VANCOUVER, British Columbia, Jan. 30, 2018 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSX-V:SLL) (OTCQX:STLHF) (FRA:S5L) is pleased to announce that the Company has commenced detailed resource definition work at its recently optioned 33,000 acres of brine leases, located in a highly prospective area of the Smackover Formation in Southern Arkansas, USA. This work integrates collection of new data from current well infrastructure, with a large amount of already-available, high quality, geological, geophysical and geochemical data.
The lease area has been historically drilled for oil and gas exploration, and approximately 256 exploration and production wells have been completed in the Smackover Formation in or immediately adjacent to Standard’s new lease area (almost 3,000 wells have been drilled in southern Arkansas and provide excellent data to support interpretation in Standard’s lease zone). All of these 256 wells have geological logs, and all can be used to constrain the top of the Smackover Formation’s brine-bearing zone. In addition, a sub-set of 30 wells has full core reports that provide detailed data, and downhole geophysical logs that include formation resistivity and porosity data. A further sub-set of 15 wells also has full core samples available from the Smackover Formation, these cores (available from the Arkansas Geological Survey core library) can be sent for additional laboratory testing to further refine porosity estimates for the Smackover resource zone in Standard’s lease area.
In addition, Standard Lithium has retained Shreveport, Louisiana based Hill Geophysical Consulting to provide key geological interpretation of the lease area. The Principal, Kevin Hill, has several decades of experience gathering and interpreting geophysical data from the Southern Arkansas area, and has been instrumental in identifying structures, lithological/porosity variations and new resource zones in the Smackover Formation throughout Standard’s area of interest. Of key importance is that Hill Geophysical have licensed access to over 320 km (200 miles) of high resolution 2D-seismic line data that have been collected in Standard Lithium’s new lease area, and these lines fully image the total thickness of the Smackover Formation and fine-scale structures and lithology variations that are present therein. Hill Geophysical Consulting is in the process of integrating the 256 well logs from the lease area into the 2D-seismic data, and is working towards producing a 3D-block model of the Smackover Formation underlying Standard’s leases.
Standard is also in advanced discussions with oil and gas producers with open, unused Smackover wells in and immediately adjacent to the new lease area to gather new, high quality lithium brine samples from the key brine production zones in the Smackover Formation. The new samples will supplement the extensive historical geochemical brine data available from the area of interest.
President and Chief Operating Officer, Dr. Andy Robinson commented, “One of the reasons that the Company aggressively pursued this lease package in the Smackover Formation was because we knew that not only was there was a wealth of high quality data already available to define the resource, but also several key professionals who could help us integrate and interpret those data. We’re now at the point where we can very quickly work through the resource assessment process and identify where we need to collect any additional data to ensure a robust and comprehensive understanding of the lithium brine resource potential. Execution of this very fast resource assessment process is part of Standard’s corporate strategy to move large potential resources as quickly towards production as we can.”
Quality Assurance
Raymond Spanjers, Certified Professional Geologist (SME No. 3041730), is a qualified person as defined by NI 43-101, and has supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Spanjers is not independent of the Company as he is an officer in his role as Vice President, Exploration and Development.
About Standard Lithium Ltd.
Standard’s value creation strategy encompasses acquiring a diverse and highly prospective portfolio of large-scale domestic brine resources, led by an innovative and results-oriented management team with a strong focus on technical skills. The Company is currently focused on the immediate exploration and development of the Bristol Dry Lake Lithium Project located in the Mojave region of San Bernardino County, California; the location has significant infrastructure in-place, with easy road and rail access, abundant electricity and water sources, and is already permitted for extensive brine extraction and processing activities. The Company is also commencing resource evaluation on up to 33,000 acres of brine leases located in the Smackover Formation.
Standard Lithium is listed on the TSX Venture under the trading symbol “SLL”; quoted on the OTCQX under the symbol “STLHF”; and on the Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at www.standardlithium.com.
For further information, contact Anthony Alvaro at (604) 240 4793
On behalf of the Board,
Standard Lithium Ltd.
Robert Mintak, CEO & Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
Readers are cautioned that a “Qualified Person” (as that term is defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects) has not done sufficient work to specify any mineral resource or reserve on the Properties.