Carson City, Nevada–(Newsfile Corp. – January 19, 2023) – ACME Lithium Inc. (CSE: ACME) (OTCQX: ACLHF) (the “Company”, or “ACME”) is pleased to report that its recent geological field review and sampling program at Fish Lake Valley, Nevada has resulted in the highest surface lithium values to date with up to 1325 ppm lithium. See results in link to table below. Boron anomalies occur with and adjacent to surface lithium anomalies.
Link to Rock and Soil Analysis Table
This most recent study confirms historical and new lithium occurrences on the Property and that certain beds are enriched in lithium. A number of the surface enriched beds appear to be clay altered tuffs and may form semi-continuous sedimentary horizons below relatively unmineralized cover units.
The FLV claim group encompass 144 lode mining claims totalling approximately 2,975 acres, in Esmeralda County, Nevada. The property has been mapped with historical sampling occurring at up to 610 ppm lithium. It is believed that the current erosion surface could be exposing the edges of a stratigraphic deposit, or deposits, with possible bedding conformable lithium mineralization.
ACME’s Fish Lake Valley project is directly west and abuts Ioneer Ltd’s world class Rhyolite Ridge Lithium-Boron project area. On Friday January 13th 2023, the US government announced that it had committed up to $700 million in construction funding to Ioneer’s project. Under the Department of Energy’s Advanced Technology Vehicles Manufacturing (ATVM) loan program, the proposed loan to Ioneer could allow the company to start mine construction next year. Last summer, Ioneer entered into offtake agreements with Ford Motor Co, Toyota Motor Corp, and Panasonic Corp to supply lithium for EV battery production in the US. Following news of the conditional loan, Ioneer reported that it could produce enough lithium for 370,000 electric vehicles per year.
A geophysical survey completed in the fall of 2022 indicates the presence of a down-dropped fault block with interpreted target clay sediments potentially similar to illite units identified in the nearby Rhyolite Ridge lithium deposit. A basin fault is evident near the southwestern end of the survey profile. Moderate to low clay concentration sediments and possible carbonate-bearing sediments are interpreted to be present at the surface near the southwestern basin fault that extends beyond a depth of one km over about 80% of the profile. Higher concentration clay sediments are interpreted over a surface distance of about 700 meters. Drilling has been recommended to determine the near-surface relationship between the different interpreted concentrations of clay sediments, potential associated carbonate-rich units and the occurrences of lithium and boron.
Mapping, geophysics, and sampling to data are consistent with a model of structural feeder zones forming bedded mineralization within down-dropped structural blocks. Drilling is justified and is needed to test the full potential host section. Additional potential down dropped structural blocks containing geologically young sediments have been identified on the property and are currently being evaluated.
William Feyerabend, Certified Professional Geologist is a qualified person as defined by NI 43-101 and has supervised the preparation of the scientific and technical information that forms the basis for this news release.
About ACME Lithium Inc.
Led by an experienced team, ACME Lithium is a mineral exploration Company focused on acquiring, exploring, and developing battery metal projects in partnership with leading technology and commodity companies. ACME has acquired or is under option to acquire a 100-per-cent interest in projects located in Clayton Valley and Fish Lake Valley, Esmeralda County Nevada, at Shatford, Birse, and Cat-Euclid Lakes in southeastern Manitoba, and at Bailey Lake in northern Saskatchewan.
On behalf of the Board of Directors
Chief Executive Officer, President and Director
Telephone: (604) 564-9045
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This news release may contain forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur and in this news release include but are not limited to the attributes of, timing for and expected benefits to be derived from exploration, drilling or development at ACME’s project properties. Information inferred from the interpretation of drilling, sampling and other technical results may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. ACME’s project location adjacent to or nearby lithium projects does not guarantee exploration success or that mineral resources or reserves will be defined on ACME’s properties. Exploration, development, and activities conducted by regional companies provide assistance and additional data for exploration work being completed by ACME. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company’s properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from the Company’s operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
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