- Project at Clayton Valley, Nevada
Vancouver, BC, March 24, 2021 /CNW/ -- Nickel Rock
Resources Inc. ("the Company") (TSXV: NICL),
(OTCQB: NIKLF)is pleased to announce that reverse circulation
drilling is commencing on the Company's recently expanded claim
block at Silver Peak, Clayton Valley, Esmeralda County, Nevada. This strategic
land package, covering approximately 2,300 acres (930 ha), directly
adjoins a western portion of lithium producer Albemarle's
(NYSE: ALB) evaporation ponds and is nearby Cyprus
Development Corp.'s (TSXV: CYP) 5,430-acre Clayton Valley Lithium
Clay Project.
Mr. Robert Setter, Company
President and CEO comments "The Clayton Valley area is booming
again for lithium clay exploration. On the neighbouring
property of Cypress Development, they have recently oversubscribed
its bought deal offering for gross proceeds of C$19,550,000 from PI Financial Corp. as sole
underwriter and bookrunner. This is fantastic news, and it
complements news from our other neighbour Albemarle who announced
earlier this year that it is planning to double its lithium
production in Nevada at its Silver
Peak mine by 2025 and is committing between US$30 million - US$50
million in additional investment on the property. With
our current exploration program in place, we will be able to lay
the groundwork for a more significant exploration program budget
and program in the future. We are excited about this
opportunity in Nevada for our
lithium clay project."
Mr. Robert Setter continues "The
reverse circulation drilling program is expected to continue until
the end of the month, and the Company should be able to immediately
see geological information on the sedimentary layers. This
will assist us in identifying the various clay and sediment layers
to a depth of approximately 600 feet."
Of note, potential lithium bearing clays, within lake sediments
and ash beds, were previously reported in rough drillers logs of
historic geothermal exploration wells on file with the Nevada State
Engineers office (permit #66034A). Well, GPXM2 (1994) reported
"green to olive green siltstone, mudstone and clay" over a
thickness of 510 ft (155.4m) from 130
ft (39.6m) to 640 ft (195m). In January of 2006, Western
Geothermal partners drilled hole WGP#2 to a depth of 405 feet
(123m) in the Goat Island graben.
According to their reports, this hole cut interbedded zones of
gravel, silt, and hot spring apron material. More importantly,
"from 280ft (85.3m) to 305 ft
(93m) fine grained green sand and
silt logged as volcanic ash was encountered. This unit may be
correlative to the Main Ash Aquifer, which is a marker bed in other
areas of the Clayton Valley Basin".
About Clayton Valley Lithium Project
Clayton Valley is a down-dropped closed basin formed by the
Miocene age Great Basin extension and is still active due to
movement along the Walker Lane structural zone. As a result,
the basin has preserved multiple layers of lithium bearing volcanic
ash, resulting from multiple eruptive events over the past 6
million years including eruptions from the 700,000-year-old
Long Valley Caldera system and
related events. These ash layers are thought to contribute to
the lithium brines extracted by Albemarle and are also likely
involved in the formation of the exposed lithium rich clay deposits
on the east side of Clayton Valley.
https://nickelrockresources.com/clayton-valley-lithium/
About Nickel Rock Resources Inc. .
www.nickelrockresources.com
Nickel Rock Resources is a Canadian-based mineral exploration
company with a highly focused effort on exploration for high-value
battery metals required for the electric vehicle (EV) market. The
company recently announced several acquisitions resulting in a
significant property package prospective for awaruite, a naturally
occurring nickel-iron alloy important in the manufacture of
environmentally efficient batteries for the electric vehicle
markets globally.
Nickel Projects
The Mount Sidney Williams Group consists of five claim blocks in
four groups with a total area of 6,125.32 hectares in the area
surrounding Mount Sidney Williams, both adjoining and near the
Decar project of FPX Nickel Corp., located 100 kilometres northwest
of Fort St. James, B.C., in the
Omineca mining division. Metallic mineralization includes nickel,
cobalt, and chromium. At least some of the nickel mineralization
occurs as awaruite.
The Mitchell Range Group area claim consist of two contiguous
claim blocks covering 3,134.70 hectares with demonstrated metallic
mineralization including nickel, cobalt, and chromium.
Nickel-cobalt mineralization has not been well explored, but the
presence of awaruite has been documented. The company is planning
detailed exploration for the upcoming exploration season.
On Behalf of the Board of Directors
"Robert Setter"
Robert Setter, President &
CEO
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. This news release may contain
forward-looking statements which include, but are not limited to,
comments that involve future events and conditions, which are
subject to various risks and uncertainties. Except for statements
of historical facts, comments that address resource potential,
upcoming work programs, geological interpretations, receipt and
security of mineral property titles, availability of funds, and
others are forward-looking. Forward-looking statements are not
guaranteeing future performance and actual results may vary
materially from those statements. General business conditions are
factors that could cause actual results to vary materially from
forward-looking statements.
Vancouver, BC, Canada V6C 1H2
604- 428-5690
www.nickelrockresources.com
info@nickelrockresources.com
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SOURCE Nickel Rock Resources Inc.
