DJIFF - Dajin Lithium Signs Earn-In Agreement with Lone Mountain Resources
(TheNewswire)
Vancouver, BC - TheNewswire - November 10, 2020 - Dajin Lithium Corp.("Dajin") (TSXV:DJI) (OTC:DJIFF) ( FSE :C2U1 ) announces that it has entered into an Earn-in Agreement with LoneMountain Resources, LLC ("LMR"), a privately held US Lithiumexploration and development company, on a package of 62 Lithium mining placer claimscovering an area of approximately 1,240 acres inthe Alkali Lake valley. The Alkali Lake valley is located inEsmeralda County, approximately 7 miles northeast of Albemarle'sSilver Peak mine, the only producing Lithium brine operation in theUSA .
In the terms of the Agreement, LMR will make an initialone-time payment to Dajin of US $25,000 upon signing, and LMR has theright to acquire up to 75% ownership interest in all of Dajin's AlkaliLake claims by making project related expenditures of at least US$200,000 prior to August 31, 2022. LMR has agreed to commence aninitial work plan that consists of additional surface sampling andgeoscience work to define the optimal surface location for anexploration well expected to be drilled to a depth of 1,500 feet toassess rock and brine properties.
The Agreement encompasses a 3-mile area of interestaround the current claims. Upon satisfying the terms of the Agreement,Dajin may enter into a joint venture mining agreement or retain aroyalty interest of 3% of the value of all minerals extracted and soldby LMR. LMR shall have the right to purchase the 3% royalty fromDajin for US $1,500,000.
LMR is affiliated with Lilac Solutions , Inc. a well financed lithium extraction technology company that LMR anticipates willprovide technology and services to advance the project.
About Dajin Lithium :
Dajin Lithium Corp. is a Lithium exploration companywith brine-based Lithium exploration projects located in Argentina andNevada. In February 2018, Dajin announced exceptional Lithium brineassay results from 25 shallow pits ranging from 281 mg/litre to 1,353mg/litre, averaging 591 mg/litre on the Salinas Grandes salar in Jujuyprovince, Argentina ( geochemical map ). Dajin holds a49% Joint Venture interest in 230,000 acres in Jujuy province withLitica Resources S.A., an operating subsidiary of Pluspetrol ResourcesCorporation, a major international Argentinian oil and gas company.
In Nevada, Dajin holds a 100% interest in 403 placermining claims covering 7,914 acres in the Teels Marsh valley ofMineral County, Nevada. Dajin has acquired the water rights in theTeels Marsh valley and has received all of the necessary permits fordrilling, with engineered access roads and two large drill padsconstructed. These claims are known to contain Lithium and Boronvalues.
ON BEHALF OF DAJIN'S BOARD OFDIRECTORS
Brian Findlay
President & CEO
604-681-6151
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility forthe adequacy or accuracy of this release.
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