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Sovereign Gold Company Ltd makes move on lithium in Nevada

Rocco Tassone, managing director, commented: "The Clayton Valley is home to the only producing Lithium mine in North America, Albermarle's Silver Peak Mine, the relatively low cost of drilling comparative to Australia."
Sovereign Gold Company Ltd makes move on lithium in Nevada

Sovereign Gold Company Ltd (ASX:SOC) has engaged leading lithium consultant, Jerry Aiken, to manage a diamond drilling program at the 111 Clayton Valley lithium claims in the U.S. state of Nevada.

The drill program will test for extensions of aquifers discovered by Pure Energy Minerals Ltd (CVE:PE) in their adjacent claims.

Pure Energy reports 816,000 tonnes of lithium carbonate equivalent, Inferred Resource (NI 43-101).

It is within 10 kilometres of North America’s only producing lithium mine owned by Albemarle Corporation (NYSE:ALB) which has a US$8.55 billion market cap.

Rocco Tassone, managing director, commented:

“The Clayton Valley is home to the only producing Lithium mine in North America, Albermarle's Silver Peak Mine, the relatively low cost of drilling comparative to Australia and the existence of the Tenova Bateman process available to us to extract lithium product from Li bearing brines, makes SOC’s claims extremely prospective.”


Lithium drilling in Canada


Sovereign Gold recently commenced diamond drilling at the Crescent Lake lithium project located in Ontario, Canada.

The 500 metre program will target an area hosting four lithium-bearing pegmatites.

Extensive pre-drilling sampling work returned grades of up 1.84% lithium oxide on the pegmatites.

The claims are adjacent to Ardiden Ltd’s (ASX:ADV) Seymour Lake Lithium Project and Argonaut Resources NL’s (ASX:ARE)  Zigzag claims that contain lithium-bearing pegmatites.

Ardiden's claims host pegmatites up to 26 metres wide grading up to 2.38% lithium.

Ardiden has identified pegmatite exposures over a 5 kilometre strike length that trends towards Sovereign’s claim boundary.


Background


Sovereign Gold has a dual-commodity focus on gold and lithium.

The Mount Adrah gold project is located in the highly-prospective Lachlan Fold Belt of New South Wales and has a resource of 770,000 ounces of gold.

The company also is conducting exploration on two lithium project in North America.

Sovereign Gold owns an exclusive option to acquire 100% of the 50.7 square kilometre Crescent Lake lithium project located in Ontario, Canada. Recent grab samples at Crescent Lake assayed up to 1.84% lithium.

The company recently acquired the Clayton Valley lithium claims in the U.S. state of Nevada where it plans to contract an exploration team to undertake a drilling program.

Finally, Sovereign Gold also plans to drill a new high-grade zinc target at the Halls Peak tenements located near Armidale in New South Wales. Further updates on the drilling are expected shortly.

 

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