Fish Lake Valley Property
First Division Ventures has an option to acquire, with cash and stock payments and a staged work commitment, a 50% interest in eighty-one (81) lode mining claims totaling approximately 1,620 acres in Esmeralda County, Nevada USA.
Between the Project and Clayton Valley, generally 25 miles to the east, exploration since 2010 has found sites with very anomalous lithium values (>100 ppm) in Tertiary claystones where there are indications the lithium can be recovered under simple metallurgical conditions.
The FLV claims cover an outcrop area of Tertiary age sediments on the northeastern flank of Fish Lake Valley where initial sampling found values to 600 ppm lithium in claystones.
Since acquisition, First Division exploration work included mapping, sampling and CSAMT/ MT geophysical survey traverses along an existing access road.
The Fish Lake Valley property is located in Esmeralda County, Nevada, and is comprised of a contiguous 1,620-acre package of 81 lode claims. The property is located approximately halfway between Las Vegas and Reno (approximately 3.5-4 hrs driving time to project location from either city). The claims are in the northeastern corner of Fish Lake Valley (FLV) and accessible by well-maintained gravel roads that connect to the main highway network either along the western edge of FLV (Highway 264), or across the watershed boundary to the east, in Silver Peak (Highway 265). The nearest settlements are in Dyer and Silver Peak, and the main service centre for the area is Tonopah, located approximately 1 hour’s drive away from the project location. Goldfield is the County seat for Esmeralda County, and is located approximately 1 hr from the site.
GEOLOGY & MINERALIZATION
The claims cover an area of prospective lithium, boron and potassium mineralized sediments. These sediments are part of the late Eocene to late Miocene age Esmeralda Formation, comprising interbedded tuffaceous mudstones, siltstones and coarser tuffaceous siliciclastic rocks, that were deposited in a lacustrine (lake) and associated fluvial setting. The lithium bearing mineralization is typically encountered in finer- grained buff-brown and pale green tuffaceous mudstones and siltstones that typically weather into a characteristic ‘popcorn’ weathered surface.
The Esmeralda Formation in the area of interest outcrops over a continuous elongated zone on the south-eastern edge of the northern part of Fish Lake valley. The deposits are present on the gentler slopes that rise to the SE edge of the flat-lying Fish Lake playa, and run up in to the low hills that flank the Fish Lake area. The strata are likely similar to those present on the adjacent Rhyolite Ridge Lithium-Boron Project being explored for lithium and boron by Global Geoscience Limited, and located approximately 4 km to the east and north-east. These adjacent deposits have recently been the subject of a JORC- Compliant Pre-Feasibility Study1, reported by Global Geoscience Limited (now ioneer Ltd.), that estimated a global resource of 1.13 million tonnes of lithium carbonate equivalent (LCE) (c.f. Global Geoscience October 23rd, 2018 Press Release). Exploration and sampling of the Esmeralda Formation sediments can be completed relatively efficiently, as the mineralized sediments outcrop at surface.
First Division entered into an option agreement on September 25th, 2017 and amended on May 2nd, 2018 to acquire a 50% interest in the Fish Lake Valley claims for $20,000 in cash and 3.02 million shares plus $1.5 million in project expenditures over three years.