Avarone Metals to Dril 20 Short Drill Holes at Moab Project

Avarone Metals (CSE:AVM) plans to begin a sub-surface sampling program at its Moab lithium project in Nevada’s Big Smoky Valley. The program will consist of 20 short drill holes, to be drilled to a depth of up to four meters.
As quoted in the press release:

The drilling will be conducted utilizing Vibracore electric drills, pulling large diameter NQ2 core, which should provide a much better and accurate profile versus traditional hand augers. The Company is currently in the process of permitting the program and anticipates being on the ground at the end of April 2016. In December of 2015, Ultra Lithium completed surface sampling of its Big Smoky Project (which lies in the same enclosed basin and adjoins the Moab Project) confirming the presence of anomalous lithium, boron and potassium, as well the presence of lithium in the South Big Smoky hydrogeological system. Access to the Moab Lithium Project is excellent and lies adjacent to highway 95.
The primary target at Moab is a horseshoe shaped gravity low anomaly that has been interpreted as an in filled basin. Exploration of the Big Smoky Valley by the USGS in the 1970’s culminated in the drilling of two Reverse Circulation holes, both of which encountered anomalous concentrations of lithium that were highly similar to those encountered in the Clayton Valley, just to the south, and where the Silver Peak Mine is located. Hole BS-13, which is located just 2.4 kilometers east of the Moab project border was designed to test the same basin covered by the Moab Project and Ultra Lithium’s Big Smoky Valley Project. Hole BS-13 was terminated at 675 feet, and geochemical analysis revealed lithium in sediments ranging from 48ppm – 365ppm and averaging 160ppm. This is considered significant, as the cut-off grade used by Pure Energy for their resource calculation is only 20ppm.

Avarone CEO, Mike Levy, said:

We are excited to start our initial phase of exploration work on the Moab project. Based on the initial results of this program, we intend to further define our next phase of an aggressive deep hole drill program. Tesla has taken over 325,000 reservations for the Tesla Model 3, which corresponds to about $14 billion in implied future sales. This supports the growing need for increased lithium production. Avarone’s Moab brine project, located in Nevada near the Tesla Gigafactory, has the potential to deliver excellent returns for our stakeholders over the longer term.

Click here for the full press release.