Menika Completes Acquisition of Nevada Lithium Acrage
MENIKA MINING LTD.
Suite 313, 515 West Pender Street Vancouver, British Columbia V6B 6H5
NEWS RELEASE
MENIKA COMPLETES ACQUISITION OF NEVADA LITHIUM ACRAGE
April 7, 2016 – Vancouver, British Columbia – Menika Mining Ltd. (the “Company”) (TSXV: MML) is pleased to announce that it has completed the acquisition of 1032701 B.C. Ltd. (“1032701”). In consideration for all of the outstanding share capital of 1032701, the Company has issued 4,000,000 common shares. The Company has also issued 200,000 common shares to Lithium Corp., in satisfaction of certain obligations of 1032701 in respect of the Fish Lake Valley project.
1032701 holds an option to acquire the Fish Lake Valley project located in Esmeralda County, west central Nevada, approximately 25 kilometers from the only producing lithium property in North America located in Clayton Valley The Fish Lake Valley was a boron brine producer in the 1800’s with an indeterminate amount of boron salts having been produced. The earliest record of any modern exploration on the property was in the 1970’s when the United States Geological Survey drilled several rotary holes on the periphery of the playa testing for lithium in brines and sediments. The project consists of a series of 98 association placer claims, covering approximately 3,172.7 hectares (7,840 acres).
There has been considerable sedimentation in the Fish Lake Valley resulting in a thick section of clays, silts, sands, and gravels transported from the hills surrounding the basin. The valley fill sediments are thought to be 300 to 600 meters (985 to 1970 feet) thick at Fish Lake Valley based on the borehole and gravity data available.
Data extracted from the 43-101 Technical Report on the Fish Lake Valley Lithium-Brine Project, November 30, 2015 indicate Lithium in sediments ranging in concentration from 116 ppm to 1040 ppm (average 540.7 ppm), boron from 110 ppm to 4070 ppm (average 1772 ppm), potassium from 0.7% to 2.24% (average 1.53%), and magnesium from 0.35% to 6.37% (average 2.09%). Sodium is abundant on the property with values ranging from 0.47% to >10% (upper detection limit). Brines tested to date also contain anomalous concentrations of the above listed elements, with lithium ranging from 0.81 mg/L to 150 mg/L, boron from <1 mg/L to 2670 mg/L, potassium from 30 to 13300 mg/L, and magnesium from 0.116 mg/L to 41.5 mg/L. In all, approximately 1080 meters (3545 feet) of direct push drilling was completed within 41 holes drilled at 25 sites. Depths probed ranged from 13.11 meters (43.01 feet) to 47.24 meters (154.99 feet). In addition 42 brine samples have been collected from hand held auger holes and surface waters. The property has proven to contain economically interesting lithium/boron/potassium brine mineralization, and as such warrants further work. The Company is planning more ground gravity surveys followed by drilling, brine recovery, and evaporation testing.
The technical content of this release was reviewed and approved by Jim Chapman, P.Geo, a Qualified Person within the meaning of National Instrument 43-101.
For further information, contact Michael Kobler at [email protected].
On behalf of the Board,
Menika Mining Ltd.
Michael Kobler, Chief Executive Officer
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