Pacific North West Capital (
TSX: V.PFN,
Forum) continued to add lithium properties to its portfolio when the company announced yesterday acquiring its 4
th 100% lithium project, Lithman North Project in southeast Manitoba. The company also announced today that it had completed its 100% acquisition of a strategic lithium brine project in Clayton Valley, Nevada.
According to the earlier
news release, the Lithman North Project is 15 kilometres northwest of the Tanco Mine in southeast Manitoba. The project is also approximately 17 kilometres to the northwest of the Lithium West Project and 12 kilometres north of the Lithium One Project.
The company feels the Lithman North Project has the potential to host additional lithium-bearing pegmatites similar to others found in the region. The area has sound infrastructure and hosts active mining activities.
According to today’s
news release, the option to acquire 100% of a Clayton Valley Fork Li Project was completed today. Clayton Valley hosts North America’s largest lithium carbonate production evaporation operations derived from lithium brines.
Exploration planning for the Fork Li Project is nearing completion with ground work slated to commence summer/fall 2016.
Company Chairman and CEO, Harry Barr, commented, “With the completion of this acquisition, our company has acquired its first strategic USA Lithium Brine asset. The Clayton valley Fork Li Project is situated in North America’s only Lithium Brine producing area, where approximately 4% of the world’s supply of Lithium Brine is produced.”
He then summed up, “Due to growing demand, decreasing supply and increasing price of Lithium, Clayton Valley has become host to one of the largest project acquisitions and staking rushes in recent Nevada history. We look forward to developing and implementing an aggressive exploration and development program on this strategic project.”
Pacific North West Capital was in the news recently when
the Vancouver-based company announced three days ago that it was increasing its recently announced private placement to $1.5 million.
Currently there are 48.52m outstanding shares with a market cap of $3.15 million.
FULL DISCLOSURE: Pacific North West Capital is a Stockhouse Publishing client.