Scientific Metals Acquires Paradox Basin Lithium Brine Property, Utah
[Click image to enlarge]
Scientific Metals Corp. has completed the arm’s length acquisition of a 100 percent interest in the Paradox Basin Lithium Brine property located in Utah in the western United States.
The company acquired an aggregate of 111 mineral claims covering approximately 2,200 acres that contain six historic oil and gas drill holes. In consideration for the acquisition of a 100 percent interest in the Paradox Property, Scientific Metals made a cash payment of US$40,000.00 and issued 2,750,000 common shares to the vendor. The company also issued 333,333 common shares as a finder’s fee in accordance with the policies of the TSX Venture Exchange.
The Paradox Basin area is a semi-desert region with an average of over 300 days of sunshine per year, existing infrastructure, and year-round access to road and rail. The Paradox Property is located approximately 4 kilometers northwest of Intrepid Potash’s Cane Creek Operation and is contiguous to the north of Voltaic Minerals Corp.‘s “Green Energy” lithium property. As disclosed in Intrepid Potash’s 2015 Annual Report, the Cane Creek Operation produced 93,000 tonnes of potash in 2015 through solution mining and solar evaporation ponds. The Paradox Property is approximately 530 miles east of Tesla’s Gigafactory in Nevada.
“We’re pleased to have closed the acquisition under more favorable terms and will now direct our attention to planning the first phase of exploratory work which will focus on analysis of the brines encountered in historical drill holes and structural analysis,” said Brian Kirwin, president of Scientific Metals.
Approximately six wells have been drilled on the Paradox Property with approximately 25 historic wells in the area. Of these 25 historic wells, five near the Paradox Property have analytical data for lithium and are concurrent with a zone determined by the USGS to contain greater than 40 percent total dissolved solids in oil field brines. Lithium occurs in the basin in oversaturated mineral brine (40 percent minerals, 60 percent water) and was discovered during oil exploration when drill wells intercepted the main brine zone (clastic break 31) of the Paradox formation. (Concentrated Subsurface Brines in the Moab Region, Utah, Utah Geological and Mineralogical Survey, June 1965).
The company has not undertaken any independent investigation of the drill results, fluid analysis or other information contained in this press release nor has it independently analyzed the results of the previous exploration work in order to verify the accuracy of the information. The company intends to conduct a review of recent and historic well logs, along with chemical analysis in the area and reprocessing of seismic data focusing on mineral brine. Evaluation of reservoir potential will be done in preparation for the re-entry of shut-in wells.
About Scientific Metals
Scientific Metals is a Canadian-based exploration company focused on the acquisition and development of production grade lithium deposits in North America. Scientific Metals has acquired the Deep Valley lithium property, located in west-central Alberta, consisting of a 6,648 ha (16,427 acres) permit that encompasses an area of reported enrichment of lithium brines. This property is located in the active Fox Creek - Sturgeon Lake area of Alberta, where formation waters within Leduc aquifers are known to be highly enriched in lithium, potassium, boron, bromine and other commodities. Within the central part of the property, historic samples of formation waters (brines) have returned 140 mg/L (ppm) from the Leduc Formation, which are amongst the highest values recorded for Alberta.
To stop by Scientific Metals’ website, CLICK HERE
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2016 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
