The bulk of the acquired Subsurface Crown Mineral Dispositions compliment the existing acreage in the Tyvan Permit Area which is located approximately 50 miles south of
The Tyvan Permit Area has existing infrastructure with greater than fifty oil wellbores drilled through the target formation. This allows for potential cost savings on future development and allows the Company to map and target certain lands with lithium potential. In addition, many of the existing wellbores are nearing the end of their economic life and can be repurposed initially for use as lithium brine test wells. In the future, additional wells may be purchased for use as lithium brine production and disposal wells. This existing infrastructure is expected to lower the ultimate cost of early-stage development of the resource.
The Tyvan Permit Area, Mansur Permit Area, and Viewfield Permit Area now collectively cover an area extending 40 miles north and 40 miles east of the City of Weyburn. The existing oil and gas infrastructure within the area includes over a hundred oil wells drilled through the target formation that can be used for geological mapping, future lithium testing, and development. In addition to the existing oil field infrastructure and labour pool, the economics of the project area are enhanced by the presence of paved highways, rail lines, existing three phase electrical supply, and access to natural gas.
The Company also announces that it has granted an aggregate of 1,050,000 stock options to directors, officers, employees, consultants and advisors. The stock options are exercisable for a period of five years at a price of
Lithium Brine Properties Joint Venture
The lithium brine properties consist of 37 permits totaling 212,633 acres (86,050 hectares) of Subsurface Crown Mineral Dispositions in the Williston basin of Southern Saskatchewan. Brine sampling of a vertical wellbore located on one of the properties returned lithium concentrations in the Duperow formation up to 96.3 mg/l. The properties are held through
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Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance.
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