Cruz hits Li-bearing clays in all Solar phase 3 holes
2023-02-24 09:54 ET - News Release
Mr. Jim Nelson reports
CRUZ INTERSECTS TARGETED POTENTIAL LITHIUM BEARING CLAYS IN EVERY HOLE OF PHASE-3 DRILL PROGRAM ON THE SOLAR LITHIUM PROJECT IN NEVADA, DIRECTLY BORDERING AMERICAN LITHIUM CORP.
Cruz Battery Metals Corp.'s phase 3 drill program comprising four core holes has now been completed on the 100-per-cent-owned, 8,135-acre Solar lithium project in Nevada, directly bordering American Lithium Corp.'s TLC project.
Frank Bain, the on-site PGeo and a director of Cruz Battery Metals, stated: "The four completed core drill holes all intersected potential lithium-bearing clays with one hole intersecting more than 500 feet of green and black clays, shales and siltstone of the Siebert formation. The Siebert formation is the same host rock for the lithium mineralization found on the Solar lithium project and on American Lithium Corp.'s TLC discovery that is adjacent to Cruz Battery Metals."
The Solar lithium project directly borders American Lithium's TLC project. On Dec. 1, 2022, American Lithium announced an updated resource estimate, prepared by Stantec Consulting Ltd., for the TLC lithium claystone property containing 8.83 million tonnes lithium carbonate equivalent (LCE) measured and indicated with another 1.86 million tonnes LCE inferred. Cruz Management cautions that past results or discoveries on properties in proximity to Cruz may not necessarily be indicative of the presence of mineralization on the company's properties.
Jim Nelson, president of Cruz Battery Metals, stated: "We are pleased to have intersected the targeted potential lithium-bearing clays on every drill hole of the phase 3 drill program, including a drill hole that intersected more than 500 feet of potential lithium-bearing clay. This is our first lithium drill program of 2023, and we anticipate at least two additional phases of drilling on the 8,135-acre Solar lithium project within this calendar year. We are encouraged by the fact that the phase 1 and 2 drill programs discovered the presence of lithium in all holes drilled to date. We anticipate generating our maiden resource estimate in 2023. Cruz is one of the largest landholders in the Big Smoky Valley of Nevada, directly bordering American Lithium, who recently announced a substantial increase to their resource estimate along with uplisting to the Nasdaq, and they currently have a market cap of approximately $900-million. The company is well funded with more than $3-million in the treasury and Cruz's goal is to locate and provide a new, domestically sourced, battery-grade lithium deposit. We couldn't be more optimistic about the future of the Solar lithium project."
Qualified person
The technical contents of this release were approved by Mr. Bain, PGeo, a qualified person as defined by National Instrument 43-101.
About Cruz Battery Metals Corp.
Cruz currently has several projects located throughout North America. Cruz's Nevada lithium projects consist of the 8,135-acre Solar lithium project and the 240-acre Clayton Valley lithium project. Cruz's 6,146-acre Hector cobalt project is located in the vicinity of the town of Cobalt, Ont., which is prospective for cobalt, silver and diamonds. Cruz's Idaho projects include the 2,211-acre Idaho cobalt belt project and the 80-acre Idaho Star cobalt project. Management cautions that past results or discoveries on properties in proximity to Cruz may not necessarily be indicative of the presence of mineralization on the company's properties.
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