SASKATOON, Saskatchewan and REGINA, Saskatchewan, Oct. 25, 2021 (GLOBE NEWSWIRE) -- DEEP Earth Energy Production Corp. (“DEEP”) and Prairie Lithium Corporation (“Prairie Lithium”) announce today an agreement to exchange subsurface mineral permits and to establish an Area of Mutual Interest (AMI) in the Williston Sedimentary Basin in southeast Saskatchewan. The AMI covers a large area of 40 Townships.
In the agreement, Prairie Lithium acquires subsurface mineral permits stretching from the top of the Madison Group down to the top of the Red River Formation from DEEP’s subsurface mineral tenure. In exchange, DEEP acquires the subsurface mineral permits from the top of the Red River Formation down to the Precambrian from Prairie Lithium’s subsurface mineral tenure. DEEP retains all lithium potential from the top of the Red River to the Precambrian. The agreement establishes a mutually beneficial co-operation deal between these two Saskatchewan companies, advancing new and innovative energy resources.
The agreement is for select stratigraphic intervals that are approximately 1,500 meters – 3,500 meters below the surface at various locations across the AMI. The exchange covers approximately 110,227 hectares (272,376 acres) of existing mineral tenure, vastly increasing each company’s resource development capacity.
DEEP and Prairie Lithium are also working collaboratively to share well data and potential resource testing opportunities. In the near term, Prairie Lithium will access DEEP’s Border-4 wellbore to test the lithium potential in an upper stratigraphic interval, above DEEP’s geothermal reservoir.
At the same time, DEEP and Prairie Lithium are jointly exploring the lithium potential across the AMI. In addition to Prairie Lithium’s focus in shallower formations, DEEP’s deeper geothermal brine also has the potential to contain lithium for commercial extraction. Prairie Lithium has developed proprietary lithium-extraction technology which can extract lithium from DEEP’s geothermal resources. Preliminary lab results indicate that Prairie Lithium’s “Plix technology” successfully removed 99% of the lithium from DEEP’s geothermal brine sample, while simultaneously rejecting practically all impurities.
“We are pleased to move forward with this historic, strategic partnership,” explains DEEP’s CEO Kirsten Marcia. Adding, “Drawing on obvious synergies, the mineral exchange and collaboration between our two Saskatchewan-based companies is a testament to our made-in-Saskatchewan ability to work together for multiple economic wins. We are creating more great jobs and promoting new regional economic developments in rural Saskatchewan.”
“This agreement highlights a win-win deal, as both of us were able to increase our acreage substantially for vital resources that matter to our projects,” added Zach Maurer, President & CEO of Prairie Lithium.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0ac58ce3-8b12-4990-b717-08b7736e76c2
About DEEP Earth Energy Production:
DEEP is developing geothermal resources to meet increasing energy needs with sustainable, clean and renewable energy. The company is advancing its first 20-32 MW geothermal power facility in southern Saskatchewan that will produce emission-free baseload power. This first facility is on track for full commissioning by early 2024. A staged build aims to increase the project to produce 100-200 MW of renewable power generation.
About Prairie Lithium:
Prairie Lithium is a private lithium resource and technology developer situated in the heart of the resource-rich Williston Basin in Saskatchewan, Canada. For more information about the Company, please visit www.prairielithium.ca or contact info@prairielithium.ca.
For more information on DEEP, please visit DEEP’s website at www.deepcorp.ca or contact:
President & CEO, Kirsten Marcia: (639) 638 0484, kmarcia@deepcorp.ca; or
Wade MacBain, Corporate Development: (306) 717-1818, wmacbain@deepcorp.ca
Public Relations & Media, Cynthia Block: (306) 230-8262, cynthia@blockcommunications.ca
Future Oriented Financial Information Disclaimer:
Some of the statements in this news release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. DEEP and/or Prairie Lithium, including its directors or officers, do not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will DEEP and/or Prairie Lithium or its directors or officers be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this update or for any related damages. You should consult your professional advisors before deciding to make an investment decision in DEEP and/or Prairie Lithium.
