FYI.... From Proactive Investors Caeneus Minerals adds new...

FYI.... From Proactive Investors

Caeneus Minerals adds new lithium project to Nevada portfolio

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11:00 17 Oct 2016
Proactive Investors

http://www.*.com.au/companies/news/...thium-project-to-nevada-portfolio-167461.html

Caeneus Minerals adds new lithium project to Nevada portfolio

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11:00 17 Oct 2016

Caeneus Minerals Ltd (ASX:CAD) has entered into an agreement to acquire New King, a potential district scale lithium clay project located in the McDermitt mining district in Northern Nevada, U.S.

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Caeneus Minerals Ltd adds new lithium project to Nevada portfolio
New King comprises an area of about 250 contiguous placer mineral claim blocks totalling circa 5,000 acres within Humboldt County, Nevada.

The total consideration for the transaction is 175 million shares in Caeneus, US$25,000 in cash and 140 million Caeneus options exercisable at $0.005 on or before 30 June 2021.

Additionally, Caeneus will need to pay deferred cash payments of US$95,000 and a 2% net smelter royalty on production from the project.

The New King project claims are situated on the immediate western and southern extensions of and in a similar geological setting to Lithium Americas Corp’s (TSE:LAC) Lithium Nevada Project.

The Lithium Nevada Project contains one of the largest undeveloped lithium deposits in North America with over 300 million tonnes at greater than 1.5% lithium carbonate equivalent.

New King is also of strategic relevance to the Tesla Gigafactory, located circa 350 kilometres by a sealed highway to the southwest.

Tesla and their partners are committed to $4-5 billion of investment in the Gigafactory until 2020.

Caeneus will target mineralisation consisting of layered beds of lithium-bearing clay-rich volcaniclastic sedimentary rocks at New King.

The company is planning to progress with the exploration program on its suite of Nevada lithium properties (two clay projects and three brine projects) over the remainder of this year.