Blue Eagle Lithium Inc. Acquires Additional Acreage in Railroad Valley, Nevada
HENDERSON, Nev., May 06, 2019 (GLOBE NEWSWIRE) -- Blue Eagle Lithium Inc. (OTCQB: BEAG) ("Blue Eagle" or the "Company"), a lithium resource exploration and development company, announced that it has secured an agreement to expand its existing holdings in Railroad Valley, Nevada. The agreement provides for the acquisition of an additional 1,000 acres contiguous to the Southwest portion of its current property bringing the Company’s total land package in Railroad Valley to 5,000 acres (~2,023 hectares).
Following a strategic review of its existing property portfolio, including its initial baseline soil-sampling program, completed National Instrument 43-101 report in late 2018 and most recently, announced results from its detailed surface soil and water sampling program, the Company believes that the additional claims will allow it to continue its current exploration program beyond its existing boundaries and increase the potential targets for a drilling program.
The agreement further enhances Blue Eagle’s position as a significant player in the lithium enriched Railroad Valley.
Blue Eagle CEO Rupert Ireland commented on the acquisition, “We’ve been looking to increase our acreage in Railroad valley from the moment we started receiving positive soil sample results and we have been fortunate to find prospective land adjacent to our existing footprint. The land package is a natural fit and extension to our current land position, both in terms of access and geological theories. The additional acreage will further entrench the Company within the exciting gravity low area of interest in Railroad Valley and represents a clear example of the growth potential that remains for our Company, particularly within this region in the state of Nevada.”
Railroad Valley is a closed, arid terminal basin bounded by faults and filled with porous young sediments and hosts a larger playa, larger catchment area and deeper basin fill than Clayton Valley, (host to Albemarle Corp’s Silver Peak Lithium Mine), which is the only lithium brine operation within the United States.
As highlighted in the Company’s previously reported National Instrument 43-101 report, extensive oil exploration and development has generated a large data set on characteristics of basin stratigraphy, depth to bedrock and fault accessible for analysis, which extends southwest to the Company’s property. While the depth of bedrock beneath the Railroad Valley property is unknown, the main basin infill sediments have been drilled and tested by oil exploration since 1954 with infill depths from 150 to 2,900m in an asymmetrical graben with a fault-bounded, deep, restricted basin. In combination, the Railroad Valley basin is a green-fields lithium target for potential brine aquifers where exploration can build on the dense existing oil field data, the experiences at Clayton Valley and other lithium-brine basins, including those in South America.
As part of this extra land agreement, the Company also holds an exclusive option to acquire an additional 520 acres contiguous and adjacent to the south of the 1,000 acres within this agreement. This option is valid for 30 business days from the date of the Closing of this agreement. If the option is exercised, the Company’s land holdings within Railroad Valley will total 5,520 acres. Upon the Company’s due diligence, the decision to exercise the option will be made and further announcements will follow as materially appropriate.
About Blue Eagle Lithium Inc.
Blue Eagle is a lithium exploration company engaged in identifying, evaluating, and developing early-stage lithium exploration opportunities in North America. The company's initial property is located in Railroad Valley, Nevada, a highly prospective green-fields Petro-Lithium brine target area that features many similarities to the nearby Clayton Valley and which the company believes warrants an extensive exploration program. The company has a 100% Working Interest in 250 placer claims. The claims cover 5,000 acres (~2,023 hectares).
Blue Eagle Lithium is a publicly traded (OTCQB: BEAG) Blue Eagle’s team comprises experienced leaders that represent more than 60 years of industry experience in the energy, financial, and geology fields.
IR TOLL-FREE: 1-877-344-BLUE
INVESTOR EMAIL: IR@blueeagleLithium.com
OTC QB: BEAG
This news release may contain "forward-looking" statements. These forward-looking statements are only predictions and are subject to certain risks, uncertainties and assumptions that could cause actual results to differ from those in the forward looking-statements. Potential risks and uncertainties include such factors as uncertainty of consumer demand for the Company's products, as well as additional risks and uncertainties that are identified and described in the Company's SEC reports. Actual results may differ materially from the forward-looking statements in this press release. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company does not undertake, and it specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.
Released May 6, 2019