investor relations team or visit our website to sign-up to receive regular updates and news alerts.

On behalf of the Board of Directors

"David K. Ryan"
David Ryan
Chief Executive Officer

Further information about the Company is available on our website at www.scotch-creek.com or under our profile on SEDAR at www.sedar.com, and on the CSE website at www.thecse.com.

Public Relations Contact

Scotch Creek Ventures Inc.
Telephone: +1.604.685.4745
Email: info@scotch-creek.com
Website: www.scotch-creek.com

The CSE has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Forward‐looking and cautionary statements

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This release may contain statements within the meaning of safe harbour provisions as defined under securities laws and regulations.

This release may contain certain forward‐looking statements with respect to the financial condition, results of operations and business of the Company and certain of the plans and objectives of the Company with respect to the same. By their nature, forward‐looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward‐looking statements.

SOURCE: Scotch Creek Ventures Inc.

View source version on accesswire.com:
https://www.accesswire.com/686885/Scotch-Creek-Ventures-Inc-Acquires-the-5360-Acre-Miranda-Lithium-Project-in-Nevada

FAQ

What is the significance of the acquisition of the Miranda lithium project by Scotch Creek Ventures?

The acquisition significantly expands Scotch Creek's lithium footprint, enhancing its position in the emerging lithium market.

How large is the Miranda lithium project?

The Miranda lithium project encompasses 5,360 acres with 268 placer claims.

What are the terms of the acquisition for the Miranda lithium project?

Scotch Creek Ventures acquired the project for 3,100,000 common shares and $120,000 in cash.

Where is the Miranda lithium project located?

The project is located in Jackson Valley, Esmeralda County, Nevada, near the Silver Peak lithium mine.

What is the expected impact of the acquisition on Scotch Creek Ventures?

The acquisition is expected to enhance Scotch Creek's exploration potential and position it strategically in the lithium market.