Goldrea Resources acquires Lift property in Nevada

Oct 13, 2016

GOLDREA ACQUIRES LITHIUM PROPERTY IN CLAYTON VALLEY

Goldrea Resources Corp. has acquired a 100-per-cent interest in a lithium prospect, known as the Lift property, located in the Clayton Valley, Esmeralda county, Nevada.

The Lift property comprises 60 lode claims covering approximately 1,200 acres of land. The claims are situated adjacent to Noram’s lithium property and in proximity to Pure Energy and Cypress’s interests in the Clayton Valley. Consideration for the acquisition consists of $30,000 (U.S.) cash (of which $15,000 (U.S.) has been paid), 500,000 Goldrea shares and a 3-per-cent net smelter return royalty which can be bought back for $2.5-million (U.S.). The company has also paid $24,270 (U.S.) for county and Bureau of Land Management recordation fees through August, 2017.

“We are pleased Goldrea Resources has been able to secure this prospect which holds potential for supplying a much-needed commodity in the future,” stated Jim Elbert, chief executive officer and president. “Clayton Valley has been the focus of many recent lithium acquisitions. It is home to the only operating brine-based lithium mine in North America, the Albemarle Silver Peak mine, and host to the Angel Island fault which is also highly prospective. The work done in the Valley and lithium showings is encouraging as we look to move the Lift property forward.”

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