ACME Lithium Receives Geophysics Report Targeting Lithium Clay Deposits at Fish Lake Valley, Nevada
Carson City, Nevada--(Newsfile Corp. - November 14, 2022) - ACME Lithium Inc. (CSE: ACME) (OTCQX: ACLHF) (the "Company", or “ACME”) is pleased to report that Hasbrouck Geophysics has completed gravity and Hybrid-Source Audio-Magnetotellurics (HSAMT) surveys at ACME’s Fish Lake Valley (FLV), Nevada Project.
The gravity survey indicates the presence of a down-dropped basin with interpreted target clay sediments potentially targeting similar illite-smectite units identified in the nearby Rhyolite Ridge lithium deposit. A basin fault is evident near the southwestern end of the profile, with modeled depths to Paleozoic bedrock ranging from about 1.3 km to 1.9 km. Moderate to low concentration clay sediments are interpreted to be present at the surface near the southwestern basin fault that deepen to about 300 meters and extend beyond a depth of one km over about 80% of the profile, while higher concentration clay sediments are interpreted over a distance of about 700 meters with depths ranging from about 500 to 750 meters. Drilling has been recommended to determine the relationship between the different interpreted concentrations of clay sediments and the presence of lithium.
Figure 1. HSAMT Depth Section
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Figure 2. Gravity and HSAMT Surveys Station Location Map
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The FLV claim group encompass 144 lode mining claims totalling approximately 2,975 acres, in Esmeralda County, Nevada. The property has been mapped with historical sampling occurring at up to 600 ppm lithium. It is believed that the current erosion surface could be exposing the top of a stratigraphic deposit with active lithium mineralization.
ACME's Fish Lake Valley project is directly west of ioneer Ltd's world class Rhyolite Ridge Lithium-Boron project. On July 31st, ioneer announced a binding battery joint venture with Toyota Motor Corp and Panasonic Corp to buy lithium from ioneer's Rhyolite Ridge mining project and use the metal to build electric vehicle batteries in the United States. Australia-based ioneer aims to produce about 21,000 tonnes of lithium in Nevada annually starting in 2025. It signed a supply deal with Ford Motor Co in mid-July and last year with South Korea's Ecopro Co.
ACME's project location adjacent to or nearby lithium projects does not guarantee exploration success or that mineral resources or reserves will be defined on ACME's properties. Exploration, development, and activities conducted by regional companies provide assistance and additional data for exploration work being completed by ACME.
William Feyerabend, Certified Professional Geologist, 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.
About ACME Lithium Inc.
Led by an experienced team, ACME Lithium is a mineral exploration Company focused on acquiring, exploring, and developing battery metal projects in partnership with leading technology and commodity companies. ACME has acquired or is under option to acquire a 100-per-cent interest in projects located in Clayton Valley and Fish Lake Valley, Esmeralda County Nevada, and at Shatford, Birse, and Cat-Euclid Lakes in southeastern Manitoba.
On behalf of the Board of Directors
Chief Executive Officer, President and Director
Telephone: (604) 564-9045
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