SRA Stria Lithium Inc

Sierra Geothermal Power Corp. (SGP) (TSX VENTURE:SRA) provides an exploration
update on its Tier One projects. The update covers exploration drilling at the
Reese River Project, the completion of an observation well at the Alum Project
in the Paymaster District as well as other Paymaster District advances, and the
completion of an airborne survey at the Barren Hills Project.


In addition, SGP has been informed that Nevada's Bureau of Land Management has
accepted SGP's lease unitization proposals for all four of SGP's Tier One
projects. Lease unitization gives SGP resource control, during exploration,
development and production, over land that adjoins each of the Tier One projects
and that is not currently under lease by SGP or other developers. The BLM
unitization approval affects a combined 47 square kilometers of currently
unleased adjoining lands, for a total unitized and leased land position of 154
square kilometers on our Tier One projects.


"The Reese River exploration program was particularly helpful as it increased
the size of the thermal anomally and will help us to target future drilling
locations," said Gary Thompson, President and CEO. "We believe that our short
term geothermal exploration program, which is well funded with nearly US$11
million raised since August 2009 and US$10 million in matching grants, will go a
long way towards attracting prospective joint venture partners and moving our
project to feasibility."


REESE RIVER PROJECT UPDATE

Earlier this month SGP completed a program of 10 shallow exploration holes with
a total of 2,140 meters drilled at Reese River. While analysis of the drill
results remains to be completed, an initial review confirms that the size of the
known thermal anomaly at Reese River is greater than previously disclosed. 


A team of geologists from the University of Nevada, Reno is working with SGP to
build a structural model of the subsurface that should be completed in early
2010. The structural model, combined with all of the previous data, will be used
for targeting the next drill locations.


PAYMASTER DISTRICT UPDATE

Paymaster is a district play geothermal opportunity located in Esmeralda County,
Nevada near the California and Nevada border. SGP's projects within the District
consist of three prospects: Alum, Silver Peak and Pearl, having an estimated
combined probability at the 90% level of generating 110 megawatts of power. A
110-megawatt geothermal plant provides enough power to supply 88,000 homes. Alum
and Silver Peak are Tier One projects while Pearl is a lower priority Tier Two
project.


SGP recently completed drilling the observation well 25-29 at the Alum project,
within SGP's Paymaster district. SGP stopped the well at 1,010 meters, which was
short of the previously disclosed target depth of 1,830 meters. The highest
recorded temperature in the well was 126 degrees Celsius at 620 meters depth.
The drilling was stopped prior to the planned depth of 1,830 meters because a
temperature reversal was encountered. The drill hole confirms and constrains the
depths to important subsurface horizons and has provided helpful geologic
information. SGP also collected a complete suite of downhole geophysical logs
from the well. SGP is refining the 3D subsurface model at the Alum project prior
to additional drilling.


In November, SGP completed detailed ground-based magnetotelluric (MT) surveys
and airborne Z-tipper Electromagnetic (ZTEM) surveys at both Alum and Silver
Peak. Preliminary analysis of the MT datasets reveals the extent and thickness
of overlying layers of conductive sediments as well as the inferred locations of
zones of potential permeability at both Alum and Silver Peak. A radiometric
survey was recently completed at Silver Peak. Data processing and interpretation
of all data sets into 3D subsurface models is ongoing.


SGP is planning additional exploration work in the Paymaster District including
a 2D seismic survey at Alum, regional hydrological studies, shallow temperature
probe measurements and an airborne thermal infrared remote-sensing survey at
both Alum and Silver Peak. Further drilling is planned at both Silver Peak and
Alum in January 2010. 


As previously disclosed, SGP's $10 million in matching grants from the US
Department of Energy allows SGP to obtain reimbursements for 50% of the cost of
its exploration work, specifically $5 million of reimbursments for Silver Peak
and $5 million of reimbursments for Alum.


BARREN HILLS PROJECT UPDATE

In November 2009, SGP completed an airborne Z-tipper Electromagnetic (ZTEM)
survey covering 100 square kilometers at the Barren Hills project. This survey
is providing information on the subsurface resistivity variations which is
useful for planning additional surveys and drilling targets. The permitting
process continues to move forward at Barren Hills. SGP anticipates the receipt
of the major project permit, the Environmental Assessment (EA) for Barren Hills,
in Q2 2010.


About Sierra Geothermal Power Corp.

Sierra Geothermal Power Corp. is a renewable energy company focused on the
exploration and development of clean, sustainable geothermal power. It is based
in Vancouver, British Columbia and listed on the TSX Venture Exchange under the
symbol SRA. Its portfolio of geothermal projects located in Nevada and
California exceeds 365 square kilometers (90,000 acres) and has a combined total
estimated capacity of greater than 500 MW. SGP intends to finance development by
utilizing a combination of corporate equity, joint venture partnerships and
project debt, with the support of US government grants and loan guarantees. To
find out more about Sierra Geothermal Power Corp. (TSX VENTURE:SRA) visit our
website at www.sierrageopower.com.


On behalf of the Board of Directors,

Gary Thompson, President, Chief Executive Officer and Director

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This press release contains forward-looking statements. Forward-looking
statements are projections of events, revenues, income, future economic
performance or management's plans and objectives for future operations. In some
cases you can identify forward-looking statements by the use of terminology such
as "may", "should", "anticipates", "believes", "expects", "intends",
"forecasts", "plans", "future", "strategy", or words of similar meaning.
Forward-looking statements in this press release include statements such as,
"The Reese River exploration program was particularly helpful as it increased
the size of the thermal anomaly and will help us to target future drilling
locations, we believe that our short term geothermal exploration program, which
is well funded with nearly US$11 million raised since August 2009 and US$10
million in matching grants, will go a long way towards attracting prospective
joint venture partners and moving our project to feasibility, SGP anticipates
the receipt of the major permit, the Environmental Assessment (EA) for Barren
Hills, in Q2 2010 and the Company's intent to finance the development of its
projects through a combination of corporate equity, joint venture partnerships
and project debt with the support of U.S. government grants and loan guarantees.
These statements are only predictions and involve known and unknown risks,
uncertainties and other factors, including the risks inherent in our industry,
the challenging capital markets and other risks identified by us in our periodic
filings on SEDAR (which can be viewed at www.sedar.com). Any of these risks
could cause our or our industry's actual results, levels of activity,
performance or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or implied by these
forward-looking statements. 


While these forward-looking statements and any assumptions upon which they are
based are made in good faith and reflect our current judgment regarding the
direction of its business, actual results will almost always vary, sometimes
materially, from any estimates, predictions, projections, assumptions or other
future performance suggested in this press release. Except as required by
applicable law, including the securities laws of Canada, we do not intend to
update any of the forward-looking statements to conform these statements to
actual results.

Stria Lithium (TSXV:SRA)
Historical Stock Chart
From Jun 2024 to Jul 2024

Stria Lithium (TSXV:SRA)
Historical Stock Chart
From Jul 2023 to Jul 2024