(TheNewswire)
March 24, 202 1 - TheNewswire - Vancouver, BC, Canada - Nickel Rock Resources Inc. (“the Company”) TSXV:NICL ) ( OTC:NIKLF ) is pleased to announce that reverse circulation drilling iscommencing on the Company’s recently expanded claim block at SilverPeak, Clayton Valley, Esmeralda County, Nevada. This strategic landpackage, covering approximately 2,300 acres (930 ha), directly adjoinsa 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 clayexploration. On the neighbouring property of Cypress Development,they have recently oversubscribed its bought deal offering for grossproceeds of C$19,550,000 from PI Financial Corp. as sole underwriter and bookrunner. This isfantastic news, and it complements news from our other neighbourAlbemarle who announced earlier this year that it is planning todouble its lithium production in Nevada at its Silver Peak mine by2025 and is committing between US$30 million -US$50 million in additional investment on theproperty. With our current exploration program in place, we will beable to lay the groundwork for a more significant exploration programbudget and program in the future. We are excited about thisopportunity in Nevada for our lithium clay project.”
Mr. Robert Setter continues “The reverse circulationdrilling program is expected to continue until the end of the month,and the Company should be able to immediately see geologicalinformation on the sedimentary layers. This will assist us inidentifying the various clay and sediment layers to a depth ofapproximately 600 feet.”
Of note, potential lithium bearing clays, within lakesediments and ash beds, were previously reported in rough drillerslogs of historic geothermal exploration wells on file with the NevadaState Engineers office (permit #66034A). Well, GPXM2 (1994) reported“green to olive green siltstone, mudstone and clay” over athickness of 510 ft (155.4m) from 130 ft (39.6m) to 640 ft (195m). In January of 2006, Western Geothermal partners drilled hole WGP#2to a depth of 405 feet (123m) in the Goat Island graben. Accordingto their reports, this hole cut interbedded zones of gravel, silt, andhot spring apron material. More importantly, “from 280ft (85.3m) to305 ft (93m) fine grained green sand and silt logged as volcanic ashwas encountered. This unit may be correlative tothe Main Ash Aquifer, which is a marker bed in other areas of theClayton Valley Basin ”.
About Clayton Valley LithiumProject
Clayton Valley is a down-dropped closed basin formed bythe Miocene age Great Basin extension and is still active due tomovement along the Walker Lane structural zone. As a result, thebasin has preserved multiple layers of lithium bearing volcanic ash,resulting from multiple eruptive events over the past 6 million yearsincluding eruptions from the 700,000-year-old Long Valley Calderasystem and related events. These ash layers are thought tocontribute to the lithium brines extracted by Albemarle and are alsolikely involved in the formation of the exposed lithium rich claydeposits on the east side of Clayton Valley. https://nickelrockresources.com/clayton-valley-lithium/
About Nickel Rock ResourcesInc . . www.nickelrockresources.com
Nickel Rock Resources is a Canadian-based mineralexploration company with a highly focused effort on exploration forhigh-value battery metals required for the electric vehicle (EV)market. The company recently announced several acquisitions resultingin a significant property package prospective for awaruite, anaturally occurring nickel-iron alloy important in the manufacture ofenvironmentally efficient batteries for the electric vehicle marketsglobally.
Nickel Projects
The Mount Sidney Williams Group consists of five claimblocks in four groups with a total area of 6,125.32 hectares in thearea surrounding Mount Sidney Williams, both adjoining and near theDecar project of FPX Nickel Corp., located 100 kilometres northwest ofFort St. James, B.C., in the Omineca mining division. Metallicmineralization includes nickel, cobalt, and chromium. At least some ofthe nickel mineralization occurs as awaruite.
The Mitchell Range Group area claim consist of twocontiguous claim blocks covering 3,134.70 hectares with demonstratedmetallic mineralization including nickel, cobalt, and chromium.Nickel-cobalt mineralization has not been well explored, but thepresence of awaruite has been documented. The company is planningdetailed exploration for the upcoming exploration season.
On Behalf of the Board of Directors
“Robert Setter”
Robert Setter, President & CEO
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. This news release may containforward-looking statements which include, but are not limited to,comments that involve future events and conditions, which are subjectto various risks and uncertainties. Except for statements ofhistorical facts, comments that address resource potential, upcomingwork programs, geological interpretations, receipt and security ofmineral property titles, availability of funds, and others areforward-looking. Forward-looking statements are not guaranteeingfuture performance and actual results may vary materially from thosestatements. General business conditions are factors that could causeactual results to vary materially from forward-lookingstatements.
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