VANCOUVER, British Columbia, Nov. 07, 2018 (GLOBE NEWSWIRE) -- RedZone Resources Ltd. (TSX-V: REZ, Frankfurt: REZ, OTC: REZZF) (“the Company” or “RedZone”) is pleased to announce that it has begun its due diligence work on the North-West Lithium Property in Ireland (“NWL”), focussed on areas of anomalous historical lithium geochemistry in stream sediment and soils along the eastern and western margins of the Devonian Caledonide granites, where they are in structural contact with Lower Palaeozoic meta-sediments. RedZone has the option to earn into a 90% ownership, please see press release of October 23rd, 2018 for option terms.
The due diligence work, which will cost approximately Eur47,000 and will take approximately until the end of the year, will focus on:
- Verification sampling with a 10% check on the historical soil samples;
- Prospecting of the six primary target areas, as indicated by anomalous lithium values in historical stream drainage and shallow soil samples;
- Soil depth/geochemical profiles across identified lithium bedrock mineralization.
The NWL Property is comprised of 15 exploration licences, totalling 477.38 sq. km (47,738 hectares) and is located approximately 35km southwest of Dublin. The project is centred on similar geology to that which hosts International Lithium Company’s (“ILC”) Avalonia Project, approximately 60km to the south. The Avalonia project is focussing on anomalous lithium bearing pegmatites and aplites that occur along the eastern and southern margin of the Devonian Caledonide granites, where they are in structural contact with Lower Palaeozoic meta-sediments. Ganfeng Lithium Co., one of the world’s leading lithium producers established in China in 2000 and listed on the Shenzhen Stock Exchange since 2010, has agreed to spend $10 million to earn 79% of ILC’s Avalonia project. ILC are currently drilling on the property and have returned intersections of up to 2.23% Li2O over 23 metres (Source:ILC Corporate Presentation Oct 2018).
Upon completion of this work the decision will be made to either move forward with the NWL project or focus on other projects such as the Fortner-Boyd project in Arizona.
About RedZone Resources
RedZone Resources is a mineral exploration company with a focus on metals that make up and support the rapid evolution to battery power. RedZone’s common shares are listed on the TSX-V: REZ, on the Frankfurt exchange: REZ, and on the OTC: REZZF. RedZone currently has three projects: 1) Fortner-Boyd Lithium project in Arizona, 2) North-West Leinster Lithium property in Ireland, and 3) a 55% stake in the Peru based Lara copper property, which has over 10,000 metres of drilling. More information about the Company is available on its issuer profile on SEDAR at www.sedar.com or at www.RedZoneResources.ca. For further information please contact:
Michael Murphy, President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and/or accuracy of this release.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to the potential for gold and/or lithium at any of the Company’s properties, the prospective nature of any claims comprising the Company’s property interests, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, uncertainty of sample results, timing and results of future exploration, and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.