Advance Lithium Corp. has announced the sale of its royalty on three claims in Kenya to Orogen Royalties Inc. In consideration for the royalties, Orogen will pay US$120,000 to Advance Lithium and transfer 100% ownership of its Sarape epithermal gold project in Mexico to the Company. Orogen will retain a 1.5% royalty on Sarape.
Allan Barry Laboucan, President and CEO of Advance Lithium Corp. commented: “We are excited to sell our royalty in Kenya and receive cash and the Sarape project in the transaction. Sarape sits in the prolific Rio Sonora Valley that also hosts the Mercedes, Santa Elena, and Ermitaño mines as well as the Las Chispas deposit. The district is highly prospective for epithermal gold-silver deposits and Advance Lithium will move quickly to test the potential of Sarape.”
The Sarape project covers 57 square kilometres on the northern end of the Rio Sonora Valley. The property hosts two epithermal veins: the Sarape vein which has been traced for over 5,000 metres along strike (Figure 1 & 2) and the Chiltepin vein with a known strike of approximately 2,000 metres. The Sarape vein runs mainly northwest to southeast, while the Chiltepin vein runs east to west. The project remains largely unexplored.
The Chiltepin vein has seen less surface sampling than the Sarape vein and only one drill hole. It remains open along strike. Advance Lithium plans a comprehensive program to test both veins along strike in order to develop an understanding of the zonation of mineralization, with the ultimate aim of vectoring in on the boiling zone of mineral deposition.
Mr. Laboucan commented: “Sarape has seen limited drilling historically and the vast majority of the strike extent of both veins remains untested. Our previous work at Tabasquena, as well as the track record of other explorers in the Rio Sonora valley, suggests a more comprehensive drill program is needed to establish the most prospective zones. Existing surface samples indicate a favorable environment for the deposition of ore-grade mineralization. Furthermore, similar vein systems often feature blind veins that do not outcrop and can only be found through drilling.”