LiCo has the option to acquire up to a 100% interest, subject to a 3% NSR, in 348 of the 910 Dixie Valley Exploration Project claims under an agreement with Nevada Energy Metals. The company also has the option to acquire up to a 100% interest, subject to a 3% NSR, in the Teledyne Cobalt Project under an agreement with Palisade Resources Corp. LiCo is planning aggressive exploration programs for the fall and winter of 2016-2017.
The Dixie Valley Exploration Project is a grassroots, brine-based lithium project located on the Humboldt Salt Marsh playa in central Nevada Dixie Valley. The valley has a similar lithium target model as producing brine operations in Clayton Valley, Nevada and the salar basins of South America.
All seven of the geological features cited in the U.S. Geological Survey Open File Repot 2013-1006 as indicative of lithium brine deposits are present in Dixie Valley. Dixie Valley is a closed fault-bounded basin having the lowest elevation point (1031 meters) in the Northern Great Basin as measured on the Humboldt Salt Marsh playa.
Given the valley has been a closed basin for at least 500,000 years and probably much, much longer, plenty of time has elapsed for evaporative concentration of lithium bearing geothermal and surface water. Geothermal water in the basin contains up to 4.89 ppm lithium and stream sediment samples from the adjacent Stillwater Range show values to 80 ppm lithium.
The region has had very little lithium exploration outside of governmental, academic and industrial geophysical studies, which have shown that active geothermal systems exist in the valley. These studies provide a base for more detailed work going forward. LiCo Energy Metals is planning an exploration program to be carried out in the fall and winter of 2016-2017.
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