Oct 13 2016
Millennial Lithium Corp. reports it has completed an initial phase of exploration on the Company's Lincoln Lithium Property in Nevada (the "Lincoln Property"). The Lincoln Property covers an area of 3200 acres of placer claims in the Big Smoky Valley, Nevada.
The program consisted of drilling 12 shallow auger holes spaced along one line across the salar. Sediment and water samples from each hole were collected and sent to Western Environmental Testing Laboratory in Sparks, Nev., which is a U.S. EPA-accredited (Environmental Protection Agency) independent laboratory. The samples were analyzed for lithium, potassium, boron and magnesium using standard methods for the examination of water and waste water, on-line edition, methods for determination of organic compounds in drinking water, EPA-600/4-79-020, and test methods for evaluation of solid waste, physical/chemical methods (SW846), third edition. The laboratory used its own quality control and quality assurance protocols for sample analysis. Results are as follows:
In addition to these early findings, management has reviewed assay results from recent drilling activity by others on adjoining ground which report magnesium to lithium ratios far exceeding acceptable concentrations. As a result of the Lincoln Property's low surface lithium concentrations and the neighbouring magnesium-lithium geochemistry, Millennial has decided to cease any further exploration on the Lincoln Property and will not be paying any further property payments or rents due to maintain the property. Millennial will focus its exploration efforts on its Pastos Grandes and Cauchari East lithium assets in Argentina.
Millennial's shares are now listed for trading on the OTCQB markets in the United States under the symbol MLNLF. The Company's shares will also continue to trade on the Frankfurt Stock Exchange and the TSX Venture Exchange. The Company believes that greater visibility will be created with multiple listings/quotations platforms and will allow for a much larger potential shareholder base. Investors can find real-time quotes and market information on the OTC Markets website.
Trading on the OTC markets does not involve the issuance of new common shares of the Company or any other securities. The common shares of the Company that are currently issued and outstanding, and trading on the TSX-V and Frankfurt Stock Exchange, may now also be traded through the OTC markets.
Millennial has granted an aggregate of 1,550,000 stock options (the "Options") to certain officers, directors, consultants and employees of the Company. The Options have a term of 5 years and are exercisable at a price of $1.65 per common share. The Options are subject to the acceptance of the TSX Venture Exchange.
This news release has been reviewed by Iain Scarr, VP of Development and Exploration, of the Company and a qualified person as that term is defined in National Instrument 43-101.
Source: http://www.millenniallithium.com/