Equitorial Exploration Corp. Signs JV Agreement with Voltaic Minerals Corp. on Green Energy
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Equitorial Exploration Corp. Signs JV Agreement with Voltaic Minerals Corp. on Green Energy Lithium Project
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Vancouver, BC, Canada – January 27, 2017 – Equitorial Exploration Corp. (TSX Venture Exchange: EXX, Frankfurt: EE1) (“Equitorial”) is pleased to announce that subject to the approval of the TSX Venture Exchange, it has entered into a 50/50 JV agreement with Voltaic Minerals Corp. (“Voltaic” TSX: VLT) on the Green Energy Lithium Project in Utah 30 miles southwest of Moab.
As per the agreement and subject to exchange approval, Equitorial has the right to participate on a 50/50 basis on all future work relating to the Green Energy Lithium Project. For this right Equitorial will invest $250,000 into Voltaic via private placement and reserve 5,000,000 shares of Equitorial to be issued upon successful completion of production of Lithium from the Green Energy Lithium Project using Voltaic’s proprietary Lithium Process. The JV will have the right to utilize the process on the Green Energy Lithium Project and any other project that it deems suitable on a project by project basis. Equitorial and Voltaic within the JV will work to locate other projects that would be suitable for the Process and proceed on a 50/50 JV basis.
Green Energy Lithium Property
As reported by Voltaic, news release on January 27, 2017, 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% minerals, 60% water) were discovered during historic oil exploration when drill wells intercepted Clastic Unit #14 of the Paradox Formation. Upon interception of Clastic Unit #14, at depths of approximately 6,000 feet, the exploration wells encountered blow‐outs due to the over‐pressurized system. Historic fluid analysis of the saturated brines on the Green Energy Project ranged from 81‐174 mg/L Lithium; and as high as 1,700 mg/L, from the same Clastic Unit #14, less than 900m to the east‐northeast on an adjacent property . Approximately 20 wells were drilled on the Green Energy Project, of which, 5 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 in‐flows as indicated by well pressure measurements, drawdown tests and oxygen‐ deuterium isotopes. Clastic Unit #14 consists of 30 feet of shale, anhydrite and dolomite, and is not part of any oil reservoir.
Voltaic Minerals Corp. has conducted 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.
The company further wishes to announce that it has granted 1,500,000 common shares to directors, employees and consultants pursuant to incentive stock options under the company's rolling stock option plan. The options granted will be set for a five year period expiring January 27, 2022, at the exercise price of $0.055 cents per share. This transaction is subject to TSX Venture Exchange approval.
About Equitorial Exploration Corp
Mag One Products Inc. has granted Equitorial Exploration Corp. a first right to a 50/50 joint venture to finance equally the construction of the first magnesium and refining production facility for use by Mag One to produce magnesium metal and related products, by using its proprietary magnesium metal technology. The project is in Danville Quebec where Mag One has access to 50 Million tonnes of already‐mined serpentinite tailings comprised of approximately 22% Magnesium.
Equitorial has also acquired a 100‐per‐cent interest in seven minerals claims located in the Northwest Territories, Canada, known as the Li property which hosts the Little Nahanni pegmatite group (LNPG) lithium‐ cesium‐tantalum (LCT) pegmatite dikes. In summer 2017, the company is anticipating a field program comprising diamond drilling, channel sampling, geological mapping and prospecting on the Li property.
On behalf of the Board of Directors
EQUITORIAL EXPLORATION CORP.
Jack Bal, CEO and Director
For further information, please contact Jack Bal at 604‐306‐5285
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.