- Drill results include testing the western half of the Clayton Ridge Basin with 1,455 meters in 15 core holes.
- Drill results include intercepts of 17.4 meters of 724ppm Li (30.4 - 47.9 m) and 14.4 meters of 768ppm Li (46.3 - 55.8 m) from easternmost holes.
- Higher grade intercepts including 2.7 meters of 973ppm Li (34.9 - 37.6 m) from Hole No. CR11-23 indicate potential for increased lithium grades to the east.
- Results provide technical guidance for additional drilling.
- USCM has now fulfilled the contractually required drilling commitments which results in USCM holding a 100% interest in Clayton Ridge.
USCM has now fulfilled the contractually required drilling commitments, which fulfills the terms of the option agreement and will result in USCM holding a 100% interest in Clayton Ridge.
Program Results
This initial phase of drilling tested shallow, east-dipping lithium-bearing units with vertical to steeply inclined (-70o) holes to determine the thickness of the lithium-bearing units and depth to the floor of the basin. Lithium was identified in a variety of rock types including claystone (Figure 3), siltstone, conglomerate, airfall tuff, and lithic tuff. Based on the initial drill results, the claystone units produced the highest lithium values.
Although elevated lithium values were identified in 13 of the 15 holes drilled (Table 1), the highest values and corresponding widths were along the eastern fence of the holes as the Li-bearing sequence appears to thicken to the east and north where it dips beneath the volcanic tuffs into the basin’s eastern margin. Along the eastern fence of holes shown in Figure 1, Hole No. CR09-23 intersected 17.4 meters of 724ppm Li (30.4 - 47.9 m) and in Hole No. CR10-23 intersected 14.4 meters of 768ppm Li (46.3 - 55.8 m). These thicker intervals (Table 1) along with locally higher-grade intercepts including 2.7 meters of 973ppm Li (34.9 – 37.6 m) in Holes No. CR11-23 indicate potential for increased lithium widths and grades to the east and north toward the basin’s eastern margin (Figure 2). Table 1 below sets forth the initial drill results for Clayton Ridge.
Figure 1 reveals that this 2023 maiden drilling campaign at Clayton Ridge tested the western and central portions of the Clayton Ridge Basin, with much of the basin’s potential toward the basin’s eastern margin remains (Figure 2). The 2023 results provide USCM with vectors supporting additional drilling across the eastern part of the basin.
Management Commentary
Mr. Darren Collins, Chief Executive Officer and Director of USCM, comments: “Our maiden drill program at Clayton Ridge has increased our confidence about the lithium potential of the basin and provides valuable information in targeting the lithium-bearing beds to the east and north toward the basin’s bounding structure. Our technical team is further evaluating the current results and will design a follow up drill program to further test the potential of Clayton Ridge. With the completion of this drill program, USCM has now completed the contractually required drilling under the Clayton Ridge option agreement to hold a 100% interest in Clayton Ridge”.
About Falcon Drilling, Inc.
Falcon Drilling has over 33 years of experience providing versatile and reliable diamond drilling services, which enabled them to expand worldwide. Their ability to mobilize globally has proven to their client base that they are a committed supplier of diamond drilling services. Falcon Drilling’s experienced leadership team builds valued and lasting relationships with all clients and the communities in which they operate.
QP Statement
Robert J. Johansing, BSc (geology), MSc (economic geology), who is a qualified person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (the “QP”), has reviewed and approved the scientific and technical information contained in this news release. Robert J. Johansing is a consultant for the Company.
Quality Control and Quality Assurance
The QP was on-site and became familiar with the drill sites and drilling procedures for the Clayton Ridge Project and witnessed all components of the core logging and sampling procedures conducted at USCM’s core storage facility in Tonopah, NV.
All samples were retrieved by representatives of American Assay Labs (AAL) and transported to their facility in Sparks, Nev., for the 28 element, 4 acid ICP-OES (inductively coupled plasma optical emission spectroscopy) analytical package. Both the Company and AAL have inserted standards, blanks and duplicates into the sample sequence for the reported results. AAL is located in Sparks, Nevada. AAL is an independent ISO 17025 certified laboratory.
Review of the logging, sampling and security procedures, along with the QA/QC data for sample preparation and chemical analyses has not identified any issues that would impact these results.
The Samples were analyzed at American Assay Laboratories (AAL) in Sparks, Nevada. AAL is an independent ISO 17025 certified laboratory. Additional information relating to AAL’s analytical and testing procedures can be found at aallabs.com. Internal lithium standards, blanks and duplicate samples were inserted for QA/QC purposes.
Project Overview
The Project is a lithium claystone deposit located in Esmeralda County, Nevada on the east flank of the Clayton Valley, the only lithium producing region of the United States. The Project is located just 18 kilometers west of Goldfield, Nevada and roughly 17 km southeast of Silver Peak, Nevada, lying within a topographic swale between the Montezuma Range and Clayton Ridge. The Project is comprised of 180 unpatented lode mining claims, covering 3,600 acres, with easy driving access to all claims. The Project is one of several lithium projects in region. In addition to the only operating lithium producer in the US (Albemarle), the Clayton Valley and immediate surroundings host several lithium projects ranging from early- to late-stage exploration (including, but not limited to, Noram Lithium, Pure Energy, American Lithium, Ioneer Ltd., Century Lithium Corp. and Spearmint Resources).
About US Critical Metals Corp.
USCM is focused on mining projects that will further secure the US supply of critical metals and rare earth elements, which are essential to fueling the new age economy. Pursuant to option agreements with private Canadian and American companies, USCM’s assets consist of four agreements, together providing USCM with the right to acquire interests in five discovery focused projects in the US. These projects include the Clayton Ridge Lithium Project located in Nevada, the Sheep Creek Rare Earth Project located in Montana, the Haynes Cobalt Project located in Idaho, the Lemhi Pass Rare Earth Project located in Idaho and the Long Canyon Uranium Project located in Idaho. A significant percentage of the world’s critical metal and rare earth supply comes from nations with interests that are contrary to those of the US. USCM intends to explore and develop mineral resources with near- and long-term strategic value to the advancement of US interests.
For further information please contact:
Darren Collins
Chief Executive Officer and Director
US Critical Metals Corp.
Telephone: 1-786 633-1756
www.uscmcorp.com
In Europe:
Swiss Resource Capital AG
Jochen Staiger & Marc Ollinger
info@resource-capital.ch
www.resource-capital.ch
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
This news release contains certain information that may be deemed “forward-looking information” with respect to the Company within the meaning of applicable securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Forward looking information contained in this press release may include, without limitation, the expectation that the Company will acquire the Project in 2023, the expectation that the Company will complete additional drilling shortly; exploration plans and expected exploration and drilling results at the Project, results of operations, and the expected financial performance of the Company.
Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature, forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company’s public disclosure documents filed on the SEDAR+ website at www.sedarplus.ca.
The forward-looking information contained in this press release represents the expectations of USCM as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While USCM may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
