Elko, Nevada--(Newsfile Corp. - May 26, 2020) - Lithium Corporation (OTCQB: LTUM) ("LTUM" or "the Company"), a North American company focused on energy metals for the growing energy storage sector and high tech industries, is pleased to provide an update with respect to developments over the past couple of months. While the Covid-19 crisis slowed work on some fronts, the Company has strived to make use of this time as effectively as possible.
Recently, the company submitted verification samples to a North American lithium processor from earlier drilling programs at its Fish Lake Valley lithium-brine prospect in Esmeralda County, Nevada. This was done to verify earlier results and mainly to determine the amenability of the FLV brines to ionic lithium extraction. Early tests have been favorable and work is ongoing. The Company is in talks to provide a bulk brine sample.
Progress continues at the Hughes property in the historic Tonopah mining camp in Nye County, Nevada where Lithium Corporation holds a 25% interest through its ownership in Summa, LLC. The Optionee - Summa Silver Corp (SSVR) - a Canadian Stock Exchange listed (CSE) company, announced a $5,000,000 private placement to fund exploration work on the property, and also recently increased the size of the land package to 2,547 acres (1031 hectares) of highly prospective ground. The Hughes Tonopah property features the eastern portion of the famous past-producing Tonopah mining district, including the Belmont Mine, arguably the most significant past-producer in the camp. The Belmont is reported to have produced 36.7 million ounces of silver and 428,000 ounces of gold from 2.1 million tons of rock. The mine has remained inactive since commercial production ceased in 1929 due to heavily depressed metal prices. No modern assessment of remaining potential has ever been completed. Preliminary 3D modeling of the veins shows a number of high potential walk-up targets. In addition, the property features a 5-km strike extension of the famous Tonopah mining district where preliminary exploration, completed by a past operator in the late 1980's, uncovered new mineralized zones and extensive hydrothermal alteration. Underpowered drilling equipment and slashed budgets prevented the potential realization of a significant new discovery. Lithium Corporation has continued to assist on the mineralized tailings/mine dumps portion of the project.
Lithium Corporation continues to comply with all governmental suggestions and restrictions with respect to limiting the spread of the Novel Coronavirus, and is pleased with the recent decrease in cases and loosening of restricted activities. The Company anticipates the eventual full reopening of the border with Canada, which will facilitate work on the Company's 100% owned Yeehaw Titanium/Rare Earth Element property in southern British Columbia. Lithium Corporation wishes to remind all to remain vigilant and stay safe with regard to the virus.
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada devoted to the exploration for energy storage related resources throughout North America, and looking to capitalize on opportunities within the ever-expanding next generation energy storage markets. The Company maintains a strategic alliance with Altura Mining, an ASX listed Lithium mining company that is currently producing at near nameplate capacity at its 100% owned world-class Pilgangoora lithium pegmatite mine in Western Australia. Website: www.lithiumcorporation.com
Tom Lewis, CEO
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of minerals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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