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ACME Lithium Inc. (CSE: ACME) (OTCQX: ACLHF) (the "Company", or "ACME") is pleased to report that the Company has successfully completed a 10-day pumping test at test well TW-1 located in Clayton Valley, Nevada. The data generated during the test will be used to estimate the transmissivity and the storativity of the Lower Gravel Unit (LGU) at the TW-1 location. Preliminary Phase 1 and Phase 2 data suggest the perforated casing of TW-1 captures approximately 500 feet of potential lithium brine aquifer hosted in the LGU. The LGU is the basal gravel overlaying bedrock in Clayton Valley.
Figure 1: Lithium Brine Samples, Clayton Valley Nevada
State permits limited pumping from TW-1 to a maximum rate of 100 gallons per minute (gpm), with total discharge not to exceed 5-acre feet. This permit requirement was strictly adhered to during the test. However, the drawdown measured at a pumping rate of 95 gpm over 10 consecutive days suggests the LGU would sustain significantly higher extraction rates over time, and that TW-1 is in a potential production aquifer in Clayton Valley.
A range of brine samples were collected during the pumping test. These samples were submitted to Nevada certified laboratories for multi-element chemical analyses, to include total and dissolved lithium. Bulk samples were also collected for potential bench-scale testing for Direct Lithium Extraction (DLE) and processing. Preliminary results from the TW-1 pumping test and laboratory analyses are anticipated to be available by end of August 2023.
Intact HQ core recovered from DH-1 was submitted to GeoSystems Analysis Inc. The core was submitted with brine collected from the TW-1 pumping test. The core and brine sample will be used for laboratory testing of drainable porosity (Specific Yield). The results of the laboratory testing of the core samples and the results from the TW-1 pumping test will be used to assess the potential volume of lithium enriched brine and extractability of the brine from the LGU aquifer through pumping. With further evaluation and results pending, the assessment of extractable brine volume and concentration of lithium in the brine will be used to infer if a lithium resource potentially exists at the ACME project.
William Feyerabend, Certified Professional Geologist and Mathew Banta, Certified Professional Hydrogeologist are qualified persons as defined by NI 43-101 and have 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
Steve Hanson
Chief Executive Officer, President and Director
Telephone: (604) 564-9045
info@acmelithium.com
For Investor Inquiries
Anthony Simone
Simone Capital
Telephone: (416) 818-5154
asimone@simonecapital.ca
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/177491
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