Vancouver, British Colombia (May 11, 2023) – US Critical Metals Corp. (“USCM” or the “Company”) (TSXV: USCM, OTCQB: USCMF; FSE: 0IU0) is pleased to announce that the Bureau of Land Management (“BLM”) has approved the Notice of Intent (“NOI”) filed for the Phase 1 drill program at the Clayton Ridge Lithium Property (“Clayton Ridge” or the “Project”). The Project is located in Esmeralda County, Nevada and spans a total of approximately 3,600 acres within the Clayton Valley region, which is the only lithium producing region within the US.
Clayton Ridge is located in the volcanic mountains above the Clayton Valley. The volcanic mountains potentially represent the source of lithium within the lower valley system, as the genesis of the lithium in the region is volcanic in nature. USCM has the right to a 100% interest in the Project subject to completing the following in 2023: (i) drill 1,500 meters on the Project, (ii) pay US$75,000 in cash to the property vendor; and (iii) issue 500,000 common shares of the Company to the property vendor. Upon completion of the foregoing conditions, USCM will acquire a 100% interest in Clayton Ridge.
The NOI permits 4.72 acres of disturbance area, which will include 11 drill pads and approximately 2,900 meters of constructed roads. Upon completion of this drill program, the Company will seek to reclaim additional acres in order to advance with subsequent programs prior to completing a Plan of Operations. Westland Engineering & Environmental Services, Inc. prepared and filed the now approved NOI with the BLM.
The Company is currently making operational arrangements to commence the drilling at the Clayton Ridge and will be forthcoming with further details.
Mr. Darren Collins, Chief Executive Officer and Director of USCM, comments: “We extend our thanks to the BLM from an efficient and professional permitting process. USCM now has a full drill ready and permitted property that we intend to test in the near future.”
Robert J. Johansing, BSc (geology), MSc (economic geology), who is a qualified person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (the “QP”), has reviewed and approved the scientific and technical information contained in this news release. Robert J. Johansing is a consultant for the Company.
The Clayton Ridge Lithium Property (the “Property”) is a lithium claystone deposit located in Esmeralda County, Nevada on the east flank of the Clayton Valley, the only lithium producing region of the United States. 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. 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).
About US Critical Metals Corp.
USCM is focused on mining projects that will further secure the US supply of critical metals and rare earth elements, which are essential to fueling the new age economy. Pursuant to option agreements with private Canadian and American companies, USCM’s assets consist of four agreements, each providing USCM with the right to acquire interests in five discovery focused projects in the US. These projects include the Clayton Ridge Lithium Project located in Nevada, the Sheep Creek Rare Earth Project located in Montana, the Haynes Cobalt Project located in Idaho, the Lemhi Pass Rare Earth Project located in Idaho and the Long Canyon Uranium Project located in Idaho. A significant percentage of the world’s critical metal and rare earth supply comes from nations with interests that are contrary to those of the US. USCM intends to explore and develop mineral resources with near- and long-term strategic value to the advancement of US interests.
For further information please contact:
Chief Executive Officer and Director
US Critical Metals Corp.
Telephone: 1-786 633-1756
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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. Forward looking information contained in this press release may include, without limitation, the expectation that the Company will acquire the Project in 2023, the expectation that the Company will commence drilling shortly; exploration plans and expected exploration results at the Project, results of operations, and the expected financial performance of the Company.
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.