Voltaic Launches Lithium Brine Project in Utah
Begins with 3D modelling of historic data in the Paradox Basin
Vancouver, British Columbia (FSCwire) - Voltaic Minerals Corp. (TSXV: VLT, FSE: 2P61) (the “Company”) has begun the first phase of its 2016 work program on the Green Energy Lithium Property in the Paradox Basin in Utah. The Company will build a valid 3D model using historic drill results and estimates, which will provide a clear understanding of mineral occurrences within the project relevant to this work program. The specific goal is to better understand the potential lithium-bearing horizon known as Clastic Unit #31 and to identify prospective wellhead locations for re-entry or drilling of new wells.
Although not exposed at surface, the Paradox formation has been defined by several oil and gas test wells throughout the region. Historic drilling on the property has only been sampled for lithium in three holes. Clastic Bed #31 is approximately 6,000 feet below the surface and consists of 30 feet of shale, anhydrite and dolomite; the bed is not part of any oil reservoir. Engineering reports from the 1960s conclude that the brine reservoir is extensive (over 10 square miles) and is likely recharged from fresh in-flows of artesian water as indicated by well pressure measurements, draw-down tests and oxygen-deuterium isotopes.
The 3D modelling program will focus on characterization of the formation within the Green Energy project to outline historic estimates by using data which includes several generations of reports and evaluations dating back to the 1950s, an oil well database of approximately 100 drill holes to draw on for stratigraphy, as well as seismic data compiled from existing operators. At the same time, the company will acquire a 2D seismic database appropriate for the property and will compile and reprocess the data to better understand the basin structure. The goal of the program will be to compile the Green Energy historic data to create a valid 3D model which will then define parameters for the next step, which will include re-entry of old wells and drilling of new wells for brine analysis.
The company has engaged professionals to compile pertinent oil well logs and generate stratigraphy to identify additional horizons, formations and structures of interest as Clastic Unit #31 may not be the only mineral-bearing horizon of interest.
Once the geology and seismic data sets are completed they can be merged to create a valid 3D model of the property and give strong indication of its potential. Refinement of the budget for this project is being finalized, and is currently estimated at less than $200,000. The results of 3D modelling will allow the company to refine the drill plan to facilitate resource estimation as well as identify prospective wellhead locations.
Voltaic’s disclosure of a technical or scientific nature in this press release has been reviewed and approved by Rory Kutluoglu, P.Geo., who serves as a Qualified Person under the definition of National Instrument 43-101.
About Voltaic Minerals
Voltaic Minerals Corp is a Vancouver-based lithium exploration company which owns 100% of the Green Energy Lithium Project that encompasses 4,160 acres of Bureau of Land Management (BLM) claims and is located in Grand County, 15 km west of the city of Moab. Lithium and other minerals occur at the project in an over-saturated brine (40% minerals, 60% water)discovered during oil exploration when drill wells intercepted Clastic Bed #31 of the Paradox formation.
ON BEHALF OF THE BOARD
VOLTAIC MINERALS CORP.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include that the Company may not raise sufficient funds to carry out our plans, changing costs for mining and processing; increased capital costs; the timing and content of upcoming work programs; geological interpretations based on current data that may change with more detailed information; potential process methods and mineral recoveries assumption based on limited test work and by comparison to what are considered analogous deposits that with further test work may not be comparable; the availability of labour, equipment and markets for the products produced; and despite the current expected viability of the project, that the minerals on our property cannot be economically mined, or that the required permits to build and operate the envisaged mine cannot be obtained. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
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Source: Voltaic Minerals Corp. (TSX Venture:VLT, FWB:2P61)
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