The Company Reports On Its Subterranean Over Pressured Lithium
Brine Project (ULI) In Utah, USA and Signing of JV
Agreements
Calgary, Alberta -- March 27, 2017 -- InvestorsHub NewsWire --
Voyageur Minerals Ltd. (TSXV-VM) (the Company) is pleased to
announce that it has signed a Joint Venture Agreement with Anson
Resources Ltd. ( Anson). The joint venture enables Anson to
commence work on the ULI Subterranean Over Pressured Lithium Brine
Project in Utah, USA. (the ULI Project)Anson will be the operator
of the joint venture.
HIGHLIGHTS:
- The ULI Project is a subterranean over pressured brine (SPB)
exploration play with brines from the Clastic Zone 31target
horizon, approximately 6,000 feet below the surface. The target
horizon is also cut by the Roberts rift, a prominent fracture zone
found in the play area.
- The clastic zone consists of 30 feet of shale, anhydrite and
dolomite, and is not part of any oil reservoir.
- The brines encountered from two historic wells are over
pressured and at a higher temperature than would be expected (1400
F measured vs. 100 degrees F expected). The higher temperatures
encountered are suggestive of upward welling geothermal fluids. The
brines flowing to the surface at high discharge volumes (blowouts)
when intersected by the two historic drill holes.
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 and draw-down tests, as well as hydrogen
isotope (heavy water) analyses.
Historical exploration and assays:
The Pennsylvanian Paradox Formation brines in this part of Utah,
have been defined by samples taken from numerous oil and gas test
wells drilled throughout the region. Most of the brine samples from
the wells were not analyzed for lithium, but 2 holes within 1km of
the south end of the claims (Long Canyon No.1 and Roberts Brine
Well) were analyzed for lithium as well as other potentially
economically recoverable minerals. Lithium values of up to 1,700ppm
were reported from assays of the Clastic Zone 31 brines in these
two wells. In addition, magnesium, bromine, boron and iodine were
found to be in high concentrations, see Table 1.
Well
|
Lithium
ppm
|
Mg
ppm
|
Bromine
ppm
|
Boron
ppm
|
Iodine
ppm
|
Roberts, Brine Test Utah
|
1,700
|
43,600
|
2,500
|
20,000
|
450
|
Long Canyon #1 Oil Well
|
500
|
21,000
|
6,100
|
NA
|
300
|
Table 1: Brine concentrations from wells adjacent
(1000m) to ULI Project area
Work plan:
The Joint Venture will compile pertinent oil well logs and
generate stratigraphy to identify additional horizons, formations
and structures of interest. This will be undertaken since Clastic
Unit #31 may not be the only mineral-bearing horizon of
interest.
The 3D modelling program will focus on characterization of the
formation within the ULI Project area to outline historic estimates
by using data which includes several generations of reports and
evaluations dating back to the 1950s, This includes an oil well
database to draw on for stratigraphy, as well as seismic data
compiled from existing and historic oil well operators. At the same
time, the Anson will acquire commercially available 2D seismic
database appropriate for the property and will compile and
reprocess the data to better understand the basin structure.
Once the geology and seismic data sets are completed they will
be merged to create a valid 3D model of the property and give a
strong indication of its potential. The results of the 3D modelling
will allow the Joint Venture to refine the drill plan to facilitate
resource estimation as well as identify prospective wellhead
locations. In addition various electro-magnetic and/or gravity
geophysical surveys may be conducted to acquire new data in the
play area.
Earn-in terms:
Anson may earn up to 70% of the ULI Project, held by Voyageur
Minerals Inc. a subsidiary of Voyageur, by undertaking exploration
activities. Upon earning the 70% interest, Anson has the option to
purchase the remaining 30% of the Project, which if exercised will
see Voyageur retain a 3% gross overriding royalty.
Anson currently holds a 10% interest in the ULI Project and can
earn further interests upon completing the following:
- 40% by defining the location(s) for one or more drill holes,
issuing a NI 43-101 technical report, and expending US$666,000;
and
- A further 20% by drilling and logging one or more holes,
issuing an updated NI 43-101 technical report, and expending
US$2,330,000.
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
This news release has been reviewed by our qualified person Mr.
Randy Henkle. Historical information referred to above is not NI
43-101 compliant but the Company feels it is reliable.
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 Companys 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.