ACME Lithium Commences Phase 2 Drill Program at Clayton Valley Nevada Lithium Brine Project
Carson City, Nevada--(Newsfile Corp. - January 31, 2023) - ACME Lithium Inc. (CSE: ACME) (OTCQX: ACLHF) (the "Company", or "ACME") is pleased to announce that Phase 2 drilling has commenced at ACME's Clayton Valley Nevada lithium brine project. ACME's Clayton Valley Nevada lithium brine project is contiguous to the northwest of Albemarle's Silver Peak lithium deposit which has been in production since 1966 and is the only lithium producing region in the United States.
Drilling at Clayton Valley, Nevada (Fig. 1)
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Following ACME's Phase 1 Drill Program lithium brine discovery announcement on August 17, 2022, the Company has now launched a Phase 2 multi-hole drill program at its Clayton Valley Nevada lithium brine project.
- Phase 2 Drill Program includes drilling, installation, and testing of a large diameter test well (TW-1).
- A pumping test will be completed from TW-1 to assess hydraulic response, permeability, and storage parameters of the lithium enriched aquifer.
- An intensive multi element brine sampling program will be completed during the TW-1 pumping test to assess the hydrochemical response to pumping.
- Up to three (3) new exploration holes DH-1A, DH-2, and DH-3 are included in the Program with objectives to examine deeper horizons through zonal isolated testing, assess stratigraphy, and the potential for continuity between the stratigraphic units encountered in DH-1.
- The exploration holes will be completed with grouted-in vibrating wire piezometers to further assess the hydrogeology of the project area, monitor long-term water levels, and potential response to local and regional pumping.
- Operator GeoXlpor Inc. has contracted Harris Drilling Exploration and Associates Inc. to provide drilling services and support testing.
Phase 2 will examine the characteristics of the highly prospective lithium brine aquifer in the lower gravel unit intercepted in DH-1. The program will focus on characterizing the potential vertical and lateral extent of lithium brines in deeper gravels near the contact with bedrock. The Program will assess the potential for continuity with the regional lithium brine reservoir in Clayton Valley.
ACME is well funded by strategic investors and positioned to complete its exploration and development objectives through the near term with the goal of providing a domestic supply of lithium to the U.S. and Canadian markets.
ACME's project location adjacent to or nearby lithium brine 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, at Shatford, Birse, and Cat-Euclid Lakes in southeastern Manitoba, and at Bailey Lake in northern Saskatchewan.
On behalf of the Board of Directors
Chief Executive Officer, President and Director
Telephone: (604) 564-9045
Neither the CSE nor its regulations service providers accept responsibility for the adequacy or accuracy of this news release. This news release may contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur and in this news release include but are not limited to the attributes of, timing for and expected benefits to be derived from exploration, drilling or development at ACME's project properties. Information inferred from the interpretation of drilling, sampling and other technical results may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. 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. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from the Company's operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
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