VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 22, 2016) - Lithium Americas Corp. (the "Company" or "LAC") (LAC.TO)(LACDF) reports that on June 22, 2016 it will be filing an updated National Instrument 43-101 ("NI 43-101") technical report dated May 31, 2016 on the Lithium Nevada project (formerly Kings Valley project) in Nevada, USA. (the "Report").
Mineral Resource Estimate
In the Report, the authors confirm the mineral resource estimates on the Stage I Lens and Stage II Lens remain unchanged from the mineral resource estimates disclosed in prior technical reports and LAC's recent continuous disclosure filings. A summary of the Mineral Resource Estimates is set forth in the table below.
Mineral Resource Statement for the Stage I Lens (effective May 31, 2016):
- Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves.
- Resources presented at a Li% 0.20 cut-off grade which was determined using the following economic assumptions: US$3.36 Li carbonate/lb; 87.2% metallurgical recovery; US$66/tonne ore processed; US$2.75/tonne material moved.
Mineral Resource Statement for the Stage II Lens (effective May 15, 2010):
- Rounding errors may exist.
- Contained metal does not allow for mine or metallurgical recovery. Tonnage factor used is 1.96 t/m3.
- Economic assumptions do not include any potassium credits.
- Conversion factor from Li metal to lithium carbonate equivalent (LCE) used is 5.323. Economic assumptions for cut-off grade determination are: US$3.50 Li carbonate/lb; 60% metallurgical recovery; US$50/tonne ore processed; US$2.20/tonne material moved.
The mineral resource estimates were prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines.
Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
Further Details of the Report
In addition to presentation of the Mineral Resource Estimates, the authors of the Report also recommend that the Company proceed with updated development studies for the property, while acknowledging that the pre-feasibility study and mine plan for the project completed in March 2012 is no longer current and should not be relied upon.
The Report was prepared by independent "Qualified Persons" (as that term is defined in NI 43-101) Timothy J. Carew, P.Geo and Mario E. Rossi, FAusIMM. For further details about the mineral resource estimates, data verification measures used and other scientific and technical information about the Lithium Nevada Project, please refer to the Report which is available under LAC's profile on SEDAR (www.sedar.com).
Dr. David Deak, Chief Technical Officer of LAC and President of Lithium Nevada Corp. commented, "We are committed to developing this very large Nevada clay-based lithium resource to provide the battery industry with a new supply source of lithium hydroxide. Our efforts in 2016 will be focused on establishing new design criteria for low cost commercial scale production of lithium hydroxide with a flow sheet and mine plan that sets new standards for environmental sustainable resource development. We will be advancing the engineering development work, and growing the technical team to build on the excellent foundation that has already been established."
About the Company
The Company is developing the Cauchari-Olaroz lithium project, located in Jujuy province, Argentina, and the Lithium Nevada project (formerly Kings Valley project) in Nevada, USA, with the intent to become a major supplier of lithium products. In addition, Lithium Americas is a supplier of specialty drilling additives, Hectatone™ and other organoclay products for the oil and gas and other industries.
Scientific and technical information in this news release about the Lithium Nevada project has been approved by Timothy J. Carew, P.Geo and Mario E. Rossi, FAusIMM, qualified persons for purposes of NI 43-101.
Statements in this release that are forward-looking information are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in the company's periodic filings with Canadian securities regulators. When used in this document, the words such as "expect," "believe," "planned", "scheduled," "targeting" and similar expressions is forward-looking information. Information provided in this document is necessarily summarized and may not contain all available material information.
All such forward-looking information and statements are based on certain assumptions and analyses made by Lithium Americas management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include those described under the heading "Risks Factors" in the Lithium America's most recently filed MD&A. The Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information or statements.