VANCOUVER, BC / ACCESSWIRE / March 31, 2021 / Scotch Creek Ventures Inc. (the "Company") (CSE:SCV)(FSE:7S2) ("Scotch Creek" or the "Company") is pleased to announce the expansion of its Highlands West project located in Clayton Valley, Nevada (see new release dated March 23, 2021). These additional lithium claims add to its overall lithium exploration land package which is now extended North directly adjacent to Albemarle Corporation (ALB) Silver Peak Mine. Scotch Creek's total land package in the area now totals approximately 9,100 acres, thus establishing the Company within the top tier of the largest claim holders in Clayton Valley.
Scotch Creek's Highlands West Project now consists of 333 20-acre placer claims and borders Albemarle's Silver Peak Mine. In total, its acreage is comparable to that of Cypress Development Corp (V:CYP), Noram Ventures Inc (V:NRM), Spearmint Resources Inc. (C:SMPT), and Enertopia Corporation (ENRT) combined, all of which are located on the eastern flank of the Clayton Valley and lie along the same trend-line as Scotch Creek's Macallan claims. More recently, Pure Energy Minerals Inc (V:PE) agreement with Schlumberger reinforces the economics and indeed advancements of brine exploration in Clayton Valley, Nevada, thus further strengthening the potential of Scotch Creek's now expanded land package.
Scotch Creek's claims are situated in one of the last significant unexplored tracts of land in Clayton Valley. Recent lithium discoveries by Pure Energy Minerals Ltd, Noram Venture Inc, and Cypress Development Corp. suggest considerable potential for Scotch Creek's projects within this area, as all of these companies had similar land claims that were previously unexplored as of late 2016.With access to even greater knowledge of the geological traits of the Clayton Valley basin combined with the accelerating interest in lithium, investments in the Clayton Valley appears to be of great promise, particularly on a risk-adjusted basis.
Scotch Creek's CEO, Mr. David Ryan, commented, "With the acquisition of our Highlands North claims, we are well positioned to become a leader in the next phase of lithium exploration in the Clayton Valley, the United States preeminent region for lithium exploration. With exposure extending across the entire Clayton Valley, we are able to diversify our lithium holdings. We look forward to further defining the potential of our strategic lithium assets and to create value for our shareholders."
Under the terms of the agreement the Company will issue 500,000 shares at a deemed price of $0.90 to the shareholders of Macallen Exploration Corp. for 100% ownership of the claims. The agreement is subject to the completion of due diligence within 30 days, and to complete a 43-101, and regulatory approval. The shares will be subject to a four month hold from the date of issue under the rules of the CSE. The issuance of the shares will not result in a change of control or create a new insider of the Company.
About Clayton Valley
Clayton Valley, Nevada, has become a North American hub for lithium exploration and production with various public companies establishing their footprint in the region:
- Albemarle Corporation's (NYSE:ALB) Silver Peak is the only lithium producing mine in North America and has been in production since 1967. Albemarle announced their intention to double their lithium brine production and expand their operations to explore for lithium clay potential in the valley.
- Westside of Clayton Valley: Nickle Rock Resources Inc.(C:NICL) announced on March 24, 2021 that it has commenced the drilling on their 2,300 acres adjacent to the west side of the Silver Peak mine just north west of Scotch Creeks newly acquired acreage.
- On the lithium brine production side, Pure Energy minerals (TSX-V:PE) has entered into an agreement with energy giant Schlumberger to further develop their lithium brine production. This agreement validates the economics and also the advancements of brine exploration in the Clayton Valley.
- In the North-East of the Clayton Valley, Cypress Development Corp. (TSX-V:CYP) recently completed a PFS and has plans for a feasibility study later this year. Pure Energy has developed an open pit design and mining plan that projects a 40-year minimum mine life, and are currently working on plans for a pilot plant to refine extraction technologies. (lithium clay).
- Noram Ventures Inc. (TSX-V:NRM) is working on its fifth round of drilling and they have announced a resource of 300 million tonnes of >900 ppm Li. The current drilling program is on track to more than double that resource.
- Enertopia Corporation (OTC:ENRT) has a narrow land position between Cypress and Noram. They have an established 100 million tonne resource from 4 drill holes at a 400 ppm Li cutoff.
- Spearmint Resources Inc. (CSE:SPMT), with property just south of Cypress, completed a drill program in November and has announced high grade lithium intercepts.
Scotch Creek Ventures Inc. (CSE:SCV) despite the enclosure of the basin and limited acreage available, very little exploration has been completed on Scotch Creek's land package in Clayton Valley - an area that is greater than that of Cypress, Noram, Enertopia and Spearmint combined.
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.
On behalf of the Board of Directors
"David K. Ryan"
Chief Executive Officer
Public Relations Contact
The CSE has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Caution Regarding Forward-Looking Information
Certain statements contained in this news release may constitute forward-looking information. Forward- looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company's actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company's strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
SOURCE: Scotch Creek Ventures Inc.