Pan Andean Minerals to acquire 25% of Kibby Li project
2021-02-26 19:52 ET - News Release
Also News Release (C-BEA) Belmont Resources Inc (4)
Mr. Spencer Huh of Pan Andean Minerals reports
PAN ANDEAN MINERALS LTD. ANNOUNCES NON-BINDING LOI WITH BELMONT TO ACQUIRE LITHIUM PROJECT INTEREST
Pan Andean Minerals Ltd. has entered into a non-binding letter of intent (LOI) agreement with Belmont Resources Inc. to acquire a 25-per-cent interest in the A block of the Kibby basin lithium project.
Belmont is the owner of the property known as the A Block, located 65 kilometres north of Clayton Valley, Nevada, United States (2,971-acre, 1,202-hectare claim block).
The Kibby lithium property is approximately halfway between Las Vegas and Reno and located 65 km north of Clayton Valley basin with Albemarle Corp.'s lithium brine producing operations (Silver Peak mine). Analyzing geophysical and drilling data, Belmont believes there is great potential for both brine and clay lithium in the Kibby basin.
"The Kibby lithium property adds significant upside potential to the company's position," said Spencer Huh, president and chief executive officer of the company.
This non-binding LOI allows for a 15-day period which Pan Andean will perform due diligence on the A block.
About Pan Andean Minerals Ltd.
Pan Andean Minerals is a Vancouver-based junior resource company focused on battery metals exploration in North America. The company has staked new mining claims in Golden, B.C., along a strike with a quartzite bed, targeting silica in the quartzites for a total of 467 hectares. The company focuses on exploring and producing silicon, which, when added to anode materials in the production of lithium-ion batteries, provides improvements in capacity and efficiency over lithium-ion batteries using graphite in their anode materials. The company intends to become an integrated silicon producer and anode materials supplier to the electric vehicle industry.
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