Teels Marsh

Location: 54 miles northwest of Clayton Valley
Size: N/A
Interest: 100% Ownership
Commodity: Lithium (Li)

The Teels lithium prospect, located at Teels Marsh, Mineral County, Nevada, is approximately 54 miles northwest of Clayton Valley. The prospect is comprised of 123 placer claims (2,460 acres) which cover approximately 2/3rds of the Teels Marsh, a closed desert basin. Borax was first discovered at Teels Marsh in 1872, producing steadily until 1892 by U.S. Borax which still holds the private ground to the east. The Teels prospect is a playa deposit containing chlorides, sulfates, carbonates, bicarbonates and borates of sodium and potassium. Ashburton is currently in option agreement with First Lithium in which First Lithium can earn an 80% interest in the Teels lithium prospect. Terms of the deal can be found in the related news release.

Water sampling along the northwest margin of the Teels Marsh playa confirmed lithium anomalies detected in previous work in surveys conducted in the 1970s. Three follow-up samples from areas of anomalous 1970s sampling contained 530, 540 and >1,000 micrograms per liter (ppb) Li. The samples were collected from springs near the edge of the playa and are interpreted to reflect Li input into the playa from the hills to the northwest. The hills are largely underlain by Tertiary volcanic rocks and Cretaceous grandiorite, either of which could be source rocks for lithium-bearing brines at depth in the playa.

Assay results of playa sediment samples have revealed highly anomalous lithium values ranging from 55.7 to 298 ppm. Results show stronger values near the western and eastern edges of the playa, possibly indicating concentration due to upwelling brines at the contact between permeable alluvium and less permeable playa silts and evaporates. Surface lithium values are consistent with those reported by the USGS from drilling in the Clayton Valley lithium brine field. Samples were collected about 0.5 meters below the salt crust in damp to water saturated fine grained sediment. Samples were air dried and sieved to -80 mesh.