Mr. Allan Laboucan reports
ALSET ENGAGES SRK CONSULTING TO UNDERTAKE MINERAL RESOURCE ESTIMATES FOR THREE OF ITS LITHIUM SALARS, CONSOLIDATES SHARE CAPITAL
Alset Minerals Corp. has engaged SRK Consulting, to perform mineral resource estimates on three of its lithium salars. The salars include: Santa Clara, La Salada, and Caliguey. Of the salars in the Zacatecas and San Luis Potosi areas, Santa Clara is the largest, La Salada has the highest average lithium grade, and Caliguey hosts the highest-grade lithium sample and the second highest average lithium grade.
SRK Consulting has a demonstrated record in undertaking independent assessments of resources, reserves, project evaluations and audits. SRK has an office in Mexico and its staff has significant experience in the compilation of National Instrument 43-101 reports. SRK’s previous international experience in the lithium mining industry is extensive and includes work on brines, clays, pegmatites and volcanic-hosted deposits.
President and chief executive officer Allan Barry Laboucan said: “In the past year we expanded our Mexican portfolio from having six lithium prospective salars, to an additional seven salars and then staked nearly one million acres over three very large salars. All of these salars are 100-per-cent-owned Alset projects. We look at it as two main project regions, with a southern cluster of 13 salars in the states of Zacatecas and San Luis Potosi, and the second much larger northern cluster in the state of Coahuila. The salars that make up the southern cluster are the most advanced, with enough historical data and recent work to be able to complete a number of mineral resource estimates. These are the three mentioned earlier which include our largest salar, the highest-grade lithium salar and the salar with the highest-grade lithium sample in the southern cluster. We are excited to be able to complete initial mineral resource estimates on these three salars. This work will help provide scope to the tonnage potential of these three salars and help lead our future work on exploration and development of all our lithium prospective salars in the southern cluster.”
The company is also pleased to announce that, further to its Jan. 16, 2018, news release it has received TSX Venture Exchange approval to consolidate its share capital on the basis of one postconsolidation share for each three preconsolidation shares. Shares of the company will commence trading on a consolidated basis as of Feb. 28, 2018.
The board of directors of the company believes that the consolidation is necessary to better position the company for future corporate development opportunities and financing transactions. There will be no name change in conjunction with the consolidation.
The company currently has 58,911,967 common shares issued and outstanding. Following the consolidation, it is anticipated that the company will have approximately 19,637,322 common shares issued and outstanding, and continue to trade on the TSX Venture Exchange under the existing stock symbol ION.
The exercise or conversion price and the number of common shares issuable under any of the company’s outstanding warrants and stock options will be proportionately adjusted to reflect the consolidation in accordance with their respective terms thereof. No fractional common shares will be issued pursuant to the consolidation, and any fractional common shares that would otherwise be issued will be rounded down or up to the nearest whole number.
Emily Hanson, PGeo, vice-president of exploration for Alset Minerals, is the qualified person responsible for the technical content of this release.
About Alset Minerals Corp.
Alset Minerals is a TSX Venture Exchange-listed junior exploration company focused on exploring and development of a group of high-grade lithium and potassium projects in the Central Mexican plateau. The company, in November, 2017, added nearly one million acres of lithium-prospective salars, through staking. Alset has a growing portfolio of 100-per-cent-owned lithium prospective salars in the states of San Luis Potosi, Zacatecas and Coahuila in Mexico. With the November, 2017, staking, the company now has more than one million acres of lithium prospective salars in mining-friendly Mexico with roads and power up to the salars.