Lithium Corporation Expands Fish Lake Valley Prospect

Rhea-AI Summary

Lithium Corporation (OTCQB:LTUM) has expanded its land holdings at Fish Lake Valley, increasing from 1,440 acres to 6,873 acres. This expansion targets areas identified for potential lithium brine resources. The company is in an agreement with Altura Mining Limited (ASX:AJM), allowing Altura to earn a 60% interest through $2 million of exploration work and staged payments totaling $975,000. The due diligence period for this agreement has been extended to August 31 due to Australian reporting requirements, with work on the formal agreement ongoing.

Positive

• Expansion of land holdings at Fish Lake Valley from 1,440 acres to 6,873 acres.
• Agreement with Altura Mining allows for $975,000 in staged payments and exploration work worth $2 million.

Negative

• Due diligence extension may indicate delays in advancing the partnership with Altura Mining.

ELKO, NV / ACCESSWIRE / July 6, 2021 / Lithium Corporation (OTCQB:LTUM) ("LTUM" or "the Company"), a North American corporation focused on energy metals for the growing energy storage sector and high-tech industries, wishes to announce the Company has increased the size of its land holdings at Fish Lake Valley, and agreed to extend the due diligence period under the Letter of Intent (LOI) with Altura Mining Limited (ASX:AJM) whereby Altura may earn a 60% interest in the Company's Fish Lake Valley lithium-in-brine prospect in Esmeralda County, Nevada.

Over the past several months, LTUM has been gradually expanding the size of the Fish Lake Valley prospect. Currently, the Company's holdings here are 6,873 acres (2,781 ha's), up considerably from the beginning of the year holdings of 1,440 acres (523 ha's). The land package has been expanded to cover areas identified earlier as possibly also prospective for hosting lithium brine resources, similar to the main zone.

As outlined in earlier press releases, Lithium Corporation signed an LOI with Altura Mining Limited whereby Altura will earn a 60% interest in the Fish Lake Valley prospect by conducting $2,000,000 worth of exploration work on the property, and paying LTUM $575,000 and issuing $400,000 worth of Altura common shares in staged payments over the next four years. While Altura has fulfilled all obligations under the LOI to date, they requested the due diligence period under the agreement be shifted from July 31^st to August 31^st. The need to do so is the result of Australian reporting requirements. Given Lithium Corporation's long-standing relationship with Altura, the Company is happy to accommodate the request and aid in any way possible. In the meantime, work progresses on the formal agreement governing the earn-in, and the parties have been in talks as to how best move the prospect forward once the formal agreement is in place.

About Lithium Corporation

Lithium Corporation is an exploration company based in Nevada devoted to the exploration for energy storage related resources throughout North America, and looking to capitalize on opportunities within the ever-expanding next generation energy storage markets. The Company has maintained a strategic alliance with Altura Mining for the past eight years. Website: www.lithiumcorporation.com.

Contact Info

Tom Lewis, CEO
Lithium Corporation
775-410-5287
info@lithiumcorporation.com

About Altura Mining Limited

Altura Mining Limited is an ASX/OTC listed exploration and development company based in Perth, West Australia that is a significant investor in Lithium Corporation, and has been a collaborator with Lithium Corporation since 2012. Website: www.alturamining.com

Notice Regarding Forward-Looking Statements

This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of minerals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

SOURCE: Lithium Corporation

View source version on accesswire.com:
https://www.accesswire.com/654274/Lithium-Corporation-Expands-Fish-Lake-Valley-Prospect

FAQ

What is the recent development regarding Lithium Corporation's land holdings?

Lithium Corporation has expanded its land holdings at Fish Lake Valley from 1,440 acres to 6,873 acres.

What agreement does Lithium Corporation have with Altura Mining?

Lithium Corporation has an agreement allowing Altura Mining to earn a 60% interest in the Fish Lake Valley prospect through $2 million of exploration work and $975,000 in staged payments.

Why was the due diligence period extended for the agreement with Altura Mining?

The due diligence period was extended to August 31 due to Australian reporting requirements.

How much is Altura Mining investing in the Fish Lake Valley project?

Altura Mining is investing $2 million in exploration work and making staged payments totaling $975,000.

What potential resources is Lithium Corporation focusing on?

Lithium Corporation is focused on lithium brine resources for the energy storage sector.