SCOTTSDALE, Ariz.--(BUSINESS WIRE)--A decrease in lithium content in Nevada brines is causing exploration and mining companies to look elsewhere in North America for reserves of the metal. According to “Industrial Minerals and Rocks: Commodities, Markets, and Uses - 7th Addition,” Clayton Valley, Nevada's formation waters contained an average of 400ppm in 1966; in 2006, those same brines tested at an average of 160ppm.
A prime candidate to fill the gap is western Alberta, Canada, an oil and gas-rich area with proven levels of lithium in the groundwater. With more than 20,000 wells already drilled into the province's aquifers, the opportunities to explore and extract minerals are considerable.
“The Western Alberta brines are truly an untapped resource," said Lithium Exploration Group (OTCBB:LEXG) CEO Alex Walsh. "It's reminiscent of what the petroleum industry experienced with the Alberta oil sands — they were originally overlooked and considered not economically feasible, but with higher oil prices and modern technologies they now supply 1.4 million barrels of oil a day to the United States.
About Us
Lithium Exploration Group is a U.S.-based exploration and development company focused on the acquisition and development potential of lithium brines and other precious metals that demonstrate high probability for near-term production. Currently, the company is focused on its Western Canada and South America properties. Lithium Exploration Group is a fully reporting company traded on the Nasdaq OTCBB under the symbol LEXG. Website: www.lithiumexplorationgroup.com
Safe Harbor Statement
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of lithium prices and these could vary to make development uneconomical. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein, and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.