Pure Energy Minerals Announces Phase 2 Drill Results

Pure Energy Minerals (TSXV:PE) announced results of well sampling from its phase 2 drill program at its Clayton Valley South project.
As quoted in the press release:

The phase 2 drill program consisted of three wells: CV-4, CV-5, and CV-6, which were major step outs to the south, extending up to 6 kilometres (3.7 miles) beyond the previous limit of drilling. The technical team designed these wells to target lower grade brines of the southern resource area from approximately 150 to 500 metres (500 to 1600 feet) below surface. The results from wells CV-4, 5, and 6 included no significant lithium values, but the data indicate the presence of an active geothermal system that may have a significant impact on fluid compositions in portions of the southern resource area.
Phase 3 drilling continues, as Harris Exploration Drilling has advanced CV-3 to approximately 427 metres (1,400 feet) below surface. The new well was collared approximately 200 metres (660 feet) east-southeast of CV-1; it will serve the dual purpose of a deep exploration well and a monitoring well for future pumping tests. The drillers are using rotary coring techniques to take CV-3 towards a target depth of 490 metres (1,600 feet) below surface, and there are sufficient supplies on site to advance the well deeper if conditions permit. Core recovery has been excellent ( > 95%) so far, recovering multiple representative sections of core from various aquifers for testing of physical and hydrogeological properties at accredited laboratories.

Pure Energy Minerals CEO, Patrick Highsmith, said:

We now have a better understanding of the basin geology, and the geothermal system we encountered with this drilling in the southern resource area is a complexity. Drilling continues in the northern resource area and the results so far are encouraging. Subject to the completion of our ongoing drill program and updated mineral resource, we anticipate the southern resource area to contract, but due to the low-grade assumptions in that area, it should have a positive impact on the average grade of the estimated inferred resource. If that is the case, we believe higher average grades will bode well for the potential processing economics in the future.

Click here for the full press release.