nice press release!!Great to see this news out yesterday and the stock pop 37%...
Lithium Corporation Reports on SignificantResults at Its Fish Lake Project, and Progress at the Salt Wells andCortez Valley Projects7/5/2011 8:30:01 AM - Business Wire
RENO, Nev., Jul 05, 2011 (BUSINESS WIRE) --
LithiumCorporation (OTCBB: LTUM) (the "Company", or "Lithco") ispleased to announce it has received very positive results from thesecond phase of sampling from the spring work program at Fish LakeValley. Additionally the company would like to provide an update onprogress at both the Salt Wells and Cortez prospects.
Subsequentto Lithium Corporation's April 28th announcement, follow-up nearsurface brine sampling on the Company's Fish Lake Valleyprospect has better defined an anomalous area that is 1.3 miles wide by2 miles long, where Lithium values are in excess of 50 mg/L, andBoron and Potassium levels are also elevated. Within thisanomalous area lies a zone that measures 1 x 1.2 miles, where thelithium contents of the brine samples are all in excess of 80mg/L, Boron values are greater than 1135 mg/L, and Potassiumlevels are 4000 mg/L (0.4%), and above. In turn this anomalousarea encapsulates a more enriched zone which measuresapproximately 0.87 miles by 1.05 miles. Within this zone Li inbrine values range from 100 to 150 mg/L, with Boron ranging from 1500 to2670 mg/L, and Potassium from 5400 to 8400 mg/L. The averagecontent of the brine samples taken within this highly anomalouszone is; Lithium 122.5 mg/L, Boron 2219 mg/L, and Potassium 7030mg/L.
Magnesium content in the brine is extremely low within theFish Lake anomaly with the highest sample value being only 1.5mg/L. This is especially good news as elevated Magnesium contentin brines increases processing costs considerably, so at theCompany's Fish Lake Project it is conceivable that low-magnesiumlithium brines with moderate Boron and Potassium contents may beeconomically viable. The Company is planning to drill thisprospect in September when ground conditions allow better access.
Elsewhere in Nevada, Lithium Corporation expects to begindrilling at its Cortez prospect in Lander County during the firstweek of July. After a year and a half of fieldwork and detailedstudies of the basin, the Company looks forward to additionalfieldwork at the prospect. At Salt Wells Lithco suspendeddrilling operations after four holes were completed due to poorsurface access conditions in the Eight Mile Basin. The deepesthole drilled on the northern fringes of the anomaly outlinedduring the course of an earlier brine sampling program (described in thepress release dated May 09, 2011) was 210 feet, and results arepending. The Company intends to return to this area in earlyAugust to finish the drill program.