Vancouver, British Columbia--(Newsfile Corp. - April 26, 2023) - US Critical Metals Corp. (TSXV: USCM) (OTCQB: USCMF) (FSE: 0IU0) ("USCM" or the "Company") is pleased to provide an update on its permitting efforts to diamond drill up to 2,000 meters and provide an outline of the proposed program at the Clayton Ridge Lithium Property ("Clayton Ridge" or the "Project"). The Project is located in Esmeralda County, Nevada and spans a total of approximately 3,600 acres within the Clayton Valley region, which is the only lithium producing region within the US. USCM has the right to a 100% interest in the Project subject to completing the following in 2023: (i) drill 1,500 meters on the Project, (ii) pay US$75,000 in cash to the property vendors; and (iii) issue 500,000 common shares of the Company to the property vendor. Upon completion of the foregoing conditions, USCM will acquire a 100% interest in Clayton Ridge. Clayton Ridge is located in the volcanic mountains above the Clayton Valley, and is strategically located proximate to Century Lithium Corp. and Noram Lithium Corp. The volcanic mountains potentially represent the source of lithium within the lower valley system, as the genesis of the lithium in the region is volcanic in nature.
USCM has engaged Westland Engineering & Environmental Services, Inc. ("Westland") and filed a Notice of Intent ("NOI") with the Bureau of Land Management ("BLM") to permit Phase 1 Diamond Drilling program. Phase 1 will comprise up to 14 diamond drill holes to test the most compelling targets identified to date, as outlined in the location map set forth below. The program will test claystones to depths up to 250 meters and provide invaluable information such as the thickness and grade of the lithium-bearing units.
Mapping at Clayton Ridge shows broad areas of lithium-bearing claystones and volcanic tuffs suggesting a broad lateral extension of mineralization. The mineralized zones extend throughout the property with individual areas covering a surface area of up to 0.5 kilometer by 1.0 kilometer. All sections suggest that the mineralized units extend to the east, with mineralization open in that direction. Anomalous lithium samples from earlier sampling and mapping campaigns of airfall tuffs may add substantial thickness to the mineralized package on the property. In some cases, the estimated thickness of the mineralized package could exceed 200 meters.
This initial phase is intended to test shallow, east-dipping lithium-bearing units with west dipping angle holes to determine the thickness of the units and establish the floor of the lithium-bearing complex, as set forth in the cross section map below. This is the maiden drill program for Clayton Ridge and the Company anticipates that depth, bearing and dip of the drill holes will be adjusted to accommodate the new data from the previous holes during the course of the program. The cross-sections herein will also be revised as more data becomes available during the drilling campaign. Nevertheless, it is important to highlight that multiple additional targets exist within the land package. USCM plans to test these targets in future drill programs.
Each of the drill hole target groups are summarized as follows:
- Targets A to G: Designed to test the southern unit of the property, which produced the highest sample grades (up to 950ppm Li). Mapping estimates total potential thickness of the lithium bearing units of up to 200 meters. The targets appear to be lithologically controlled with up to five lithium-bearing units. These lithium-bearing units comprise air-fall tuff, rhyolite tuff, water-lain tuff, claystone and siltstone.
- Targets H to K: Designed to test the central portion of the property, which overlies older dolomitic rocks in the center of the property. These lithium-bearing units also comprise air-fall tuff, rhyolite tuff, water-lain tuff, claystone and siltstone.
- Targets L to N: Designed to test rock chip anomalies to the north and potentially extend mineralization in that direction. These holes will be drilled subject to permitted disturbance area available.
Figure 1
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Figure 2
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Management Commentary
Mr. Darren Collins, Chief Executive Officer and Director of USCM, comments: "The results of our exploration programs last fall have positioned us with multiple compelling drill targets for the upcoming exploration season. Each of the targets have been selected to test the most compelling portions of the Project identified to date, based on grade and unit dimensions. Completion of this drill program and required payments will position the Company with a 100% interest in Clayton Ridge. Clayton Ridge occupies an elevated basin east of the Clayton Valley deposits and is subject to similar geologic processes as the valley and surrounding lithium deposits. We look forward to drilling these targets as soon as possible."
QP Statement
Robert J. Johansing, BSc (geology), MSc (economic geology), who is a qualified person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects (the "QP"), mapped the clay beds at Clayton Ridge to define the geologic environment and the presence of the noted mineralization. The scientific and technical information contained in this news release has been reviewed and approved by the QP. Robert J. Johansing is a consultant for the Company.
Project Overview
The Clayton Ridge Lithium Property (the "Project") is a lithium claystone deposit located in Esmeralda County, Nevada on the east flank of the Clayton Valley, the only lithium producing region of the United States. The Project is located just 18 kilometers west of Goldfield, Nevada and roughly 17 km southeast of Silver Peak, Nevada, lying within a topographic swale between the Montezuma Range and Clayton Ridge. The Project is comprised of 180 unpatented lode mining claims, covering 3,600 acres, with easy driving access to all claims. The Project is one of several lithium projects in region. In addition to the only operating lithium producer in the US (Albemarle), the Clayton Valley and immediate surroundings host several lithium projects ranging from early- to late-stage exploration (including, but not limited to, Noram Lithium, Pure Energy, American Lithium, Ioneer Ltd., Cypress Development and Spearmint Resources).
About US Critical Metals Corp.
USCM is focused on mining projects that will further secure the US supply of critical metals and rare earth elements, which are essential to fueling the new age economy. Pursuant to option agreements with private Canadian and American companies, USCM's assets consist of four agreements, each providing USCM with the right to acquire interests in five discovery focused projects in the US. These projects include the Clayton Ridge Lithium Project located in Nevada, the Sheep Creek Rare Earth Project located in Montana, the Haynes Cobalt Project located in Idaho, the Lemhi Pass Rare Earth Project located in Idaho and the Long Canyon Uranium Project located in Idaho. A significant percentage of the world's critical metal and rare earth supply comes from nations with interests that are contrary to those of the US. USCM intends to explore and develop mineral resources with near- and long-term strategic value to the advancement of US interests.
For further information please contact:
Darren Collins
Chief Executive Officer and Director
US Critical Metals Corp.
Telephone: 1-786 633-1756
www.uscmcorp.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
This news release contains certain information that may be deemed "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward looking information contained in this press release may include, without limitation, the expectation that the drilling permits will be obtained shortly; the expectation that the Company will complete the acquisition of 100% of the Project in 2023; exploration plans and expected exploration results at the Project, results of operations, and the expected financial performance of the Company.
Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature, forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company's expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company's public disclosure documents filed on the SEDAR website at www.sedar.com.
The forward-looking information contained in this press release represents the expectations of USCM as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While USCM may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
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