CALGARY, Alberta, July 05, 2018 (GLOBE NEWSWIRE) -- Voyageur Minerals Ltd. (TSX-V:VM) (the "Company" or "Voyageur") is pleased to announce the results from the 2017 drilling program on its 100% owned Frances Creek barite project in British Columbia, Canada.
Barium contrast solutions, also referred to as contrast agents or contrast media, are used to improve internal imagery of the body produced by x-rays, computed tomography (CT), magnetic resonance (MR) imaging, and ultrasound. Barite contrast materials allow the radiologist to distinguish normal from abnormal conditions. High grade barite is the primary product used in the contrast medium market, a market that is currently controlled by one company in the North American market place, with no alternative affordable generic product.
Barite makes up 98% of the ingredients in dry contrast. The producer of contrast with the lowest barite costs will be the most competitive. This should provide an advantage to Voyageur as the Company owns its own barite source.
Highlights
Diamond drilling completed on the Frances Creek high grade barite project has discovered significant mineralization of high grade structurally controlled barite veins and breccias. The grade of the barite ranges from 96%-99% BaSO4 which is one of the highest-grade discoveries made worldwide in recent years.
The combined proven strike on the zones of barite is 230m with the deepest intercept of barite vertically at -80m from surface. The barite zones are outcropping on surface and are open in all directions. Drilling was based on previous soil geochemistry surveys, surface mapping and historical drilling. The geochemistry survey indicates that there are other areas to explore and geochemistry has proven to be a useful exploration tool. There are outcrops of barite as far as 350m from the current area and geochemistry will be used on those areas to outline near surface barite.
Resource (from NI 43-101 to be published)
| MILL TONNES(1) | BARITE TONNES(2) | ||
| INDICATED | |||
| ZONE | MILL TONNES | BARITE TONNES | |
| A-ZONE | 36,567.40 | 13,215.20 | |
| B-ZONE | 129,642.80 | 49,529.80 | |
| A + B | 166,210.20 | 62,745.00 | |
| %BaSO4 | 37.75 | % | |
| INFERRED | |||
| ZONE | MILL TONNES | BARITE TONNES | |
| A-ZONE | 42,872.60 | 14,159.40 | |
| B-ZONE | 152,705.50 | 55,070.40 | |
| A + B | 195,578.10 | 69,229.80 | |
| %BaSO4 | 35.40 | % | |
i(1) Mill Tonnes are the ore (total rock) that goes to the mill
(2) Barite Tonnes are the barite in place within the ore
Pharmaceutical Barium Contrast Suspension
Voyageur has begun due diligence on the manufacturing of barium contrast suspension products. The pharmaceutical industry is currently experiencing shortages of pharmaceutical grade barite due to the shut down of mines in China. China has been implementing more stringent environmental reforms which is negatively effecting exports of barite for the North American markets.
As owners of a rare high grade barite source in Western Canada, Voyageur will be able to enter the market with a very low cost product.
Voyageur is currently in on-going discussions with pharmaceutical manufacturing companies and FDA / Heath Canada consulting firms, as it moves forward with exploration of this project.
About Voyageur Minerals
Voyageur is a Calgary based company which owns 100% interest in three Barium Sulfate ("Barite") deposits including two properties which initial work suggests are suitable in grade for the industrial barite market place, and interests in two high grade lithium brine projects 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.
Qualified Person Statement
The Company’s qualified person as defined by NI 43-101, Mr. Brad Willis, P.Eng, has reviewed this news release and approved it.
| For further information, please contact | |
| John Rucci President & CEO (403) 383-8588 jrucci@voyageurminerals.ca | Steven R. Livingston VP Finance (403) 471-1659 steve@voyageurminerals.ca |
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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.
i 1 Mill tones is the ore that is mined