American Potash Corp. said April 3 that it acquired 608 U.S. federal placer mining claims, totaling approximately 12,000 acres, in the southeastern extension of the Paradox Basin in southwestern Colorado.
The acquisition expands the company's area of lithium claims and leases in the Paradox Basin to approximately 25,000 acres in Utah and Colorado.
The new claims occur as two contiguous blocks located over part of the southeastern extension of the Paradox Basin's Paradox Formation and locally underlying Leadville limestone stratigraphy.
Lithium-bearing brines have been documented in five historical oil and gas wells, with lithium grades ranging from 87 parts per million to 1,700 ppm, and one historical potash exploration well grading 339 ppm of lithium.
American Potash will continue its lithium and potash research and exploration programs on its Utah Paradox Basin lithium claims and potash lease application areas. The company is planning to drill within the next year.