Nevada Energy Metals Reports Significant Lithium Results from Nevada Project

- November 14th, 2016

November 11, 2016 – Vancouver, British Columbia- Nevada Energy Metals Inc. “the Company”, (TSX-V: BFF)(OTCQB: SSMLF)(Frankfurt: A2AFBV) is pleased to announce that it has completed a third joint venture option agreement. The Company has entered into an Option Agreement with LiCo Energy Metals Inc. (“LiCo”) dated November 10, 2016 (the “Agreement”) whereby LiCo can acquire an undivided 70% interest, subject to a 3% Net Smelter Royalty, in the Black Rock Desert Lithium Project. The property consists of 128 placer claims (2,560 acres/ 1,036 hectares) located in southwest Black Rock Desert, Washoe County, Nevada. Reno, a major population center lies 177 kilometers to the southwest.

November 11, 2016 – Vancouver, British Columbia- Nevada Energy Metals Inc. “the Company”, (TSX-V: BFF)(OTCQB: SSMLF)(Frankfurt: A2AFBV) is pleased to announce that it has completed a third joint venture option agreement.  The Company has entered into an Option Agreement with LiCo Energy Metals Inc. (“LiCo”) dated November 10, 2016 (the “Agreement”) whereby LiCo can acquire an undivided 70% interest, subject to a 3% Net Smelter Royalty, in the Black Rock Desert Lithium Project.  The property consists of 128 placer claims (2,560 acres/ 1,036 hectares) located in southwest Black Rock Desert, Washoe County, Nevada.  Reno, a major population center lies 177 kilometers to the southwest.  The Agreement is “non-arms’ length” and so constitutes a related party transaction, as the “Company’s” President and CEO is also the President and CEO of LiCo. The agreement is subject to TSX Venture Exchange (the “Exchange”) approval.
COO Tim Fernback States
“This Agreement is an exciting milestone for the Company as it is the third time that the Company has successfully optioned out particular interest in one of its properties to further the lithium property project generator business plan.” 
The geologic setting combined with the presence of lithium in both active geothermal fluids and surface salts within the Black Rock Desert property match characteristics of lithium brine deposits at Clayton Valley, Nevada and in South America.  Geothermal fluids adjoining the claims are known to contain anomalous lithium values and a recently completed surface silt sampling program confirmed values containing up to 520 ppm lithium.  Although geological work has been undertaken for geothermal energy production in the area, the lithium in brine potential of the playa has not been specifically studied.  Initially, the lithium target in this basin was highly conceptual, however, recent exploration results are highly encouraging and warrant a detailed exploration drilling for a Clayton Valley type brine deposit.
Pursuant to the terms of the Agreement, LiCo may exercise the option as follows:

  • making a payment of US$20,000 immediately upon execution of this Agreement;
  • making a payment of US$150,000 upon receipt of the Exchange Approval;
  • completing the issuance to the Optionor of 4,500,000 fully-paid and non-assessable common shares in the capital of the Optionee as follows: 1,500,000 Consideration Shares upon receipt of the Exchange Approval; 1,500,000 Consideration Shares on or before the one (1) year anniversary of the Agreement Date; and 1,500,000 Consideration Shares on or before the two (2) year anniversary of the Agreement Date; and
  • incurring an aggregate of $1,250,000 in Exploration Expenditures on the Property on or before the three (3) year anniversary of the Agreement Date.

Read full press release.
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