Vancouver, BC - TheNewswire - November 10, 2020 - Dajin Lithium Corp. ("Dajin") (TSXV:DJI) (OTC:DJIFF) (FSE:C2U1) announces that it has entered into an Earn-in Agreement with Lone Mountain Resources, LLC ("LMR"), a privately held US Lithium exploration and development company, on a package of 62 Lithium mining placer claims covering an area of approximately 1,240 acres in the Alkali Lake valley. The Alkali Lake valley is located in Esmeralda County, approximately 7 miles northeast of Albemarle's Silver Peak mine, the only producing Lithium brine operation in the USA.
In the terms of the Agreement, LMR will make an initial one-time payment to Dajin of US $25,000 upon signing, and LMR has the right to acquire up to 75% ownership interest in all of Dajin's Alkali Lake claims by making project related expenditures of at least US $200,000 prior to August 31, 2022. LMR has agreed to commence an initial work plan that consists of additional surface sampling and geoscience work to define the optimal surface location for an exploration well expected to be drilled to a depth of 1,500 feet to assess rock and brine properties.
The Agreement encompasses a 3-mile area of interest around the current claims. Upon satisfying the terms of the Agreement, Dajin may enter into a joint venture mining agreement or retain a royalty interest of 3% of the value of all minerals extracted and sold by LMR. LMR shall have the right to purchase the 3% royalty from Dajin for US $1,500,000.
LMR is affiliated with Lilac Solutions, Inc. a well financed lithium extraction technology company that LMR anticipates will provide technology and services to advance the project.
About Dajin Lithium:
Dajin Lithium Corp. is a Lithium exploration company with brine-based Lithium exploration projects located in Argentina and Nevada. In February 2018, Dajin announced exceptional Lithium brine assay results from 25 shallow pits ranging from 281 mg/litre to 1,353 mg/litre, averaging 591 mg/litre on the Salinas Grandes salar in Jujuy province, Argentina (geochemical map). Dajin holds a 49% Joint Venture interest in 230,000 acres in Jujuy province with Litica Resources S.A., an operating subsidiary of Pluspetrol Resources Corporation, a major international Argentinian oil and gas company.
In Nevada, Dajin holds a 100% interest in 403 placer mining claims covering 7,914 acres in the Teels Marsh valley of Mineral County, Nevada. Dajin has acquired the water rights in the Teels Marsh valley and has received all of the necessary permits for drilling, with engineered access roads and two large drill pads constructed. These claims are known to contain Lithium and Boron values.
ON BEHALF OF DAJIN'S BOARD OF DIRECTORS
Brian Findlay
President & CEO
604-681-6151
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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