Pure Energy Minerals Limited is pleased to announce the start of a geophysical exploration program at itsTerra Cotta Project located on the Pocitos Salar in Salta Province, Argentina. This geophysical program consists of a Vertical Electrical Sounding (VES) survey that includes about 75 points at nominal 1 kilometer spacing along five transects.
The transects span Pure Energy’s 13,000 hectare mining concession on the Pocitos Salar. Conhidro S.R.L., a hydrogeological consultancy based in the city of Salta, Argentina, is performing the work under contract to Pure Energy.
The VES method is widely used to identify zones of high electrical conductivity in the subsurface. Zones of relatively high electrical conductivity are often portions of an aquifer with correspondingly high brine concentrations.
Upcoming phases of surface exploration work at the TCP are expected to include a gravity survey and a near-surface brine sampling program. Walter Weinig, Pure Energy’s Vice President of Projects andPermitting, noted “Starting the geophysical program is an important milestone in the exploration of the TerraCotta Project. Historical work and our own due diligence suggest the presence of near-surface brine, but this geophysical survey should give us an indication of potential brine targets at 100 to 200 meters (330 to 660feet) below surface. The Conhidro team has extensive experience on lithium-brine projects in this region of Argentina, so we are confident the work is in good hands. We look forward to the results of the geophysical survey, as we plan for the first phase of drilling program at the Terra Cotta Project.”
Pure Energy’s Terra Cotta Project is located in the heart of Argentina’s lithium-rich Puna Region. Significant proven deposits of lithium in brine occur approximately 32 km (20 miles) north at Rincon Salar and approximately 90 km (56 miles) south at Salar del Hombre Muerto. The Pocitos Salar is directly accessible by Salta Provincial Highway 17 and enjoys excellent infrastructure, including a gas pipeline and rail line on the eastern edge of the salar and a high voltage power line only 30 km (18 miles) to the north.
Walter Weinig, Professional Geologist and SME Registered Member (SME Registered Member # 4168729),is a qualified person as defined by NI 43-101 and supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Weinig is not independent of the Company as he is an officer.
Issuance of Stock Options
The Company also announces, subject to regulatory approval, that it has granted a total of 2,150,000 stock options (the “Options”) to directors, officers, and consultants of the Company to purchase common shares of the Company in accordance with its stock option plan. All of the Options vest quarterly in four equal tranches, with the first such vesting occurring upon issuance of the Options, are issued at an exercise price of $0.57 per common share and expire five years from the date of issuance.