CALGARY, Alberta, April 05, 2017 (GLOBE NEWSWIRE) -- Voyageur Minerals Ltd. (TSX-V:VM) (the “Company” or “Voyageur”) is pleased to announce that it has staked additional lithium-rich brine claims in Utah USA named the Lithium King Project.
Lithium King Project
Voyageur has recently staked 75 new placer claims 607 ha. (1500 acres) and in addition, has acquired an additional 21 existing placer claims 170 ha (420 acres) of lithium claims in the Bonneville Salt Flats area in Utah, USA.
This brings the total acreage in Utah under Voyageur’s control to 777 ha (1920 acres) (95 claims). Based on published lithium values in numerous surrounding brine monitoring wells, the average lithium grades are 215 ppm with the highest grades recorded at 1,200 ppm lithium. These historical grades are taken from USGS Survey, and the Company has not made any attempt to verify them.
The lithium brine aquifer is found near surface and Voyageur has free flowing surface brine on these new claims. There seems to be several brine aquifers at depth and the Company believes higher grades may be found in these deeper aquifers. The historic lithium brine analysis come from shallow wells in the area with most of the wells measuring ~ 5 meters depth.
The basin fill which underlies the Lithium King project is estimated to be at least 500m thick. Though not fully understood at present, there are indications that the deeper brines are possibly geothermal flowing brines and fault controlled.
Voyageurs objectives to move the project forward are the following:
- Sample surface brines and begin process testing.
- Run geophysical study over the area.
- Drill deeper targets to test lithium values at depth.
- Build pilot plant for feasibility test.
- Produce from multiple wells on multiple drill pads
We believe that based on the warm water brine flows to surface in this area that geologically there is a possibility of intersecting higher grade lithium values at depth.
About Voyageur Minerals
Voyageur is a Calgary based company which owns 100% interest in three Barium Sulfate ("Barite") deposits including two properties suitable in grade for the industrial barite market place, and interests in a high grade lithium brine project in Utah, USA.
Voyageur's business plan is to develop its barite deposit at Frances Creek, BC, Canada, for potential near term cash flow, while it continues exploration for critical and strategic minerals.
The Company’s qualified person as defined by NI 43-101, Mr. Randy Henkle has reviewed this news release and approved it.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements relating to the Qualifying Transaction, including statements regarding the acquisition of future assets, the discovery and commercialization of commercial quantities of industrial minerals, the successful commercialization of the Company’s assets, expected operational activities, other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things: the risk that the assets do not provide commercial quantities or grades of marketable minerals, that even if they do contain commercial quantities of marketable minerals that the Company will not be able to economically produce such discoveries, the existence of commercial grades of commercial minerals, timing of obtaining required approvals, state of the economy in general and capital markets in particular, investor interest in the business and future prospects of the Company.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.