Aldever Resources Inc. (ALD—TSXV) (ALDVF—OTCQB) (17G1—Frankfurt) (“Aldever” or the “Company”) is pleased to announce that on February 12, 2016, the TSX Venture Exchange accepted for filing an agreement with an arm’s length vendor, by which the Company can earn 100% interest in the Miller’s Playa Lithium Project, comprised of 1,920 acres (777Ha) of contiguous placer claims, located in the Big Smoky Valley, Esmeralda County, Nevada. The Big Smoky Valley is located immediately north of the Clayton Valley, home to Albemarle’s Silver Peak Lithium Mine (in continuous operation since 1967), and is where Pure Energy recently identified a NI43-101 compliant inferred resource of 816,000 metric tonnes of lithium carbonate equivalent (LCE)* at a cut-off of 20mg/L in brine. (*Technical Report (2015) Spanjers, MS. PG.)
The Miller’s Playa Project is located east of ground held by Ultra Lithium, and is ~40km north of the Silver Peak mine. The principal target at the Miller’s Playa Project is a large northeast trending gravity low anomaly which is suggestive of an in-filled basin. The project directly adjoins Unity Energy Corp’s Miller’s Crossing Project to the south. The Big Smoky Valley was investigated with regional reverse circulation (“RC”) drilling in 1979 by the United States Geological Survey (USGS) and anomalous lithium values were encountered in the basin sediments. The quality and concentrations of lithium brines discovered in the Clayton Valley may be present in the Big Smoky Valley.
Tesla Motors, which in September of 2015 signed an off-take agreement with Pure Energy, is driving the current lithium exploration boom in Nevada. Tesla is building a lithium-ion battery factory, called the Gigafactory, just outside of Sparks, Nevada, which is scheduled to be operational in 2016/17. The Miller’s Playa Project is located some 225 km SE of the Gigafactory site.
Under the terms of the agreement, the Company can earn a 100% interest in the claims by issuing to the vendor 2,700,000 common shares within 5 days of TSX Venture Exchange approval. The Company is also obligated to make cash payments of $50,000 within 18 months and $150,000 within 36 months of TSX Venture Exchange Approval. A 1% Gross Overriding Royalty (“GORR”) has also been granted to the vendor, of which ½% can be purchased by the Company for $1,000,000. All shares issued are subject to a statutory hold period of four months plus a day from the respective date of issuance, in accordance with applicable securities legislation.
Regarding the Company’s entrance into the lithium space and to provide a general corporate update to shareholders, President Clive Massey said:
“Over the last twelve months, the Company has achieved several corporate development milestones. Aldever underpinned its share value with the acquisition of two advanced base metal projects, the Poplar and Scotia, both of which have NI43-101 resources.
Believing that the long term outlook on gold is positive, Aldever acquired two prospective Quebec gold projects, both in prolific exploration camps: the Urban Barry and Val D’Or. The 2016 exploration budgets for these two projects are $1,500,000.
Wanting to further increase blue sky potential for the investor, the Company recently entered the lithium space. The current boom in lithium, an element critical in powering eclectic cars, is driven by the fact that virtually every car manufacturer now produces an electric car. The Company has chosen to focus its lithium exploration efforts in Esmeralda County Nevada, as this is the only county in America which has proven that a playa deposit can be discovered and successfully put into production. Albemarle’s Silver Peak Mine, which produces lithium and a variety of other related chemicals, has been in operation since 1967. In addition, Tesla, which is building a battery factory just outside of Reno, has shown support for lithium mining activities in Nevada.
In closing, it is my strong belief that to be successful in today’s turbulent markets, a Company must not only be diversified in its holdings but also offer the investor intrinsic value of established assets alongside the potential for additional growth. The board wishes to take this opportunity to thank its shareholders for their continuing support. We look forward to a prosperous 2016.”
The technical contents of this news release have been prepared under the supervision of Dr. Peter Born, P. Geo. Dr. Born is a Qualified Person as defined in NI 43-101, and has approved this news release.
For further information, please contact:
Clive Massey, President
Aldever Resources Inc.
Phone: (604) 622-1199
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward‐looking statements”. Forward‐looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.