11:57:09 EDT Sun 15 Sep 2019
Enter Symbol
or Name

Aldever Resources Inc
Symbol C : ALD
Shares Issued 78,984,044
Close 2016-02-11 C$ 0.145
Recent Sedar Documents

Aldever receives TSX-V approval for Miller's Playa

2016-02-17 12:27 ET - News Release

Mr. Clive Massey reports


On Feb. 12, 2016, the TSX Venture Exchange accepted for filing an agreement with an arm's-length vendor, by which Aldever Resources Inc. can earn a 100-per-cent interest in the Miller's Playa lithium project, comprising 1,920 acres (777 hectares) of contiguous placer claims, located in the Big Smoky Valley, Esmeralda county, Nevada. The Big Smoky Valley is located immediately north of the Clayton Valley, home to Albemarle's Silver Peak lithium mine (in continuous operation since 1967), and is where Pure Energy recently identified a National Instrument 43-101-compliant inferred resource of 816,000 metric tonnes of lithium carbonate equivalent at a cut-off of 20 milligrams per litre in brine (technical report (2015), Spanjers, MS, PG).

The Miller's Playa project is located east of ground held by Ultra Lithium and is approximately 40 kilometres north of the Silver Peak mine. The principal target at the Miller's Playa project is a large northeast-trending gravity-low anomaly, which is suggestive of an infilled basin. The project directly adjoins Unity Energy Corp's Miller's Crossing project to the south. The Big Smoky Valley was investigated with regional reverse circulation drilling in 1979 by the United States Geological Survey, and anomalous lithium values were encountered in the basin sediments. The quality and concentrations of lithium brines discovered in the Clayton Valley may be present in the Big Smoky Valley.

Tesla Motors, which in September, 2015, signed an off-take agreement with Pure Energy, is driving the current lithium exploration boom in Nevada. Tesla is building a lithium-ion battery factory, called the Gigafactory, just outside of Sparks, Nev., which is scheduled to be operational in 2016/2017. The Miller's Playa project is located approximately 225 kilometres southeast of the Gigafactory site.

Under the terms of the agreement, the company can earn a 100-per-cent interest in the claims by issuing to the vendor 2.7 million common shares within five days of TSX-V approval. The company is also obligated to make cash payments of $50,000 within 18 months and $150,000 within 36 months of TSX-V approval. A 1-per-cent gross overriding royalty has also been granted to the vendor, of which 0.5 per cent can be purchased by the company for $1-million. All shares issued are subject to a statutory hold period of four months plus a day from the respective date of issuance, in accordance with applicable securities legislation.

Regarding the company's entrance into the lithium space and to provide a general corporate update to shareholders, president Clive Massey said: "Over the last 12 months, the company has achieved several corporate development milestones. Aldever underpinned its share value with the acquisition of two advanced base metal projects, the Poplar and Scotia, both of which have NI 43-101 resources.

"Believing that the long-term outlook on gold is positive, Aldever acquired two prospective Quebec gold projects, both in prolific exploration camps: the Urban Barry and Val d'Or. The 2016 exploration budgets for these two projects are $1.5-million.

"Wanting to further increase blue-sky potential for the investor, the company recently entered the lithium space. The current boom in lithium, an element critical in powering [electric] cars, is driven by the fact that virtually every car manufacturer now produces an electric car. The company has chosen to focus its lithium exploration efforts in Esmeralda county, Nevada, as this is the only county in America which has proven that a playa deposit can be discovered and successfully put into production. Albemarle's Silver Peak mine, which produces lithium and a variety of other related chemicals, has been in operation since 1967. In addition, Tesla, which is building a battery factory just outside of Reno, has shown support for lithium mining activities in Nevada.

"In closing, it is my strong belief that, to be successful in today's turbulent markets, a company must not only be diversified in its holdings but also offer the investor intrinsic value of established assets alongside the potential for additional growth. The board wishes to take this opportunity to thank its shareholders for their continuing support. We look forward to a prosperous 2016."

The technical contents of this news release have been prepared under the supervision of Dr. Peter Born, PGeo. Dr. Born is a qualified person as defined in NI 43-101 and has approved this news release.

We seek Safe Harbor.

© 2019 Canjex Publishing Ltd. All rights reserved.