Read to run as they close in on the joint venture Voltaic Minerals, Equitorial enter JV for Green Energy 2017-01-27 09:10 ET - News Release Mr. Darryl Jones reports VOLTAIC MINERALS CORP. SIGNS JOINT-VENTURE WITH EQUITORIAL EXPLORATION CORP. ON GREEN ENERGY LITHIUM PROJECT Voltaic Minerals Corp. has entered into a 50/50 joint venture agreement with Equitorial Exploration Corp. for the Green Energy lithium project in Utah, United States. The agreement is subject to the approval of the TSX Venture Exchange. As per the agreement, Equitorial will have the right to participate, on a 50/50 basis, in all work relating to the Green Energy project. For this right, Equitorial will invest $250,000 into Voltaic via private placement, on terms described in this press release. Equitorial will also reserve five million shares of Equitorial Exploration and issue them upon successful production of lithium from Green Energy project brine, using Voltaic's lithium process. Voltaic is currently finalizing an exclusive right of use with its inventors. The joint venture will have the right to utilize the selective lithium process on the Green Energy lithium property and any other project that it deems suitable on a project-by-project basis. Equitorial and Voltaic intend to work to locate other projects that would be suitable for the process and proceed on a 50/50 joint venture basis. A finder's fee may be payable on the Equitorial portion of the investment. Green Energy lithium project The Green Energy lithium project property encompasses 4,160 acres and is located 30 miles west of the city of Moab, Utah. Saturated brines (40 per cent minerals, 60 per cent water) were discovered during historic oil exploration when drill wells intercepted clastic unit No. 14 of the Paradox formation. Upon interception of clastic unit No. 14, at depths of approximately 6,000 feet, the exploration wells encountered blowouts due to the overpressurized system. Historical fluid analysis of the saturated brines on the Green Energy project ranged from 81 milligrams per litre to 174 milligrams per litre lithium, and as high as 1,700 milligrams per litre, from the same clastic unit No. 14, less than 900 metres to the east-northeast on an adjacent property. Approximately 20 wells were drilled on the Green Energy project, of which five have analytical data for lithium. Engineering reports from the 1960s concluded that the brine reservoir is extensive (over 10 square miles) and is recharged from fresh inflows, as indicated by well pressure measurements, drawdown tests and oxygen-deuterium isotopes. Clastic unit No. 14 consists of 30 feet of shale, anhydrite and dolomite, and it is not part of any oil reservoir. Voltaic Minerals has conducted a review of recent and historical 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. Disclosure by Voltaic Mineral that is technical or scientific nature in this press release has been reviewed and approved by Rory Kutluoglu, PGeo, who serves as a qualified person under the definition of National Instrument 43-101. Financing and use of proceeds The company also announces that it has proposed a non-brokered private placement of up to 15 million units at a price of six cents per unit for total aggregate proceeds of up to $900,000. Each unit will consist of one common share and one-half of one share purchase warrant. Each whole warrant shall be exercisable to acquire one additional common share of the company at a price of 12 cents per warrant share for a period of 36 months after issuance. The proceeds from the unit sale will be used by the company to finance exploration on the Green Energy project and advancement of the lithium selective process. The private placement is subject to acceptance by the TSX-V. All the securities issued under the private placement are subject to resale restrictions under applicable securities legislation. Update on lithium selective process The company is finalizing its exclusive right to use a proprietary lithium extraction process. Provided the agreements are signed as scheduled, the company expects to begin phase 1 work as early as February, 2017, with initial results expected within 90 days of finalizing the definitive agreement. Stock options The company has granted a total of 1.5 million options to directors, employees and consultants exercisable for five years at a price of 7.5 cents per share. About Voltaic Minerals Voltaic Minerals is a Vancouver-based lithium exploration company which, in joint venture with Equitorial Exploration, owns 100 per cent of the Green Energy lithium project. The Green Energy project encompasses 4,160 acres of Bureau of Land Management (BLM) claims and is located in Grand County, Utah, 30 miles west of the city of Moab. We seek Safe Harbor.
