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Lithium Energy Products Inc entering burgeoning lithium space with Nevada survey

Last updated: 14:37 13 Apr 2017 BST, First published: 09:37 13 Apr 2017 BST

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The firm is kicking off work at its project in Nevada

Lithium Energy Products Inc (CVE: LEP, FRANKFURT: N8I) has kicked off work to see if a brine target exists at its Jackpot Lake property in Nevada.

First off is a large-scale geophysics gravitational survey beginning on Friday (April 14).

This will inform the strategy for a electro-magnetic survey to map depths of up to 1,200 meters so drilling to test for lithium rich brines can start.

Chief executive James Walker said: "With lithium becoming an increasing part of the emerging energy revolution it is very exciting to be involved in the supply end of this industry.

"According to GCiS China Strategic Research, the lithium carbonate spot price increased about 250% in only 1 year, making more deposits economically viable.

"We are very confident we can quickly progress this project towards its next stages of development and take advantage of this burgeoning market.”

Consultant KLM Geoscience will undertake this survey. It has significant geological experience of the area and has conducted similar work in brine-bearing properties.

Jackpot Lake property consists of 140 claims in a flat, arid drainage basin in the Nevada desert occupying around 2800 acres. 

It is analogous to other highly prospective lithium brine operations undergoing development nearby, the firm said.

At least six other start-ups have recently placed or leased claims in the same area aiming to develop lithium producing projects.  

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