VANCOUVER, BC, Feb. 21, 2023 /CNW/ - CDN Maverick Capital Corp. ("Maverick" or the "Company") (CSE: CDN) (OTCQB: AXVEF) (Frankfurt: 338B) is pleased to provide an overview of its 100% ownership interest in the Nevasca Lithium project located in the Salar de Arizaro, Salta Province (Argentina), the prolific Lithium Triangle; known to be rich in lithium reserves and said to produce about a third of the Global Supply according to U.S. Geological Survey in 2022.
Figure 1: Relative position of the project to neighbour Lithium Chile (TSX-V: LITH) (CNW Group/CDN Maverick Capital Corp.)
Figure 2: Location and Geographical Features of the Nevasca Lithium Property (CNW Group/CDN Maverick Capital Corp.)
Figure 2: Location and Geographical Features of the Nevasca Lithium Property (CNW Group/CDN Maverick Capital Corp.)
Figure 3: Major deposits, development stage and mining projects neighbouring the project area (CNW Group/CDN Maverick Capital Corp.)
Figure 4: Local Property Geology map (CNW Group/CDN Maverick Capital Corp.)
The Nevasca Lithium Project (the "Property") is located approximately 220 km west of the city of Salta (See Figures 1 and 2). It covers an area of approximately 28,4 square kilometres in one single exploration and mining concession. Access to the property can be done year-round via a well-maintained unpaved road that leads to Fortuna Silver's Lindero Mine (located 15 km southwest of the Nevasca Lithium Project area). The Nevasca Project is proximal to ground held by Lithium Chile, who recently published a NI 43-101 compliant resource estimate that includes 1,337,000 tonnes of lithium carbonate equivalent (LCE) in the indicated and 1,250,000 tonnes in the inferred resource categories: (Lithium Chile Corporation, Interim Technical Report, January 27, 2023) and is currently drilling its third production well.
Project History
Arizaro is one of the largest Salars in the Argentine Altiplano and forms part of what is known as the "Lithium Triangle", covering an area of 1,600 square kilometers within a 6,000 km2 watershed region. The salar is characterized by the presence of late Cenozoic volcanic and plutonic rocks, associated with sedimentary and evaporitic deposits, including lithium-bearing brines. In recent years, the resurgence of lithium demand due to the growth of the electric vehicle market and the increasing demand for lithium-ion batteries and the rise in world average price from USD$ 6,690 per tonne in February 2020 to USD $69,383 in February 2023 (https://tradingeconomics.com), and as a result, exploration activities in the Arizaro Salar have scaled up rapidly. Today, multiple companies are operating in the area, one of them being Lithium Chile Inc., which owns the neighboring Arizaro Lithium Project where the company reported Hydra-sleeve samples yielding values up to 446 mg/l of Li (Using the inflatable packer system, lithium samples returned values up to 555 mg/ls).
Geology:
Based on initial field reconnaissance work, satellite imagery analysis, and regional geological maps, a local geological map was created. The local basement consists of tertiary red-beds composed of stratified sandy clay. The most abundant unit in the area corresponds to horizontally layered and terraced travertines, interbedded with fine sand and subordinate gypsum. This evaporitic sequence is consistent with others seen in comparable mature Salars such as Rincón, Pastos Grandes, Pocitos, and Hombre Muerto.
These deposits are interpreted to be lacustrine in origin and found in the edge zone of the salt flat. Surficial clay layers with a thin layer of halite were observed in the northern sector, which show plasticity and are poorly porous. A cone-shaped alluvial fan composed of poorly classified unconsolidated material was observed in the mid-eastern part of the property. There is a thin and ocherous unit with higher sediment content located at a lower elevation, under the travertine which corresponds to an active evaporitic crust zone of the Arizaro Salar. Two faults were identified in the southern sector based on satellite imagery and field observations.
The project area encompasses a transitional setting between clastic sediments and evaporites, which typifies a playa zone, as commonly observed in analogous salar environments across the Lithium Triangle.
"Salta is one of the top mining jurisdictions in Latin America and being at the heart of the Lithium Triangle, known for being one of the few major sources of lithium production in the world, our significant land position, which includes targets for lithium-rich brine and clay deposits in one of the largest salar basins in the Argentinean altiplano, in such an active and coveted area will produce excellent shareholder value in the short and long term. The success of companies in the area, such as Alpha Lithium and Lithium Chile which have secured extensive exploration financing, further solidifies our belief in the enormous potential of the Arizaro and similar salar environments in the region. Maverick has submitted an environmental and social impact assessment report before the Mine Court of the Province of Salta for advanced exploration drilling permitting and anticipate approval in the near future as the Company moves to aggressively capitalize on the momentum and opportunity in the region," Commented Adam Cegielski, CEO.
Qualified Person
Raul Sanabria, M.Sc., P.Geo., is the qualified person ("QP") for the Company as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
About CDN Maverick Capital Corp:
CDN Maverick is a Vancouver-based diversified natural resource investment and junior exploration company whose focus is the development of mineral projects. The Company owns a 100% interest in the Nevasca Lithium Project located in the Arizaro Salar in Salta, Argentina. Maverick controls more than 1.6M shares of Noram Lithium Corp. (TSX-V: NRM) which is developing the Zeus Lithium Deposit in Clayton Valley Nevada, adjacent to Albemarle's Silver Peak Lithium mine and production facility. CDN Maverick also has a 100% interest in the Rainbow Canyon Gold Project in the Olinghouse Mining District, in the Washoe County Nevada.
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall Founder, Chairman and Director [email protected] C: 778.999.2159
This news release contains projections and forward - looking information that involve various risks and uncertainties regarding future events. Such forward - looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements; the uncertainty of future profitability; and the uncertainty of access to additional capital. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward- looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstance or management's estimates or opinions change.
Neither the Canadian Securities Exchange ("CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE CDN Maverick Capital Corp.
Sandy MacDougall, Founder, Chairman and Director, [email protected], C: 778.999.2159
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