Avarone Minerals to Acquire Moab Lithium Brine Project, Nevada
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Avarone Metals Inc. has entered into an agreement with an arms’ length vendor to acquire a 100 percent interest in the Moab Lithium Project, which covers an area of 3200 acres of placer claims in the Big Smoky Valley, Nevada, directly adjacent to claims controlled by Ultra Lithium.
The Big Smoky Valley is located 25 km immediately north of the Clayton Valley, home to Albemarle’s Silver Peak Lithium Mine, the only producing lithium brine facility in the United States and which has been in continuous operation since 1967. Recently, Esmeralda County Nevada has seen resurgence in exploration activity, culminating with Pure Energy’s identification of a NI 43-101 inferred resource of 816,000 metric tonnes of lithium carbonate equivalent (LCE) at a cut-off of 20mg/L in brine.
The Moab Lithium Project is located some 225 km SE of the Gigafactory site. Access to the Moab Lithium Project is excellent and lies adjacent to highway 95.
“This acquisition is a key milestone as Avarone enters one of the hottest sectors in the resource and energy space: Lithium. The board believes that due to growing world demand for lithium, the Moab brine project located in Nevada near Tesla’s Gigafactory, has the potential to deliver strong returns for our shareholders over the short and long term. We look forward to aggressively advancing work on this exciting project,” said CEO Marc Levy.
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