The Company successfully maintains budget of over $1,000,000 and moves forward with the fulfillment of its lithium exploration milestones in Clayton Valley, Nevada and Salta, Argentina.
Vancouver, British Columbia – April 18, 2018 - Alba Minerals Ltd. (TSX-V: AA.V; AXVEF: US; Frankfurt: A117RU) ("Alba" or the "Company")) is pleased to announce a crucial step forward in the execution of this year's exploration objectives. The second phase drill program intended for the Clayton Valley Lithium Exploration Project in Nevada is currently underway.
On November 21, 2017, Alba, together with Noram Ventures Inc. (TSX-Venture: NRM; Frankfurt: N7R), announced anInferred Mineral Resource1 on the Zeus property of 17.1 million metric tonnes at a grade of 1,060 ppm Li, which equates to 96,476 Lithium Carbonate Equivalent ("LCE"). In February 2018, a new round of drilling at Clayton Valley was announced consisting of nine additional drill holes, with the intention to significantly expand the resource at depth within Inferred Resource Boundary. To that end, two drill rigs were moved onto the project site; one is actively drilling and the other will be mobilized by end of day today. The Company intends to drill all additional nine holes to a depth of approximately 300ft.
Mr. Sandy MacDougall, Chairman and CEO of the Company says: "We are very pleased that our Company is completely funded to expand our interest in the Clayton Valley project to 50% and complete this year's operations in Nevada and Argentina. With well over a million dollars in our treasury dedicated to exploration expenditures, we will be able to execute a substantial drill program in the Clayton Valley and complete the geophysical workings in Salta, which will add significant value to our truly outstanding assets."
The technical information contained in this news release has been reviewed and approved by Dr. Peter Born, P.Geo., who is a Qualified Person as defined under National Instrument 43-101.
In late January 2018, Bafin, the Federal Financial Supervisory Authority (German: Bundesanstalt für Finanzdienstleistungsaufsicht), posted a warning on their website exhibiting the suggestion of a relation between the Company and "unsolicited" commercial emails. This affected the trading performance in foreign markets considerably. The Company responded accordingly, asking the competent authority to provide the details concerning the circumstances that lead to such a decision, but without success. The secondary stock exchange authorities suspended trading because of Bafin's precedent warning on March 21st without any prior notice to the Company. Alba's management team flew to Germany immediately to meet with the officials of the competent authorities and specialists of the local stock exchange in order to address this issue.
Mr. MacDougall further states that:" Our timeframe has unfortunately been slightly altered by these events. Auspiciously, the issue was tended to immediately, the unsubstantiated claims were dismissed and take care of at the source." Together with Mr. Arthur Brown, President, Mr. MacDougall confirms that: "the Company has never authorized unsolicited commercial emails, neither directly nor indirectly and we are not aware of any such emails that were ever sent by third parties." Mr. MacDougall closes: "Having said that, all of the necessary steps were taken to remedy the situation on the secondary exchange in Germany. Our legal representation in Frankfurt, together with management, ensured the resumption of trading and the investigation of the causes of the suspension, as data is made accessible by the German authorities."
1. Peek, B., and Spanjers, 2017, NI 43-101 Technical Report: Lithium Inferred Mineral Resource Estimate, Clayton Valley Esmeralda County, Nevada, USA: for Alba Minerals Ltd. And Noram Ventures, 67 p. see:
Alba Minerals Ltd. (TSX-V: AA.V, US:AXVEF, Frankfurt: A117RU) is a Vancouver based junior resource company focused on the development of Lithium Properties in the Clayton Valley of Nevada and Salta, Argentina.
Please visit our web site for further information: www.albamineralsltd.com.
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ "Sandy MacDougall"
Alba Minerals Ltd.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward looking statements". Forward looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.