Vancouver, British Colombia / May 18, 2022 – US Critical Metals Corp. (“USCM” or the “Company”) (TSX-V: USCM) is pleased to announce that it has staked and filed with the Esmeralda County and the Bureau of Land Management an additional 90 unpatented mining claims contiguous to the originally prospected Clayton Ridge claims block, and commenced exploration activities at the Clayton Ridge Lithium Property in the Esmeralda County, Nevada (the “Property”).
The Property now spans 3,600 acres of highly prospective geology for lithium mineralization. Past field work focused solely on the original 90 claims and was limited to a total of 64 grab and soil samples. Though limited in scope, the historical programs were successful in identifying potentially economic grades of lithium across much of the Property, with samples averaging 517 parts per million of lithium and peaking at 950 parts per million. The mapping currently underway and sampling programs will expand significantly on the work previously completed with the objective to gathering valuable new data to assist with identifying targets for a maiden drill campaign anticipated in the latter half of 2022.
The initial exploration phase has begun and consists of geologic mapping of the project at a scale of 1:2,000. This scale will permit USCM to define the upper and lower contacts of the lithium-rich claystone beds exposed over the entire area. This exploration provides an indication of the productive thickness of the clay beds and supports the delineation of additional work, including more detailed sampling, drilling and possibly geophysics. Mapping will serve as the basis for the design of the rock and soil sampling programs along with the construction of geologic sections and isopach maps on the lithium bearing beds needed for the design of the upcoming drilling program.
Concurrent with geologic mapping of the Property, the Company is completing litho-geochemical sampling. This phase of exploration consists of collecting up to approximately 500 rock and soil samples from across the expanded project. Samples are being gathered from lithium-bearing claystone at or below the surface that appear to have been minimally weathered to obtain optimal results. In addition, samples are being collected throughout the property to fully characterize the lateral extent of lithium mineralization. Results will be valuable in further examining the relative grade and dissemination of lithium mineralization across the project. All samples will be taken to American Assay Laboratories in Sparks, Nevada, and the Company will release the results of these samples in due course.
Mr. Darren Collins, Chief Executive Officer and Director of USCM, comments: “Our Clayton Ridge Lithium Property is ideally situated, and unique, as technical studies have historically speculated that the lithium deposits in Clayton Valley, the only lithium producing region of the United States, potentially originated in the volcanic mountain basins and migrated into the lower valley system. Clayton Ridge represents one of these mountain basins. It is our expectation that this initial exploration program at Clayton Ridge will provide in-depth information utilized to guide our upcoming drill plans and enhance any estimates on lithium grade, continuity, and thickness.”
About The Clayton Ridge Lithium Property
The Property is a lithium claystone deposit located in the Esmeralda County, Nevada on the east flank of the Clayton Valley, the only lithium producing region of the United States (the “US”). The Property is located just 18 kilometers west of Goldfield, Nevada and roughly 17 km southeast of Silver Peak, Nevada, lying within a topographic swale between the Montezuma Range and Clayton Ridge. The project is comprised of 180 unpatented lode mining claims, covering 3,600 acres, with easy driving access to all claims.
Historical rock grab samples on the Nevada Property were taken in July 2021, which revealed strongly anomalous lithium values across the entire section. A total of 64 samples were taken at this time, of which averaged 517 parts per million of lithium and peaked at 950 parts per million. All samples were tested by American Assay Laboratories in Sparks, Nevada. Lithium concentrations appear to be highest in finely laminated claystone beds.
The Property is one of several lithium projects in region. In addition to the only operating lithium producer in the US (Albemarle), the Clayton Valley and immediate surroundings host several lithium projects ranging from early- to late-stage exploration (including, but not limited to, Noram Lithium, Pure Energy, American Lithium, ioneer Ltd., Cypress Development and Spearmint Resources).
The scientific and technical information contained in this news release about the Property has been reviewed and approved by Robert J. Johansing, BSC. geology, MSc economic geology, who is an independent qualified person as defined in NI 43-101.
The Company has completed a National Instrument 43-101 – Standards of Disclosure for Mineral Projects compliant technical report in respect of the Property with the effective date of December 28, 2021, titled: “The Clayton Ridge Lithium Deposit, Esmeralda County, Nevada: Technical Report”, which can be found on the Company’s SEDAR profile at www.sedar.com.
About US Critical Metals Corp.
USCM is focused on mining projects that will further secure the US supply of critical metals, which are essential to fueling the new age economy. Pursuant to option agreements with private Canadian and American companies, USCM’s assets consist of two option agreements, each providing USCM with the right to acquire a 100% interest in two mineral exploration projects. These projects include the Clayton Ridge Lithium Property, consisting of 180 unpatented mining claims, located in Nevada, and the Haynes Cobalt Property, consisting of 23 lode claims, located in Idaho. A significant percentage of the world’s critical metal supply comes from nations with interests that are contrary to those of the US. USCM intends to explore and develop critical metals assets with near- and long-term strategic value to the advancement of US interests and that contribute to the US maintaining its leading global position in the green energy economy and technology.
For further information please contact:
Chief Executive Officer & Director
Direct: +1 (786) 633-1756
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. Any securities referred to herein have not and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws of an exemption from such registration is available.
Disclaimer for Forward-Looking Information
This news release contains certain information that may be deemed “forward-looking information” with respect to the Company within the meaning of applicable securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature, forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate; future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work; risks associated with the interpretation of data; the geology, grade and continuity of mineral deposits; the possibility that results will not be consistent with the Company’s expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company’s public disclosure documents filed on the SEDAR website at www.sedar.com.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF US CRITICAL METALS CORP. AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE US CRITICAL METALS CORP. MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
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