Clear Sky Advances Halo Project and Makes 1st Option Payment
VANCOUVER, British Columbia, Aug. 17, 2022 (GLOBE NEWSWIRE) — Clear Sky Lithium Corp. (CSE: POWR) (FRA: K4A / WKN: A3DM2W) (OTC: CSKYF) (“Clear Sky” or the “Company”), a mineral exploration and development company focused on American lithium deposits to support domestic demand, is pleased to announce that it has completed the initial option payment and share issuance for the recently acquired Halo Project, located along the lithium trend in southern Nevada within the Tonopah mining district.
Company CEO, Patrick Morris, notes, “Our team is very excited by the Halo Project, and I thank everyone involved for executing this agreement and the initial payment as quickly as they did. We feel that this project holds a lot of potential and we have already started the planning for a site visit and work programs. This acquisition lets us get in on the proverbial ground floor, in a region where lithium has already been proven to be located, and we intend to build upon that base.”
The Halo agreement includes an initial payment of US$250,000, a share issuance of 1,865,269 common shares, and reimbursement of up to $US100,000 for expenses incurred on the project. To date, $US76,000 in expenses have been reimbursed for geological work, staking expenses, and Bureau of Land Management fees.
The Halo project consists of 98 claims totalling 819 hectares (2,024 acres) and is located 6km northwest of Tonopah within Big Smoky Valley on the boundary of Nye and Esmeralda Counties. The project is south of American Lithium’s (LI; MKT Cap US$538M) TLC project and north of American Battery Technology (ABML; MKT Cap – US$502M) Tonopah Flats project. The nearby regional centre of Tonopah offers ready access to skilled labour, electricity, and transport logistics.
Figure 1: Site Location Map
Regional optimism is driven by American Lithium’s TLC project which currently hosts 3.35Mt lithium carbonate equivalent (LCE) measured resources, 2.02Mt LCE indicated resources, and 1.76Mt LCE inferred resources, and has recently intersected their best results to date: 2,900 ppm Li with an average of 1,550 ppm over 50.3m. Additional positive news comes from American Battery Technologies Chief Resource Officer recently noting that, “The results from the first 16 drill holes indicate limited overburden with a significant near surface, 500-ft or better, thick lithium enriched area of mineralization,”
The project site is partially overlain by a flat alluvial outwash plane. The lithium-bearing rocks within the project area are referred to as tuffaceous and other young tertiary sedimentary rocks in digital geologic models generated by the Nevada Bureau of Mines. This Pliocene to Miocene-age unit is believed to have a strong volcanic component. In Esmeralda County this Miocene-aged unit is referred to as Siebert Tuff. It corresponds to units Ts3 and Tts from the 1978 State map and is present in all counties of Nevada.
Figure 2: Halo property as seen from American Lithium TLC project (note – drill rig not on Halo project land)
Clear Sky is committed to becoming a premier American developer of lithium for the US supply chain. Along with its central Nevada-based Eli property, the Company is working diligently to increase it asset base of prospective lithium bearing properties that suit emerging processing technologies aimed at advancing towards development-stage and ultimately commercial-stage activities in the region.
Clear Sky Lithium advises the public that as part of its disclosure obligations as a public issuer, all material and regulatory filings can be found on www.sedar.com. We also invite the public to visit our website at www.clearskylithium.com and to sign up to our “news alerts” to be advised of future news releases and related company information. Please also ensure you watch our video which is now available on the website.
On Behalf of The Board of Directors,
Chief Executive Officer
Clear Sky Lithium Corp.
About Clear Sky Lithium Corp. (CSE: POWR) (FRA: K4A / WKN: A3DM2W) (OTC: CSKYF)
Clear Sky Lithium is an exploration and development company dedicated to the advancement of North American lithium deposits to support domestic demand. The Company currently holds interests in the ELi and Halo properties in Nevada. The Company is also focusing on the development of claystone extraction and processing technologies aimed at delivering scalable efficiencies across the value chain in a sustainable manner. Find out more visit www.clearskylithium.com and watch our video.
Forward Looking Information Disclaimer
This news release contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “may”, “would”, “could”, “will”, “likely”, “except”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, the Company’s plans for a site visit and work program for the Halo property.
Forward-looking information is based on the assumptions, estimates, analysis, and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; the Company’s ability to secure additional financing on reasonable terms; the competitive conditions of the sector in which the Company operates; and laws and any amendments thereto applicable to the Company.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described in the Company’s final long form prospectus dated May 31, 2022, under the heading “Risks Factors.” Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
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Clear Sky Lithium Corp.
Email: [email protected]
Phone: +1 (778) 383-7240