- Pure Energy (TSXV:PE) has commend drilling at its Clayton Valley Lithium Project in Nevada
- The company is hoping to advance a lithium-brine project on the site
- Pure Energy currently has a joint venture agreement with Schlumberger Technologies to develop Clayton Valley
- Schlumberger is required to conduct exploration activities, as well as design and construct the site’s pilot plant
- Pure Energy (PE) is up 22 per cent, with shares trading at 5.5 cents and a market cap of C$10 million
Pure Energy (TSXV:PE) has commend drilling at its Clayton Valley Lithium Project in Esmeralda County, Nevada.
The company owns 100 per cent of the Clayton Valley, and intends for the property to develop into a lithium brine project.
Pure Energy has entered into a joint venture with another company that can earn-in a portion of the site.
Pure Energy own a large portion of the Clayton Valley, comprising 948 mineral claims over just over 23,000 acres and are the largest mineral land holder in the valley.
The company completed a preliminary economic assessment of the site in 2019.
The company signed a joint venture agreement with Schlumberger Technologies Corporation, through which Schlumberger will earn its stake in the property by contributing to on-site exploration work.
Schlumberger is also responsible for design and construction of a pilot plant at the site capable of capable of processing the lithium-bearing brine into lithium carbonate products above a specified grade.
Pure Energy has already previously identified lithium-bearing brines on the site.
The company received approval in January 2019 from the Nevada Department of Water Resources for a 50 acre-foot finite term water right permit, which is sufficient to test the property to determine the lithium levels contained within the brine.
The company has stated that the brines are of a very high quality with very low impurity levels.
Mary Little, a director of Pure Energy, said she was excited that drilling had kicked off at Clayton Valley once again.
“Our partner, Schlumberger, is advancing the regulatory and technical aspects of the CV project towards their objective of pilot plant construction and brine testing.
“We plan to make additional updates in the coming months” she said.
Pure Energy (PE) is up 22 per cent with shares trading for 5.5 cents at 3:10pm EDT.