Cardiff Energy Corp.
Cardiff Energy Corp. Acquires Eastmain River Lithium project in Quebec And Provides Clayton #1H Update
DGAP-News: Cardiff Energy Corp. / Key word(s): Interim Report/Expansion Cardiff Energy Corp. Acquires Eastmain River Lithium project in Quebec And Provides Clayton #1H Update June 22st, 2016 – CARDIFF ENERGY CORP. (the “Company”) (TSX-V: “CRS”, Frankfurt: “C2Z.F”, US Pinksheets: “CRRDF”) is pleased to announce the acquisition of the Eastman River Lithium Project from Zimtu Capital Corp. (TSX-V: “ZC”). The Eastman River Lithium Project comprises 22 mineral claims encompassing approximately 2,860 acres in Quebec, Canada. The Eastmain River area consists of a 4km zone of irregular cross cutting dikes of spodumene pegmatites, up to 60 meters wide and over 100 meters long. As reported by Pelletier a geologist who evaluated the area in 1977, 277 samples were taken with an average Li20 content of 1.7%. No drilling has been done on the property to date. The Eastmain River Li Project is situated in the lower Eastmain greenstone belt, part of the northeastern portion of the superior province. Rock types mainly consist of amphibolite facies, felsic metavolcanics and metasedimentary rocks. Outcrop exposure is extraordinary in the area with pegmatites crosscutting at surface. The project is located near kilometer 386 on the road from Matagami, Quebec and is easily accessed by paved highway or by air from the Opinaca Airport 30 km away. The LG-2 hydroelectric reservoir is 31 kilometers to the east. There is a gas station, accommodations, and helicopter support located 8 kilometers to the south west of the property. The project is 2.5 kilometers from the highway and 8 km to the north of Galaxy Resources James bay Lithium project on the south side of the Eastmain River. Galaxy Resources James Bay Lithium Project has an” indicated resource of 11.75 million tonnes grading at 1.30% Li2O and inferred resources of 10.47mt grading at 1.20% Li2O. The James Bay deposit occurs at surface and resource modelling indicates that the resource is amenable to open pit extraction. There is excellent potential to increase the resources through additional delineation of the pegmatite dykes along strike and at depth and potential to increase grade through infill drilling” (Galaxy Resources, 2016). With regards to the Clayton #1H, operations have been temporarily suspended until the Company secures additional funding or a Joint Venture partner can be found to help move the project forward. About the Company Cardiff is an emerging junior oil and gas and resource exploration company engaged in the acquisition, exploration, development and production of projects. Cardiff is listed on the TSX Venture Exchange under the symbol CRS. For additional details please visit Cardiff’s website at www.cardiffenergy.com For additional information contact: Jack Bal, President and CEO “Jack Bal” Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking statements relating to the future operations of the Company. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are exploration risks detailed from time to time in the filings made by the Company with securities regulations.
2016-06-22 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |