The project, which consists of 20 placer claims, is located nine miles southwest of Tonopah Nevada in the Ralston Valley.

The Ralston basin, which contains Mud Lake, appears to have similar geological features that provided both a source and trap for lithium brines found in Clayton Valley, located 29 miles west from the Mud Lake property, the company said.

New America Energy president Rick Walchuk said lithium is a sector of the strategic minerals market that has generated a tremendous amount of global interest.

"We are actively searching and evaluating additional opportunities that we hope to finalize in the near future," Walchuk said.