DENVER--(EON: Enhanced Online News)--Sovereign Lithium, Inc. (OTCBB: SLCO) ("Sovereign Lithium" and/or "the Company") announces it has renewed 31 claims, (4,960 acres), on the Big Smoky Valley (BSV) Lithium Project for another year on the basis of the results of a Gravity Survey (i.e., gravimetric survey) completed on the project in July 2013.
The Gravity Survey was the initial component of Sovereign Lithium's 2013 exploration program on the BSV property in and around Esmeralda County, Nevada. James Hasbrouck of Hasbrouck Geophysics handled the analysis of the Gravity Survey's data.
As reported in July 2013, the gravity model indicates the presence of a basin that extends over most of the claim block with depths exceeding 500 meters. The defined large catchment basin indicates a geologic structure that has a strong potential for the accumulation of lithium brine from several nearby sources. The defined gravity basin is comprised of two areas of increased bedrock depths separated by a small saddle indicating a large area favorable to the accumulation of lithium bearing brines.
Mr. Hasbrouck's recommendation was for a controlled-source audio-magnetotellurics / magnetotellurics (CSAMT/MT) survey to be conducted in areas selected from the results of the Gravity Survey.
Sovereign Lithium's CEO, Felipe Pimienta, commented: "Based on the positive results of the Gravity Survey, and Mr. Hasbrouck's recommendation, we have renewed most of our leases in order to continue on with our BSV Property exploration program. The survey's data enabled us to determine the areas with the greatest potential for testing during the recommended CSAMT/MT survey."
The Company's decision to renew these Big Smoky Valley leases also took into consideration recent industry activity in the area. In particular, on October 28, 2013, Ultra Lithium Inc. (ULI) announced it had signed a non-binding Letter of Intent with CCG Mining Inc. in a joint venture to explore and develop ULI’s South Big Smoky Valley property in Esmeralda County, Nevada.
The region around Sovereign Lithium's BSV leases is surrounded by lithium-bearing rhyolites that are among the richest in the world according to US Geological Survey (USGS) information, and USGS reconnaissance drill holes on or near the BSV property yielded lithium values averaging 160ppm, according to a 1974 USGS report. The BSV Project is also adjacent to America’s only producing lithium mine, Chemetall Foote's Silver Peak Mine in Clayton Valley (producing for 40+ years at a rate of ~5,000 lithium carbonate equivalent tonnes per year).
Learn more about the Big Smoky Valley Lithium Project, the Company, and its recent news at Sovereign Lithium’s website: http://www.sovereignlithium.com.
ABOUT SOVEREIGN LITHIUM, INC.
Sovereign Lithium, Inc. is a publicly traded (OTCBB: SLCO) mineral exploration and development company focused on supporting America’s growing clean energy and clean tech industries. Based in Denver, Colorado, Sovereign Lithium is dedicated to responsibly identifying, acquiring and developing mineral assets in America and US-friendly countries. The Company’s portfolio of projects primarily targets lithium production with a sub-focus on rare earth elements (REE), both of which are essential to America's clean energy and clean tech industries. For more information on the Company and its activities, visit Sovereign Lithium’s website at http://www.sovereignlithium.com.
ON BEHALF OF THE BOARD OF DIRECTORS,
Sovereign Lithium, Inc.
Felipe Pimienta, CEO
999 18th Street
This press release includes certain statements that are forward-looking in nature and that involve a number of uncertainties and risks. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this press release are based on Sovereign Lithium, Inc.'s current expectations and projections regarding future events, which are based on currently available information. The forward-looking statements in this press release may also include statements relating to Sovereign Lithium Inc.'s anticipated new developments, business prospects, financial performance, strategies and similar matters. Sovereign Lithium, Inc. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
1. Ultra Lithium press release, Oct. 28, 2013.