Alset Minerals Acquires New Salars for Lithium and Potassium Exploration
July 12, 2017 (Source) – Alset Now Has Major Position in New Lithium-Potassium Province in Mexico
Alset Minerals Corp. (TSXV: ION) (“Alset” or “the Company”) is pleased to announce it has acquired 5 additional salars bringing the total to 12 salars in Mexico. Alset now has a major land position in a new province of highly prospective salars that were identified in the 1980s by the Servicio Geologico Mexicana (SGM) when they declared the region including the states of Zacatecas and San Luis Potosi, Mexico as having the highest priority for lithium.
Both lithium and potassium, have been found in Alset’s original salars, as well as other minerals such as boron that are important for fertilizers. Much like other salars throughout the world, lithium and potassium and other minerals are found to co-exist in both the brines and in the soils. This is somewhat unique in the mining sector as these mineral occurrences essentially outcrop across the entire salar.
One of the salars identified by SGM as having the highest priority was the Hernandez salar, a location of historical production of salt from brines going back over 100 years. These new salars complement Alset’s current portfolio and once regulatory approval is received will give Alset a 100% interest in a group of salars that cover an entire province.
Allan Barry Laboucan, President and CEO of Alset said: “Management has been impressed with the success we have had with the exploration of our original group of salars. As previously reported from the work on our original group of salars we have found high-grade lithium-potassium in some of those salars, they are in a mining friendly jurisdiction with excellent infrastructure. Alset currently has a large number of brine and soil samples being processed, the company decided that this would be an appropriate time to acquire further salars in the area. We are fortunate to be involved in a sector that will be crucial for the energy industry with lithium needed for energy storage and having the bonus of potassium crucial for the production of fertilizers needed for farming in Mexico. With our new acquisitions, we will have a 100% interest in a group of salars that span an entire province.”
About the Acquisition Agreement
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Alset will, subject to regulatory approval, acquire a 100% interest in the new salars by issuing 4,000,000 shares plus a 2.5% NSR to Hot Spring Mining, a Mexican mining company. Alset will have the right to purchase up to 1.5% of the NSR for CAD $500,000 for each half- percent.
Gilberto Zapata Castañeda, MBA and José de Jesús Parga Pérez, Geologist, managing partners of Hot-Spring Mining, will be paid a consulting fee of $1500 CAD each per month for an initial six-month period which can be extended. These gentlemen have extensive experience in mining and exploration in Mexico and will be crucial to Alset’s success in advancing the projects.
Alset’s New Salars
These new salars have seen very little modern work but in several instances, have had producing operations going back over many decades. These salars were important sources of salt for the renowned silver mines in the region.
The Hernandez Salar, situated in the state of San Luis Potosi, is a past producer of salt from brine which was pumped to the surface to feed nearby evaporation ponds. Methods used in the past although somewhat rudimentary are quite similar to current techniques which indicates the potential this salar has to benefit from using modern equipment.
The Salitral Salar, located in the state of San Luis Potosi, is like the Hernandez Salar in that it also produced salt from brines that were pumped into nearby evaporation ponds.
El Agrito Salar
The El Agrito Salar, located in the state of San Luis Potosi, is also a past producer of salt from brines. Old workings at this salar suggest the brines were sent by a system of aqueducts to evaporation ponds located in the southern end of the salar.
Las Casas Salar
The Las Casas Salar, located in the state of Zacatecas, has seen no historical production or modern exploration. In limited prospecting by Alset’s geologist, effluents of sulfates near the northern limit of the salar were identified, which indicates the possible presence of sub-surface brines.
El Barril Salar
The El Barril Salar, situated in the state of San Luis Potosi, has seen no modern exploration and due to recent heavy rain, Alset has not yet completed sampling or prospecting.
Summary of New Salars
All these new salars, much like our original group of salars previously acquired by Alset, have excellent infrastructure with small towns close to them that have roads and power. Those roads connect to highways in close proximity.
Some of these salars have been sampled in the past by the SGM and showed promising grades of lithium and potassium. This historical data will be used to help guide our exploration efforts and to prioritize the work.
Recent Sampling at New Salars
Recently, Alset completed a first phase exploration program on the new salars that included auger drilling down 1 metre to take a soil sample and in some locations a brine sample. This material from soil and brine sampling will be submitted shortly for chemical analysis. Once received we will report the results and will use them to guide upcoming exploration.
Emily Hanson, PGeo, Vice-President of exploration for Alset Energy, is the qualified person responsible for this release and has prepared, supervised and approved the preparation of the scientific and technical disclosure contained within the release.
Alset has agreed to the sale of its interest in the Wisa Lake project, for the sum of $50,000 CAD to Ardiden Limited, which will be completed shortly. This project is a non-core asset and management of Alset is committed to focusing all its efforts and attention on its lithium-potassium projects in Mexico.
The Company is also issuing 250,000 options to a director of the Company at an exercise price of $0.15 for a three-year period.
About Alset Minerals (TSXV: ION)
Alset Minerals Corp. is a TSX-V listed junior exploration company focused on exploring and development of a group of high-grade lithium and potassium projects in the Central Mexican Plateau. The Company is actively exploring in Mexico.
On behalf of the Board of Directors of Alset Minerals Corp.,
“Allan Barry Laboucan”
Allan Barry Laboucan, President and CEO
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.”
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