VANCOUVER, British Columbia, May 20, 2016 (GLOBE NEWSWIRE) -- Sienna Resources Inc (SIE—TSX.v) (A1XCQ0 –FSE) (HBNRF—OTCBB) wishes to announce that Sienna has acquired the “Clayton Valley Deep Basin Lithium Brine Project”. This project is located directly between and bordering Pure Energy Minerals Limited and Lithium X Energy Corp. The “Clayton Valley Deep Basin Lithium Brine Project” is located in parts of the deepest sections (refer to the map) of the only lithium brine basin with a producing operation in North America (Albemarle’s Silver Peak Mine). Pure Energy Minerals, which owns the Clayton Valley South project, has recently released an inferred resource of 816,000 tons of lithium carbonate equivalent on the Clayton Valley South project. According to the Pure Energy Minerals Limited website, “Geophysics shows that the same brine-bearing formations encountered during drilling (Pure) appear to extend to much greater depths within the basin.” Recently Pure Energy Minerals Limited signed a supply agreement with Tesla Motors Inc to potentially supply lithium hydroxide from its Clayton Valley Lithium Brine Deposit.
To view the Clayton Valley Depth of Basin Map please visit: http://orders.newsfilecorp.com/files/854/20702_a1463695323486_5.jpg
Jason Gigliotti, President of Sienna Resources Inc. stated, “We are pleased to be one of the few companies that have property within the only known lithium brine basin with production in North America. Saline brines are higher density than fresh or brackish water and therefore tend to sink. Based on this, management is optimistic regarding this project as we are located in the deeper sections of this basin. Sienna also currently has one of the smaller market caps of the public companies in the Clayton Valley. The lithium space has shown signs of explosive growth recently and shows little to no signs of slowing down. Lithium is one of the few sectors of the market that appeals to both the traditional resource investor and millennials, as Tesla has primarily created a global knowledge for lithium, therefore being a true crossover element. Management plans to commence operations on this new project shortly.”
According to a Canaccord Genuity report issued May 17, 2016 “We forecast the lithium market to grow by 81% to 347kt lithium carbonate equivalent (LCE) by 2020, and by 259% to 687kt LCE by 2025, representing a CAGR of 14% across all demand sectors. We anticipate Li-ion battery-based electric vehicles (passenger vehicles & electric buses) to be a key driver of demand over the next decade, accounting for 38% of all lithium demand by 2025 (from ~6% in 2015). Similarly, we also anticipate significant demand for lithium from the grid storage sector, which we forecast will account for 13.6% of all demand by 2025.”
Sienna has also just recently acquired the “Esmeralda Lithium Project” also in the Clayton Valley of Nevada (April 15, 2016).
Management will be presenting at the 8th annual Industrial Mineral Events Lithium Supply and Market Conference in Las Vegas May 24-26. “As an exclusive and one-of-its-kind gathering within the lithium industry, running for the eighth time, Lithium Supply & Markets will once again welcome global industry players from throughout the lithium value chain. The chosen city, Las Vegas, will prove the best location as it is close to Tesla’s highly anticipated Gigafactory as well as numerous lithium mine projects in Nevada. Despite falling prices for a range of commodities in 2015, the lithium market has stayed positive. Moving into 2016, upward price pressure is expected to continue with supplies looking tight and demand set to keep increasing.” Management is looking forward to attending the world’s preeminent lithium conference. This forum will bring together the majority of the global industry leaders in the space and we are pleased to be able to properly position the Sienna story within this fast growing sector of the resource world. Management will be able to sit down directly with fund managers, individual investors, regional geological and hydrological experts and other like-minded company managers.” This new project consists of 60 contiguous claim blocks. This project was acquired via staking.
Greg Thompson PGeo has reviewed this news release.
Sienna Resources Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Source: Sienna Resources Inc.