SCOTTSDALE, Ariz., Sept. 21 /PRNewswire-FirstCall/ -- DELTA
MUTUAL, INC. (OTC Bulletin Board: DLTZ) – an
international company specializing in energy (i.e.: oil, gas and
mining) announced today that the drilling phase of the procedure in
Guemes exploratory well site in Salta province has been completed
and deemed successful. The well reached a depth of 549 m. after
entering in the target formation -- Yacoraite. Delta's wholly owned
subsidiary, SAHF Argentina, has carried out this drilling plan in
conjunction with local suppliers including: M-I Swaco (a
Schlumberger company), Geominera Vespucio for lithology sampling
and Baker-Hughes International for the wire line-conveyed well
logging. In mid-August, the well manifested positive traces of
natural gas and hydrocarbons (oil) of low-density quality through
the sampling analysis. The well is in its completion phase, which
will take approximately 4 to 5 weeks.
After a "Production" license application submitted by the
Company in June, the Secretary of Energy informally suggested that
the site's status was favorable which should expedite the Company's
receipt of the license. The Company expects the permanent license
document in late September.
Jollin and Tonono
Delta Mutual, Inc. also announces that its recent government
approval of its admission into and participation in the JV
partnership of Jollin and Tonono oil and gas sites has provided
Delta further rights regarding the proven reserve documentation. In
the certificate of proven reserves prepared by the Joint Venture
Seismic Program taken place in Jollin by the Service Company
Wicap-Western Geco, the Company will be included in the report of
proven reserves to the Secretary of Energy. This event will take
place after the Seismic Report conclusion estimated in the fourth
Quarter 2010. The Company tested one well in late 2009 in the
Jollin Area named Jollin 2 that had an output rate average of
1,000,000 meters cubed/day of gas.
Tartagal & Morillo
The Morillo Area Seismic and Data Processing including area cut,
leveling and topographic calculations for source and reception of
the seismic data was performed as planned in the contract terms
signed in December, 2009 between Wicap and New Times Energy from
Hong Kong. The Joint Venture
expects the conclusions of the study in the fourth quarter of 2010.
The investment made so far exceeds $21,000,000 USD. Delta maintains its 9 % property
rights in both areas in the "carry-over" mode for the complete
investment program.
Cachi Coltan (Columbus –Tantalum) Project
The Company is pleased to announce that it has entered into an
agreement with Enrique Vidal and
Ansotana SA (vendors) wherein Delta has been granted the exclusive
option to acquire up to 51% in direct interest in the Ansotana
Tantalum Project in the east central region of Salta Province. The Ansotana property consists
of three mines that produced Tantalite and Columbite in 1940 and
1950. The mines Tres Tetas, El Quemado and Penas Blancas host the largest Tantalite and
Columbite deposits in the country and covers approximately 150
kilometers squared. The Tantalum Project is underlined by basement
rocks and was producing Tantalum and Columbus for export using
basic manual labor. Delta intends to rapidly advance the property
to the production stage; currently, an exploration task force with
geologists and engineers is working in the Santa Elena concession
in order to establish the spots for subsequent drilling and
trenching stages.
The price of 60% Tantalite (Ta(2)O(5)) in 1973 was $15/kg; in 2009, the price of 60% Tantalite
(Ta(2)O(5)) in the London Metal Bulletin rose to $100/kg. The global demand of Tantalite is steady
and firm due to its applications to electronics and wireless
technology.
Lithium-Boron Project
Delta Mutual, Inc. also announces that after the sample results
taken from the Casabindo River of 1.022 g/Lt of B(2)O(3) and the
results from the Doncella River of .025 g/Lt of B(2)O(3), an
agreement was reached with Recursos Mineros SA, a local company, to
obtain detailed geological, structural and alteration mapping for
at least two drilling samples. The geological process in the area
that identifies the higher amplitude, basin center and flat-lying
events (salts) shows that they are the most probable targets with
high saturated brines. The drilling event is planned for the next
30 years and awaiting for favorable climate conditions in the area.
We are currently negotiations with parties for the sale of a
fraction of the property.
Forward Looking Statement
This Press Release contains forward-looking statements that
involve risks and uncertainties, which may include statements about
business strategy and development plans, plans for entering new
business, anticipated sources of funds, including proceeds from
future operations and plans, objectives, expectations and
intentions contained in the Press Release that are not historical
facts such as "estimated gross"…prospective resources, total
potential revenue, substantially exceeds, etc. "Because these
forward looking statements involve risk and uncertainties, actual
results could differ materially from those discussed in this Press
Release. These risks are outlined in our SEC filings.
SOURCE Delta Mutual, Inc.
Copyright . 21 PR Newswire