As part of the due diligence for the acquisiton, Macarthur drilled 9 shallow auger holes at various locations across the property (2´169 hectares). The drill program proved very significant as Macarthur reported today that all 9 holes contained lithium, varying in grade from around 34.6 ppm to 145.5 ppm lithium.
Following today´s news, Macarthur´s stock is up +36% under heavy volume (+15 million shares). Under the terms of the MOU, Voltaic will receive up to 2 million shares from Macarthur.
David Taplin, President & CEO of Macarthur commented in today´s press-release:
"Finding lithium at surface at the Stonewall Project, in the Lida Valley, the basin adjacent to North America´s only producing lithium mine, is potentially significant; not only for Macarthur but it also emphasises the lithium potential of the Lida Valley. Deeper drilling into the basin and the brines is a priority to ascertain if the same lithium brine potential exists in the Lida Valley as has been discovered and extracted in the adjacent Clayton Valley. We have completed acquisition of the Stonewall Project and are excited about moving this project forward."
Voltaic remains fully focussed at its 100% owned Green Energy Lithium Project in Utah, where lithium and other minerals occur in over-saturated brine (40% minerals and 60% water; i.e. the minerals are already in solution). Engineering reports from the 1960s conclude that the brine reservoir is extensive (over 10 square miles) and is recharged from fresh in-flows as indicated by well pressure measurements, drawdown tests and oxygen-deuterium isotopes.
Green Energy Lithium Project Video:
On October 14, Voltaic announced that it has completed the first phase of its 2016 work program, which was designed to define preliminary drill targets through the construction of a definitive 3D model using publicly accessible historic oil well drilling and geophysical data. The completed model has provided insight to the characterisation of the anticline within the Paradox Formation on the Green Energy Project. The historically logged data from 8 wells on the Green Energy property, determined the horizon of interest, also referred to as Clastic Bed #31, which ranges in thickness between 6-11 m at depths of 1,829-1,981 m from surface. Clastic Bed #31 consists of 9 m of shale, anhydrite and dolomite and is not considered to be part of any oil reservoir. The findings are concurrent with engineering reports from the 1960s which concluded that the brine reservoir is extensive – over 10 square miles.
The information and modelling results now enables Voltaic to proceed with a targeted brine sampling program. The project is ideally located for development with excellent infrastructure including railhead and transmission lines only 19 miles away.
Voltaic Minerals Corp.
Suite 1450 - 789 West Pender Street
Vancouver, BC, V6C 1H2 Canada
Phone: +1 604 681 1568
Shares Issued & Outstanding: 37,769,135
Research #4: “The perfect brine project for someone like Albemarle” (June 14, 2016)
Research #3: “Prima Diamond becomes Voltaic Minerals with focus on energy metals” (April 14, 2016)
Research #2: “Early Warning Report on Prima Diamond” (March 18, 2016)
Research #1: “Prima Diamond Acquires the Green Energy Project in Utah with Historic Lithium Grades of 1700 mg/L” (February 18, 2016)
Disclaimer: Please read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist.