Carson City, Nevada--(Newsfile Corp. - June 8, 2023) - ACME Lithium Inc. (CSE: ACME) (OTCQX: ACLHF) (the "Company", or "ACME") is pleased to report that the Company has completed drilling, construction, and development of Dissolved Mineral Resource Exploration (DMRE) test well TW-1 as part of the Phase 2 expanded drill program at ACME's Clayton Valley Nevada lithium brine project.
TW-1 targets the Lower Gravel Unit (LGU) which extends from approximately 1250 to 1820 feet below ground surface (bgs) at the test well location. As announced in August 2022, the LGU presented some of the highest lithium values, up to 130 mg/L in brine samples collected in ACME's Phase 1 program, which was completed in July 2022. The LGU presents a deep, laterally expansive aquifer, which overlies bedrock throughout a significant portion of Clayton Valley.
Figure 1: Drill set up at Clayton Valley
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ACME's project area is contiguous and adjacent to the northwest of Albemarle's lithium brine operation in Clayton Valley which has been in operation since 1966. Clayton Valley remains the only producing lithium brine region currently in production in the United States.
The completion of DH-1A in April 2023 increased the depth of the LGU from approximately 1250 - 1820 feet. The underlying bedrock was drilled to a depth of 1940 feet and a zone-isolated brine sample was collected using a down-hole Ardvark packer system from approximately 1880 to 1840 feet. Zone testing indicated brines extend into the bedrock with lithium concentration up to 71 mg/L. Downhole geophysical logs completed include a nuclear magnetic resonance (NMR) log, which provides indications of potential fluid volume, mobile, or capillary bound waters, and estimates of hydraulic conductivity throughout the entire borehole.
TW-1 was successfully drilled and casing installed to a target depth of 1,820 feet by Harris-Earth Drilling in accordance with Nevada Division of Minerals DMRE well permit W0017. The perforated casing captures the LGU from 1,300 to 1,800 feet, approximately 500 feet of potential ore-grade lithium brine aquifer. Completion of TW-1 positions ACME to exclusively control the only deep well in the northern portion of Clayton Valley.
Highlights of the TW-1 drilling and well installation program included:
- Successfully reaching the bottom of the LGU aquifer with a large diameter borehole
- Completion of open-hole geophysical and wireline logs
- Successful well, gravel pack and cement seal installation
- Completion of well development activities
Initial chemical field parameters from airlift development indicate the Total Dissolved Solids and Electrical Conductivity of the TW-1 brine is consistent with the values reported in the LGU during Phase 1 testing. The well will be secured and prepared for completion of a pumping test from which hydraulic properties and brine chemistry of the LGU will be assessed. The assessment will examine the potential extractability and average lithium concentration of the brine in the LGU at TW-1.
The results of the TW-1 pumping test and response propagated to the DH-1A-grouted in vibrating wire piezometer array will be used to assess the volume of lithium enriched brine and potential extractability of the brine from the LGU aquifer through pumping. The assessment of extractable brine volume and concentration of lithium in the brine will be used to infer if a lithium resource potentially exists at the ACME project. Brine samples from the pumping test discharge will be submitted to multiple laboratories for chemical analysis and potential bench-scale testing for Direct Lithium Extraction (DLE) and processing. The TW-1 pumping test, data, and laboratory analyses are anticipated to be completed within 90 days.
ACME is funded by strategic investors and positioned to complete its exploration and development objectives through the near term with the goal of providing a domestic supply of lithium to the U.S. and Canadian markets.
William Feyerabend, Certified Professional Geologist and Mathew Banta, Certified Professional Hydrogeologist are qualified persons as defined by NI 43-101 and have supervised the preparation of the scientific and technical information that forms the basis for this news release.
About ACME Lithium Inc.
Led by an experienced team, ACME Lithium is a mineral exploration Company focused on acquiring, exploring, and developing battery metal projects in partnership with leading technology and commodity companies. ACME has acquired or is under option to acquire a 100-per-cent interest in projects located in Clayton Valley and Fish Lake Valley, Esmeralda County Nevada, at Shatford, Birse, and Cat-Euclid Lakes in southeastern Manitoba, and at Bailey Lake in northern Saskatchewan.
On behalf of the Board of Directors
Steve Hanson
Chief Executive Officer, President and Director
Telephone: (604) 564-9045
info@acmelithium.com
For Investor Inquiries
Anthony Simone
Simone Capital
Telephone: (416) 818-5154
asimone@simonecapital.ca
Neither the CSE nor its regulations service providers accept responsibility for the adequacy or accuracy of this news release. This news release may contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are 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 and in this news release include but are not limited to the attributes of, timing for and expected benefits to be derived from exploration, drilling or development at ACME's project properties. Information inferred from the interpretation of drilling, sampling and other technical results may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. ACME's project location adjacent to or nearby lithium projects does not guarantee exploration success or that mineral resources or reserves will be defined on ACME's properties. Exploration, development, and activities conducted by regional companies provide assistance and additional data for exploration work being completed by ACME. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from the Company's operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
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