Lithium Corporation. (OTC: LTUM) shares plummeted nearly 30% today after a strong after-hours drive yesterday afternoon following the company’s results from the first phase of sampling of its spring program at Fish Lake Valley, Nevada. The Fish Lake Valley prospect discovered lithium-enriched brines in its near surface brine sampling, with results of up to 140mg/L. Also, boron is also enriched with values up to 2500 mg/L. and Potassium is also reported higher, with results up to 7200 mg/L. The highest values are expected to be confined to an area approximately one-half mile square that is within a larger zone of moderate to highly anomalous lithium and boron, which is 1 ½ miles long by 1 mile wide.
The company’s contractors concentrated on geochemical evaluations on the Fish Lake Valley, Salt Wells, and Cortez properties, and are expected to develop new prospects in the Great Basin.
Lithium Corporation recently received approval from the Bureau of Land Management (BLM) to drill on its Cortez property. After the compilation of the fieldwork done to date, the company expects to submit another application soon to drill at Salt Wells.
The company is also looking at lithium brine properties in South America. Although, the company is focused to explore and develop lithium resources in the United States, the availability of lithium-enriched environments, and the interest of the major lithium producers and end users in South America suggests evaluation of opportunities in this region for the company.
As of December 31, 2010, Lithium Corporation has accumulated losses of $1,093,386 since inception and has earned no revenues since inception. The company’s strategy moving forward is to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ending December 31, 2011.
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