ACME Lithium (CSE: ACME; US-OTC: ACLHF) has two lithium projects in Nevada's Esmeralda County in the United States the Clayton Valley and Fish Lake Valley projects.

Both projects are within 322 km or a three and a half hour drive of Tesla's Gigafactory.

In May it signed an option agreement with GeoXplor Corp. to acquire a 100% interest in 64 claims encompassing about 1,280 acres and consisting of the CC, CCP, JR and SX placer claims, together known as the Clayton Valley project, about 306 km from Las Vegas. Once ACME Lithium completes the earn-in, GeoXplor will retain a 3% gross overriding royalty; ACME may buy back one half of the royalty during the three years following the start of commercial production for $1.5 million.

In June, the company added 58 new claims to the project, encompassing about 1,160 acres contiguous to the CC, CCP and SX claims.

The Clayton Valley property's claims are located directly south of Albemarle's (NYSE: ALB) Silver Peak lithium mine, the only lithium brine operation in production in North America. To the east, the project borders Pure Energy Minerals' (TSXV: PE; US-OTC: PEMIF) Clayton Valley project, which it is developing with strategic investor Schlumberger Technology.

Historic drilling and geophysical surveys show that ACME Lithium's claims cover basin-fill sediments and aquifers similar to the sediments currently producing lithium brines in the area. The company is interpreting geophysical survey data and results, and is developing drill targets to test indicated and prospective aquifers.

The Fish Lake Valley project consists of 81 claims (1,620 acres) and is about 40 km from the Clayton Valley project, and about 274 km from Las Vegas. The company notes that geophysics have found that the fine sediments at Fish Lake Valley are the same age as the occurrences at Clayton Valley and that some beds are enriched in lithium. Initial mapping and sampling on the property in 2016 returned values of up to 600 parts per million lithium in mudstones, and sampling in 2018 returned values of up to 370 ppm lithium.

This year the work program at Fish Lake Valley includes drilling to test the economic potential of the lithium claystone and identify new targets for further exploration, as well as mapping, sampling and geophysics.

The company says it is also looking to acquire and develop additional projects.

Contact:

Tel: 1-604-564-9045

Email: info@acmelithium.com

(C) 2021 Electronic News Publishing, source ENP Newswire