Rodinia Lithium Inc. TSX VENTURE : RM
OTCQX : RDNAF
July 12, 2012 09:24 ET
- First Prototype Production Well has Been Successfully Drilled and Installed in Proposed Well Field Site at Diablillos
- In-Fill Drill and Pump Test Program Complete
- Artesian Conditions Present in Numerous Drill Holes on Eastern Portion of the Salar Further Confirm the Near Optimal Acquifer Lithology
- Results from the Latest Drill Program to Produce Updated Resource for Diablillos
TORONTO, ONTARIO--(Marketwire - July 12, 2012) - Rodinia Lithium Inc. ("Rodinia" or the "Company") (TSX VENTURE:RM)(OTCQX:RDNAF)
is pleased to provide a progress update on the Company's 100% owned
Diablillos lithium-potash brine project ("Project" or "Salar" or
"Diablillos") in Salta, Argentina. The Company continues to advance the
project towards feasibility by completing ten additional conventional
mud rotary drill holes that totaled 1604 metres. A prototype production
well, 250 metres in depth, was constructed with 10-inch casing down to
basement. Other drilling initiatives included seven pump testing and
monitoring wells, and two fresh water monitoring well. This latest round
of drilling confirmed previously announced basin lithologies and
provided definitive basin/basement contacts where previously estimated.
William Randall, Rodinia's President & CEO, commented, "Having mobilized an additional rig earlier in the year has enabled us to complete our work program on schedule. We now have all the required information for a resource update, which is the first important step towards completion of the Feasibility Study. We are extremely pleased with the progress our team has made and the results achieved to date."
Three of the drill holes designed for pump tests in the eastern portion of the Salar encountered strong artesian conditions. Flow rates of up to twenty-two litres per second from these holes have been measured. While this is positive for the long term prospects of the project, as it demonstrates high hydraulic conductivity and favourable lithology, it has limited the effectiveness of the pump tests. The pressures exerted by the artesian conditions are such that down hole work was restricted.
In addition, the Company announces that it has granted an aggregate of 1,140,000 stock options of the Company (the "Options") to officers, directors, consultants of the Company. The Options shall have an exercise price of $0.175 and shall expire on July 11, 2017. The Options remain subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange and remain subject to the statutory four month hold period until November 12, 2012.
About Rodinia Lithium Inc.:
Rodinia Lithium Inc. is a Canadian mineral exploration and development company with a primary focus on Lithium exploration and development in North and South America. The Company is also actively exploring the commercialization of a significant Potash co-product that is expected to be recoverable through the lithium harvesting process.
Rodinia's Salar de Diablillos lithium-brine project in Salta, Argentina, contains a recoverable resource of 2.82 million tonnes lithium carbonate equivalent and 11.27 million tonnes potassium chloride equivalent. The project contains a recoverable inferred resource of 952,553,000 m3 grading 556 mg/L lithium and 6,206 mg/L potassium. Throughout 2012, Rodinia will focus on continuing to develop the Diablillos project by completing additional drilling and advancing through feasibility study.
The Company also holds 100% mineral rights to approximately 70,000 acres in Nevada's lithium-rich Clayton Valley in Esmeralda County, and is currently in the process of assessing the size, quality and processing alternatives of this deposit. The Clayton Valley project is located in the only known lithium-brine bearing salt lake in North America, and looks to represent the only new source for domestic lithium carbonate supply.
The Projects are supervised by Ray Spanjers, Rodinia's Manager of Exploration. Mr. Spanjers is considered a Qualified Person, as defined by National Instrument 43‐101.
Please visit the Company's web site at www.rodinialithium.com or write us at info@rodinialithium.com.
Cautionary Notes
Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the anticipated timing with respect to the feasibility study; the potential of the Diablillos property; the potential results and timetable for further exploration with respect to the Clayton Valley project and the Diablillos property, the timetable with respect to future acquisitions and exploration developments at Clayton Valley and Diablillos, timetable for further exploration, analysis and development, title disputes or claims; and governmental approvals and regulation. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
William Randall, Rodinia's President & CEO, commented, "Having mobilized an additional rig earlier in the year has enabled us to complete our work program on schedule. We now have all the required information for a resource update, which is the first important step towards completion of the Feasibility Study. We are extremely pleased with the progress our team has made and the results achieved to date."
Three of the drill holes designed for pump tests in the eastern portion of the Salar encountered strong artesian conditions. Flow rates of up to twenty-two litres per second from these holes have been measured. While this is positive for the long term prospects of the project, as it demonstrates high hydraulic conductivity and favourable lithology, it has limited the effectiveness of the pump tests. The pressures exerted by the artesian conditions are such that down hole work was restricted.
In addition, the Company announces that it has granted an aggregate of 1,140,000 stock options of the Company (the "Options") to officers, directors, consultants of the Company. The Options shall have an exercise price of $0.175 and shall expire on July 11, 2017. The Options remain subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange and remain subject to the statutory four month hold period until November 12, 2012.
About Rodinia Lithium Inc.:
Rodinia Lithium Inc. is a Canadian mineral exploration and development company with a primary focus on Lithium exploration and development in North and South America. The Company is also actively exploring the commercialization of a significant Potash co-product that is expected to be recoverable through the lithium harvesting process.
Rodinia's Salar de Diablillos lithium-brine project in Salta, Argentina, contains a recoverable resource of 2.82 million tonnes lithium carbonate equivalent and 11.27 million tonnes potassium chloride equivalent. The project contains a recoverable inferred resource of 952,553,000 m3 grading 556 mg/L lithium and 6,206 mg/L potassium. Throughout 2012, Rodinia will focus on continuing to develop the Diablillos project by completing additional drilling and advancing through feasibility study.
The Company also holds 100% mineral rights to approximately 70,000 acres in Nevada's lithium-rich Clayton Valley in Esmeralda County, and is currently in the process of assessing the size, quality and processing alternatives of this deposit. The Clayton Valley project is located in the only known lithium-brine bearing salt lake in North America, and looks to represent the only new source for domestic lithium carbonate supply.
The Projects are supervised by Ray Spanjers, Rodinia's Manager of Exploration. Mr. Spanjers is considered a Qualified Person, as defined by National Instrument 43‐101.
Please visit the Company's web site at www.rodinialithium.com or write us at info@rodinialithium.com.
Cautionary Notes
Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the anticipated timing with respect to the feasibility study; the potential of the Diablillos property; the potential results and timetable for further exploration with respect to the Clayton Valley project and the Diablillos property, the timetable with respect to future acquisitions and exploration developments at Clayton Valley and Diablillos, timetable for further exploration, analysis and development, title disputes or claims; and governmental approvals and regulation. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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.
Contact Information
-
Investor Cubed Inc.
Investor Relations
+1 (647) 258-3311
Rodinia Lithium Inc.
Aaron Wolfe
Vice-President, Corporate Development
+1 (416) 309-2696
info@rodinialithium.com
www.rodinialithium.com
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