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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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https://images.newsfilecorp.com/files/7776/144081_fig1.jpg
Figure 2. Gravity and HSAMT Surveys Station Location Map
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https://images.newsfilecorp.com/files/7776/144081_fig2.jpg
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
Stephen Hanson
Chief Executive Officer, President and Director
Telephone: (604) 564-9045
info@acmelithium.com
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. 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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