SLB Completes Earn-in for Pure Energy's Clayton Valley Lithium Project
Rhea-AI Summary
Pure Energy Minerals (TSXV: PE) (OTCQB: PEMIF) announced that its partner SLB (NYSE: SLB) has completed the earn-in requirements for Pure Energy's Clayton Valley lithium brine project in Nevada. SLB has met technical milestones including continuous production of lithium carbonate at a pilot plant using direct lithium extraction technology. Upon finalizing the earn-in, SLB will take 100% ownership of the project claims, while Pure Energy will receive a 3% net smelter return royalty on all commodities extracted.
The Clayton Valley property comprises 950 placer mineral claims over 9,450 hectares. SLB's pilot plant, described as one of the largest and most advanced DLE plants in the U.S., began producing lithium carbonate in March 2024 after construction started in Q1 2023. Pure Energy's CEO Joseph Mullin expressed excitement about being part of SLB's clean energy technology development through its New Energy business.
Positive
- SLB completed earn-in requirements, demonstrating technical success of the DLE pilot plant
- Pure Energy to receive 3% net smelter return royalty on all extracted commodities
- Clayton Valley property comprises large 950 claim, 9,450 hectare land package
- Pilot plant successfully producing lithium carbonate since March 2024
Negative
- Pure Energy giving up 100% ownership of Clayton Valley project to SLB
- Company transitioning from project operator to royalty holder
Vancouver, British Columbia--(Newsfile Corp. - September 11, 2024) - Pure Energy Minerals Ltd. (TSXV: PE) (OTCQB: PEMIF) ("Pure Energy" or "the Company") is pleased to report that its partner, SLB (NYSE: SLB), has completed a comprehensive technology demonstration and testing program as required to earn-in to the Company's
SLB has demonstrated completion of specific technical milestones to qualify the earn-in to
Upon completion of all earn-in terms, SLB may take ownership of the CV Project claims and Pure Energy will receive a
Pure Energy acquired its Clayton Valley mineral properties over an eleven-year period from 2012 - 2023 by staking open ground and through option agreements with neighboring claimholders. The property comprises 950 placer mineral claims over 9.450 hectares (23,360 acres) in good standing, granted by the US Bureau of Land Management ("BLM"). These constitute one of the largest mineral landholdings within Clayton Valley. During the period 2014-2019, nine bore holes were completed by Pure Energy, of which the production-scale hole CV-9 provides brine flow to the pilot plant. A Preliminary Economic Assessment ("PEA") study, as amended, was published in April of 2018, incorporating results from the initial eight bore holes, and an additional seven holes subsequently were acquired together with properties. Pure Energy initiated the permitting process for development of a pilot plant in 2017.
During the past five years, SLB worked closely with the BLM and the State of Nevada to obtain necessary permits for construction and operation of the pilot plant, in addition to meeting all environmental requirements for site and resource use. Construction was initiated in Q1 2023 and the first product of Li2CO3 occurred in March of 2024.
"The CV Project Pilot Plant represents one of the largest and most advanced DLE plant of its kind in United States", remarked Joseph Mullin, CEO of Pure Energy Minerals. "We are very excited for Pure Energy to be part of SLB's development of clean energy technologies through its New Energy business. Our partnership has been productive, professional and beneficial to both entities."
The information in this news release has been reviewed and approved by Mary L. Little, MMSA QP#01503, who is a Qualified Person as defined by National Instrument 43-101. Ms. Little is a director of the Company and therefore is not considered to be independent.
On behalf of the Board of Directors,
"Joseph Mullin"
CEO, Pure Energy Minerals Ltd.
CONTACT:
Pure Energy Minerals Limited (www.pureenergyminerals.com)
Email: info@pureenergyminerals.com
Telephone - +1 604 608 6611
Cautionary Statements and Forward-Looking Information
The information in this news release contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release may include future exploration and development of the Clayton Valley Project. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
The Company does not undertake to update any forward-looking information, except as required by applicable laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222961
FAQ
What milestone did SLB achieve for Pure Energy's Clayton Valley lithium project?
What will Pure Energy receive once SLB takes ownership of the Clayton Valley project?
When did SLB's pilot plant at Clayton Valley start producing lithium carbonate?
How large is Pure Energy's Clayton Valley lithium property?
