CHARLESTOWN, Nevis, Nov. 15, 2021 (GLOBE NEWSWIRE) -- IG Global Group LLC (“IGG”), (the “Company”) is pleased to announce the establishment IG LITHIUM LLC (“IGL”) a private company duly established under the laws of the state of Delaware and an affiliate of IGG which has acquired the rights to the PANAMINT PLAYA BRINE LITHIUM PROJECT (“Panamint Playa”). IGL is pleased to announce it is actively seeking a strategic partner to earn into a majority position in a joint venture with IGL.
IGL has acquired a world class lithium opportunity in Panamint Playa. The project is in a closed basin, in a unique geological setting just west of Death Valley, California. It has widespread anomalous lithium, with high lithium content source rocks, large basin size and geometry, an extremely arid, high evaporation rate climate, and geothermal activity.
A magneto-telluric (MT) survey of Panamint Playa shows a conductivity resistivity anomaly (brine aquifer) greater than 13 miles long and hydrogeochemical results show widespread, anomalous lithium in shallow auger holes over ten square miles into which brine flowed. The surrounding infrastructure and location near to potential future offtake parties make this a unique opportunity for high returns on a relatively low investment in additional exploration.
The process for participating with IGL in Panamint Playa involves the execution of a confidentiality agreement, whereupon interested parties are given access to the Panamint Playa data base as well as an opportunity for a site visit. IGL will proceed with best offer built around earn-in joint venture deal terms. The indicative timeline requires offers to be received on or by January 1, 2022; the best offer shall be awarded by January 15th, with definitive documentation by January 30th, 2022, which may be modified at IGL’s sole discretion.
Several groups have already shown an interest in reviewing the opportunity. Any company interested in receiving the teaser document should contact Stephanie Ashton, VP of Business Development at sashton@igglobalgroup.com.
Thomas E. Bowens, President & CEO of TCM and IGG, stated, “We are very excited to have such a unique lithium brine opportunity located within the confines of the United States. It is imperative that new lithium brine deposits be proven in the coming years, and equally important that domestic sources of this critical green energy metal be found within the United States. Initial near surface brine concentrations and deep-seated geophysical indicators point to a very significant potential resource, and given the perfect geological conditions for economic lithium brine development in the Panamint Valley basin, we feel confident in the prospects viability.”
About IG Global Group LLC
IGG is a private international holding company focused on the exploration and development of world class mineral deposits. The Company’s collective activities consist of mineral exploration, mining operations and mining service companies, with projects and clients in the United States, Kazakhstan and the Russian Far East. IGG was founded in 2010 by Thomas E. Bowens, a Certified Professional Geologist, with degrees in Economics, Geological Engineering (Magna Cum Laude) and a master’s degree in Geology (the latter two from the Colorado School of Mines). IGG brings together experienced professionals who are innovators in their fields with selected technical consultants who are well-versed in the latest industry exploration and mine development techniques and technologies. For more information, visit www.igglobalgroup.com.
Forward Looking Statements
This press release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, “would” or “should” occur or be achieved. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that TCM’s management considered appropriate and reasonable as of the date such statements are made, and are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact included herein are forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities.
For Information on the Panamint Playa Opportunity contact: Stephanie Ashton, VP Business Development, sashton@igglobalgroup.com
