Salt Wells Project

Overview

The Salt Wells Project consists of two projects; Salt Wells North and Salt Wells South. The Projects are located in Churchill County, Nevada, USA and are within short proximity to major highways and within 25 kilometres of the town of Fallon that has a population of over 8,500 people.

The Projects lie in what is believed to be an internally drained, fault bounded basin that appears similar to Clayton Valley, Nevada, where lithium is currently produced by Albemarle Corporation; the only current production source of lithium in the USA.

The basin covers an area of around 110 square kilometres. Borates were produced from surface salts in the 1800’s from the Salt Wells North site. With the exception of recent surface salt sampling from the Salt Wells North project, no modern exploration has been completed. The Projects are prospective for borates and lithium in the sediments (salt horizon) and lithium and boron brines within the structures of the basin.

Figure 1. Salt Wells Project Location Map.

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Salt Wells North

The Salt Wells North Project (including the Salt Wells Connection and July 2018 claims) includes 339 claims of 20 acres (8.1 hectares) for a total project size of 27.4 square kilometres. The project sits in the shallow north eastern section of the basin.

The project is prospective for borate and lithium with borates produced from surface salts at the site in the 1800’s.

Figure 2. Evidence of previous borate production at Salt Wells North.

On 18 April 2018, assays results were received from surface salt samples demonstrating elevated levels of lithium and borates. The highest recorded lithium reading was 810ppm with several other readings above 500ppm recorded over a wide area.

Figure 3. Lithium assay results in ppm from March 2018 geochemical sampling.

Figure 4. Borate assay results in ppm from March 2018 geochemical sampling.

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Salt Wells South

The Salt Wells South project includes 105 claims of 20 acres (8.1 hectares) for a total project size of 8.5 square kilometres.   The project sits in the deeper south eastern section of the basin.

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Competent Person Statement

This information is based on information prepared by Richard Kern, Certified Professional Geologist (#11494). Richard Kern is a licensed Professional Geoscientist registered with AIPG (American Institute of Professional Geologists) in the United States. AIPGis a Joint Ore Reserves Committee (JORC) Code ‘Recognized Professional Organisation’ (RPO). An RPO is an accredited organisation to which the Competent Person (CP) under JORC Code Reporting Standards must belong in order to report Exploration Results, Mineral Resources, or Ore Reserves through the ASX.

Richard Kern has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a CP as defined in the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

See Full ASX Release dated 25 May 2018.