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Vancouver, British Columbia / TheNewswire / July 20, 2017 - Alba Minerals Ltd. ("Alba") (TSX-V:AA; AXVEF:US; Frankfurt: A117RU) is pleased to announce it has signed an option agreement to acquire 100% of the Quiron II lithium project, consisting of 2,421 hectares of prospective exploration property in the Pocitos Salar, Province of Salta, Argentina. The Project is located approximately 7 km South East of Millennial Lithium - Southern Lithium JV Pocitos North Cruz Brine Project and 12 km northeast from the Liberty One Lithium Corp. Pocitos West Project.
The Quiron II property is located within South America's Lithium Triangle (northern Chile, northwestern Argentina and southwest Bolivia), where over half of the earth's identified resources of lithium exist and companies like SQM, FMC and near term producer Ady Ressources are currently mining lithium carbonate.
The Quiron II asset has exceptional geological conditions and strategic location. Hydro geologically it is situated in Pocito's North East flank where the affluents from El Quevar contributes towards the Salar and on the intersection between the Quebrada de Incahuasi and Pocitos Salar subterraneous Aquifer Systems.
The exceptional location of the Property in terms of infrastructure is due to the fact that the Belgrano Cargas rail line Ramal 14 (connecting Estacion de Pocitos with the Chilean deep water port of Antofagasta) main provincial road N? 17 to access the Puna high voltage electricity line and high-pressure gas pipeline are going through the property, allowing exploration and future production activity to occur without any significant holdups.
The 60-kilometer long Pocitos Salar Basin has been superficially explored for the first time in 1979. Since then Lithium values between 100 to 600 parts per million were mentioned by different Canadian and Non-Canadian reporting issuer. (These results are considered historical data).
In a recent study published in the 2016 at the Argentinian Congress of Economic Geology, Dr. Garcia et al. detected very low resistivities at a depth of 65-70 meters in the Northeast of the Pocitos Salar including a portion of Quiron II which can be attributed to sand layers saturated with brines. These Data are very encouraging to continue exploration of the intersection zone and alluvial cone in order to define the potency, thickness and limits of subterraneous facies within the exploration asset.
The terms of the definitive agreement to exercise the option of the 100% interest in the Quiron II property Alba must do the following:
Date | Cash Considerations | Shares Issued | Work Obligations |
On signing of the Definitive Agreement | US$50,000 | 2,400,000 | Nil |
On Exchange approval | US$50,000 | 0 | Nil |
On exploration EIA approval | Nil | Nil | US$400,000 (over 18 months) |
On month 18th and to gain 100% of the project | US$200,000 | 3,600,000 | Nil |
TOTAL | US$ 300,000 | 6,000,000 | US$400,000 |
QUIRON II PROPERTY MAP
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Alba Minerals Ltd. (TSX-V: AA.V, AXVEF:US, Frankfurt: A117RU) is a Vancouver based junior resource company focusing on the development of Lithium Properties in the Clayton Valley of Nevada and Salta Lithium Projects in Argentina.
Please visit our web site for further information: www.albamineralsltd.com.
ON BEHALF OF THE BOARD OF DIRECTORS
This is a key property acquisition that helps strengthens Alba Minerals position as a serious exploration lithium company.
/s/ "Sandy MacDougall"
Chairman
Alba Minerals Ltd.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, statements regarding the acquisition of the Quiron II Project.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
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