Desert Lion Energy Initiates 2019 Exploration and Development Program
TORONTO, Jan. 14, 2019 /CNW/ - Namibian lithium developer Desert Lion Energy Inc. (TSXV: DLI) (OTCQB: DSLEF) ("Desert Lion" or the "Company") has initiated the Company's 2019 exploration and development program. The program will focus on increasing and optimizing existing Mineral Resources Estimates ("MRE") and advancement of the mine, concentrator and lithium conversion plant in Walvis Bay.
Following the completion of the financing announced on December 4, 2018, the Company is progressing with the next phase of exploration and development work to advance the Desert Lion Energy Lithium project.
The next phase of exploration and evaluation work will focus on increasing the existing MRE as well as the confidence therein, as well continuing with grassroots exploration over the Company's EPL's. The following activities are planned for the first half of 2019.
Rubicon
- Completion of an underground survey and drilling in order to incorporate Foot Wall lepidolite mineralization excluded from the current MRE
- Completion of surface infill drilling in order to improve confidence in the MRE to Indicated and Measured Categories
- Sampling and relogging of Hanging Wall pegmatite to improve confidence in the geological model and to potentially increase Mineral Resources
- Completion of a Geotechnical Evaluation to optimize existing Preliminary Economic Assessment ("PEA") pit outlines and to optimize the Mine Plan.
- Additional mineralogical work to support the geological model, MRE and Mine Plan
Helikon 1-5
- Completion of surface infill drilling in order to improve confidence in the MRE to Indicated and Measured Categories
- Completion of a Geotechnical Evaluation to optimize existing PEA pit outlines and to optimize the Mine Plan.
- Additional mineralogical work to support the geological model, MRE and Mine Plan
Following completion of the infill drilling programs, the Company will be updating the Mineral Resource Estimate, with results anticipated in Q3 2019.
EPL Scale Exploration
Commencement of follow up work over the structural targets generated in 2017 will continue in 2019 and will comprise of detailed soil geochemical surveys over prioritized targets and follow up mapping and sampling of LCT pegmatites discovered in 2017. The objective of the program is to generate drill ready targets for the second half 2019.
Concurrent with the exploration program, the Company has engaged Karl Neumayer Civil Contractors (Pty) Limited ("KNeumayer") to assist the Company to update aspects of the PEA to include:
- Optimizing the PEA pit shell design and current mine plan and guided by work completed during the exploration and geotechnical programs
- Trade-off analysis for various throughput and production scenarios
- Site selection analysis for lithium conversion? plant in Walvis Bay, Namibia
The results of the study are expected to be published in late Q2 2019.
About Desert Lion Energy
Desert Lion Energy is an emerging lithium development company focused on building Namibia's first large-scale lithium mine to be located approximately 210 km from the nation's capital of Windhoek and 220 km from the Port of Walvis Bay. The Company's Rubicon and Helikon mines are located within a 301 km2 prospective land package, with known lithium bearing pegmatitic mineralization and the Company is currently in Phase 1 of its production plan, producing and exporting lithium concentrate from stockpiled material. The project site is accessible year-round by road and has access to power, water, rail, port, airport and communication infrastructure.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget" "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved." Forward-looking information is based on certain factors and assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, lithium and other metal prices, the estimation of initial and sustaining capital requirements, the estimation of labour and production costs, the estimation of mineral reserves and resources, assumptions with respect to currency fluctuations, the timing and amount of future exploration and development expenditures, receipt of required regulatory approvals, the availability of necessary financing for the Project, permitting and such other assumptions and factors as set out herein.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in lithium prices; sources and cost of power and water for the Project; the estimation of initial capital requirements; the lack of historical operations; the estimation of labour and operating costs; general global markets and economic conditions; risks associated with exploration, development and operations of mineral deposits; the estimation of initial targeted mineral resource tonnage and grade for the Project; risks associated with uninsurable risks arising during the course of exploration, development and production; risks associated with the estimation of targeted production tonnages from Phase 1 operations; risks associated with currency fluctuations; environmental risks; competition faced in securing experienced personnel; access to adequate infrastructure to support exploration activities; risks associated with changes in the mining regulatory regime governing the Company and the Project; completion of the environmental assessment process; risks related to regulatory and permitting delays; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and liquidity risks including the risk that the financing necessary to fund continued exploration and development activities at the Project may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation.
Although the Company has attempted to identify important factors that cause results not to be as anticipated, estimated or intended, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this presentation and the Company does not undertake to update or revise any forward-looking information this is included herein, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
SOURCE Desert Lion Energy
Desert Lion Energy Inc., Tim Johnston, Chief Executive Officer, Tel: (416) 309-2953, Email: [email protected]
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