Canadian exploration company Scotch Creek Ventures has acquired the Miranda lithium project in Jackson Valley, Esmeralda County, Nevada, US, from an undisclosed firm.

In exchange for the stake, Scotch Creek Ventures issued 3.1 million of its common shares and paid $120,000 in cash.

Scotch Creek Ventures CEO David Ryan said the firm considers the Miranda mine as a high potential lithium brine and sediment project.

Ryan added: “We are relatively early comers to this valley, and we believe that we have secured the section that follows the natural groundwater.”

The acquisition increases Scotch Creek Ventures’ Nevada lithium footprint to nearly 14,500 acres.

Located 20 miles south-east of the Silver Peak lithium mine, the Miranda project comprises 268 placer claims that cover an area of 5,360 acres.

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Scotch Creek Ventures technical director Marvin said: “Jackson Valley presents Scotch Creek with a large land position within a basin with exposed mudstone and ash-rich rock units that are likely part of the upper portion of the regionally mineralised Esmeralda Formation.

“Evaporite and volcanic ash units in the Esmeralda Formation host world-class brine and claystone lithium resources in both the proximal Clayton Valley and in the Tonopah North exploration areas. The project has high exploration potential for the types of lithium resources being produced and developed within the region.”

Last month, Scotch Creek Ventures has acquired, through staking, an additional 159 lode claims on its Macallan East project in Clayton Valley, Nevada.

The acquisition follows weeks after the firm received a drill permit for the Macallan East project from the US Bureau of Land Management (BLM).