Gold Summit Corporation (TSX VENTURE:GSM)today it received notice that Canada Lithium Corporation (TSX VENTURE:CLQ) has withdrawn from the Nevada Lithium Brine Joint Venture. The company decided to concentrate on their Quebec Lithium pegmatite resource. Canada Lithium held a 75% interest in the joint venture.
The press release is quoted as saying:
Analytical results from the first test well drilled by the joint venture in the Paymaster area are now available. They show that the saline water encountered below 150 metres contains only weakly anomalous lithium values (8 ppm) despite the highly anomalous values in the containing clastic sediments. These average 316 ppm lithium between 150 and 365 metres in a range between130 ppm and 940 ppm lithium. These high indicate that some lithium clays, probably hectorite are present, but could not be competitive with other hectorite bearing clay deposits lithium values in the 3500 ppm range.
