Vancouver, British Columbia - July 11, 2018 - Alba Minerals Ltd. (“Alba”) (the “Company”) (TSX - V:AA: AXVEF:US Frankfurt: A117RU) is pleased to announce that on July 4, 2018, the TSX Venture Exchange accepted for filing the acquisition of the Muddy Mountain Lithium Project, located approximately 25 kilometers (16 miles) east of Las Vegas, Nevada. Additionally, the Company has applied for permits to drill 5 to 7 core holes on the property.
Under the terms of the Option, the Company will pay $5,000USD to the Optionor upon execution of the Agreement. The Company will have 60 days from the date of issuance of the drill permits to perform a due diligence investigation on the Property. Should the Company continue to pursue the option beyond the initial due diligence period, the Company can acquire a 100% interest in the Muddy Mountain Lithium Project through the payment of $235,000USD, the issuance of 1,400,000 common shares and the completion of an aggregate of $120,000USD in exploration expenditures over the period of the Option. The Optionor shall retain a 2% NSR, which can be re-purchased by the Company for a cash consideration of $3,000,000. All shares issued in connection will this transaction will be subject to a hold period of four months plus a day.
The acquisition consists of 3 prospect areas, all with high potential for lithium mineralization in large tonnages. The 3 prospect areas occur within 30 kilometers (20 miles) of one another and are all held by mining claims on lands administered by the U. S. Bureau of Land Management (BLM). The 3 prospect areas are named White Basin, Rattlesnake Wash and Government Hills. Ten surface samples collected during a property visit in March 2018 by Bradley C. Peek, MSc., Certified Professional Geologist, yielded the results shown in Table 1 (Rattlesnake Wash) and Table 2 (White Basin) below. The Government Hills prospect was not sampled during the visit.
|320453||1520||4' Chip Perpendicular to Bedding||Tan thin bedded soft calcareous mudstone.||Area is slumped over rock units. Cleaned down to bedrock before sampling.|
|320454||490||5' Chip Perpendicular to Bedding||Tan to light green thin bedded calcareous siltstone to very fine grained sandstone.||Approximately 100' SW of last sample. Higher in section than last.|
|320455||1330||6' Chip Perpendicular to Bedding||Tan thin bedded calcareous siltstone-mudstone. Local hard layers.||Estimated 20' higher in section than last sample.|
|320456||1310||2.5' Chip Perpendicular to Bedding||Lt brown clay-rich calcareous sediment. Faintly bedded.||Rubble crop. Approximately 150' SW of last sample.|
|320458||1310||4' Chip Perpendicular to Bedding||Tan thin bedded calcareous claystone - mudstone.|
Table 1 - Rattlesnake Wash sample descriptions with lithium assay results.
|320459||1050||3' Chip Perpendicular to Bedding||Tan medium to thin bedded calcareous claystone - mudstone.|
|320460||1680||2' Chip Perpendicular to Bedding||Same as above..||10' higher in section than 320459.|
|320461||940||3' Chip Perpendicular to Bedding||Same as above..||3' zone below gypsum outcrop.|
|320462||1410||Grab||Clay-rich sediment.||Rubble crop.|
|320463||880||5' Chip Perpendicular to Bedding||Same rock type as 320461.||On steep slope.|
Table 2 - White Basin sample descriptions with lithium assay results.
The samples were sent to ALS Laboratories in Reno, Nevada for analysis using the ME-MS61 procedure with 4-acid digestion. The assay results from both prospects average 1192 ppm Li. They range in value from a high of 1680 ppm to a low of 490 ppm Li.
As a comparison, these initial Muddy Mountain sample results are at least as high as surface samples collected on the Company’s former interest in the Zeus project, located in the Clayton Valley of Nevada. Both the Muddy Mountain and Zeus properties occur in clay-rich lakebed sediments. The 77 surface samples collected on the Zeus property averaged 621 ppm Li with a maximum value of 1670 ppm and a minimum of 74 ppm. Drilling on the Zeus property has identified an NI 43-101 inferred resource of 17 million tonnes averaging 1060 ppm Li. While this comparison of assay results has been made, the mineralization at the Zeus property is not necessarily indicative of the tonnage or grade of mineralization that may be found at the Muddy Mountain property.
In order to move the Muddy Mountain property along rapidly, Alba has applied for permits with the BLM Las Vegas office to drill 5 to 7 shallow (50-60 foot) (15-18 meter) core holes to test the White Basin prospect area. The White Basin prospect is believed to hold the best potential of the 3 Muddy Mountain prospects of developing large tonnages of lithium-rich sediments.
The technical information contained in this news release has been reviewed and approved by Bradley C. Peek, MSc and Certified Professional Geologist, who is a Qualified Person with respect to Alba’s Muddy Mountain property as defined under National Instrument 43-101.
Termination of the Rainbow Canyon Agreement with Astorius
The Company would also like to announce that on April 16, 2018, the Company formally terminated its option agreement with Astorius Resources Ltd. pertaining to the Rainbow Canyon Property. Astorius was in default of the Agreement and after an extension of 45 days was granted on the option payments, the Companies elected not to proceed with the Agreement.
About Alba Minerals Ltd.
Alba Minerals Ltd. is a Vancouver-based junior resource company with projects in North and South America, which focus on the development of Lithium and Gold properties. The Quiron II Lithium Property consist of 2,421 hectares of prospective exploration property in the Pocitos Salar, Province of Salta, Argentina. The Property is located approximately 12 km northeast from the Liberty One Lithium Corp and 19 Km from Pure Energy Minerals Ltd’s Pocitos prospects. The Rainbow Canyon Gold Property consists of 417 hectares prospective exploration property in the Olinghouse mining district, in the Washoe County Nevada.
Please visit our web site for further information:www.albamineralsltd.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Chairman & Director
Direct: (778) 999-2159
This news release contains projections and forward - looking information that involve various risks and uncertainties regarding future events. Such forward - looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements; the uncertainty of future profitability; and the uncertainty of access to additional capital. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward- looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstance or management's estimates or opinions change.
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