CARDIFF ENERGY CORP. (the “Company”) (TSX-V: “CRS”, Frankfurt: “C2Z.F”, US Pinksheets: “CRRDF”)
is pleased to announce the acquisition of the Eastmain River Lithium Project from Zimtu Capital Corp. (TSX-V: “ZC”). The Eastmain River Lithium Project comprises 22 mineral claims encompassing approximately 2,860 acres in Quebec, Canada. The Eastmain River area consists of a 4km zone of irregular cross cutting dikes of spodumene pegmatites, up to 60 meters wide and over 100 meters long. As reported by Pelletier a geologist who evaluated the area in 1977, 277 samples were taken with an average Li20 content of 1.7%. No drilling has been done on the property to date.
The Eastmain River Li Project is situated in the lower Eastmain greenstone belt, part of the northeastern portion of the superior province. Rock types mainly consist of amphibolite facies, felsic metavolcanics and metasedimentary rocks. Outcrop exposure is extraordinary in the area with pegmatites crosscutting at surface.
The pegamatites of the Eastmain River area are almost always spodumene bearing and enriched in light elements such as Li, Be, Na, and B, some crystals exceeding one meter in length. Slow cooling crystallization of magmatic fluids is the cause for the megacrystic nature of the pegmatites.
The project is located near kilometer 386 on the road from Matagami, Quebec and is easily accessed by paved highway or by air from the Opinaca Airport 30 km away. There is a gas station, accommodations, and helicopter support located 8 kilometers to the south west of the property. The project is 2.5 kilometers from the highway and 8 km to the north of Galaxy Resources James bay Lithium project on the south side of the Eastmain River.
Galaxy Resources James Bay Lithium Project has an” indicated resource of 11.75 million tonnes grading at 1.30% Li2O and inferred resources of 10.47mt grading at 1.20% Li2O. The James Bay deposit occurs at surface and resource modelling indicates that the resource is amenable to open pit extraction. There is excellent potential to increase the resources through additional delineation of the pegmatite dykes along strike and at depth and potential to increase grade through infill drilling” (Galaxy Resources, 2016).
Jack Bal, President and CEO of Cardiff Energy Corp., states “We are excited to have acquired the Eastmain River Lithium Project located in the James Bay area of Quebec. The James Bay area is a world class lithium exploration ground and is being actively explored by Galaxy Resources Ltd, Nemaska Lithium Inc., and Critical Elements Corp. We are looking forward to announcing and commencing the summer work program shortly.”
With regards to the Clayton #1H, operations have been temporarily suspended until the Company secures additional funding or a Joint Venture partner can be found to help move the project forward.
About the Company
Cardiff is an emerging junior oil and gas and resource exploration company engaged in the acquisition, exploration, development and production of projects. Cardiff is listed on the TSX Venture Exchange under the symbol CRS. For additional details please visit Cardiff’s website at www.cardiffenergy.com
For additional information contact:
Jack Bal, President and CEO
Cardiff Energy Corp
ON BEHALF OF THE BOARD OF DIRECTORS
President and Chief Executive Officer
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release contains forward-looking statements relating to the future operations of the Company. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are exploration risks detailed from time to time in the filings made by the Company with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.
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