Dajin Resources Corp. signs deal with Geothermal Development Associates
Dajin Resources Corp., an early stage Lithium exploration company holding a 100 percent interest in 403 placer claims covering 7,914 acres in the Teels Marsh valley of Mineral County, has signed a Memorandum of Understanding (MOU) with Geothermal Development Associates (GDA) of Reno.
GDA is a geothermal development corporation with geothermal leases in the Teels Marsh valley that overlie Dajin’s placer claims. GDA’s principle line of business is the development of geothermal resources for electrical generation. As a result of this MOU, GDA and Dajin will share exploration data with the ultimate aim of supporting the development of a Lithium brine extraction facility as well as developing a geothermal plant for electrical generation and the production of direct-use thermal water. This agreement outlines a non-competitive relationship where both companies are focusing on their key strengths, while working together on their exploration program during development.
Dajin’s President Brian Findlay remarked, “This relationship will provide Dajin preferential access to green renewable electrical power and thermal energy to power a potential future Lithium brine operation without competition over surface and water rights”. GDA’s President Martin Booth said, “We are pleased with this association with Dajin who understands and appreciates the significance of geothermal resources and how collaboration can help both companies move forward on their respective developments.”
Key attractions of Dajin’s Teels Marsh valley Lithium brine project include identified near-surface Lithium-bearing brines, been granted water rights and has minimal land fragmentation. The basin beneath the playa is up to 8,200 feet (2,500 metres) deep. Prior geothermal exploration results indicate favourable geochemistry and shallow sub-surface temperatures of up to 206°F (97°C) at 131 feet (40 meters) depth at the northwest end of the valley. In March, the Bureau of Land Management accepted Dajin’s Notice to proceed with civil works and drilling as part of its exploration for Lithium brines. A National Instrument 43-101 report was released in April.
The unanimous approvals Wednesday came despite state leaders promising to tighten up requirements for Nevada’s tax abatements and incentives for future companies.