ELKO, NV / ACCESSWIRE / December 10, 2019 / Lithium Corporation (OTCQB:LTUM) ("LTUM" or "the Company"), a North American company focused on energy metals for the growing energy storage sector and high tech industries, is pleased to announce that it has received analytical results from the sampling program the Company performed on behalf of Summa, LLC on its 25% owned Tonopah Belmont mill tailings project in Nye County Nevada.
In the recent program a total of 11 holes were augered into the tailings at various strategic locations across the tailings pile in order to verify the results of individual holes that were drilled during Summa Corporation's 1976 evaluation. This work was tailored to achieve both in-fill evaluation, and also to establish a sound statistical basis for evaluating their resource determination validity. The shallowest hole in the program was located on the margin of the pile, and was only 3.06 feet (1.1 m's) deep, while the deepest hole encountered to date was more central in the pile and was 17.05 feet (5.2m's) deep. The two deepest holes of the program ended in good mineralization, but could not be completed. The average depth of the augered holes was 10.3 feet (3.15 m's).
The overall average determined from this work program was 1.29 ounces per ton silver, and 0.006 ounces per ton gold, which agrees with the results from the 43 hole program done in the 1970's that returned 1.30 ounces per ton silver, 0.006 ounces per ton gold. The greater significance of this program is that it does appear there is a deeper zone in some of the holes where the average is in the order of 2+ ounces silver, and .01 opt gold. This zonation was not so readily apparent from the earlier work due to a larger sample interval, and possibly cross sample contamination as a result of the drilling technique employed. Also this interpretation agrees with the historical record where it has been related that there was no early work with respect to reprocessing the tailings after the mill started production, and when they did commence work on that accord the early attempts were not particularly successful, hence these earlier higher grade tailings were buried and never reprocessed. This is significant as a higher grade zone would greatly enhance the start - up economics of tailings reprocessing. Lithium Corporation has suggested to its partners in Summa that more auger drilling be done, primarily to map out this higher grade zone, while increasing confidence in the earlier resource calculation.
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada devoted to the exploration for energy storage related resources throughout North America, and looking to capitalize on opportunities within the ever-expanding next generation energy storage markets. The Company maintains a strategic alliance with Altura Mining, an ASX listed Lithium mining company that is rapidly approaching the 245,000 ton per annum nameplate production at its 100% owned world-class Pilgangoora lithium pegmatite mine in Western Australia. Website: www.lithiumcorporation.com
Tom Lewis, CEO
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.
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.
SOURCE: Lithium Corporation