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VANCOUVER, BC, Jan. 24, 2022 /CNW/ - EMP Metals Corp. (CSE: EMPS) (OTC: EMPPF) ("EMP Metals" or the "Company") is pleased to announce the acquisition of an additional 92,894 acres (37,593 hectares) of Subsurface Crown Mineral Dispositions located in Saskatchewan.
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 Regina, Saskatchewan. The Tyvan Permit Area is approximately 20 miles north of the Mansur Permit Area where lithium successfully encountered, testing up to 96.3 mg/l in the Test Well.
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.
Rob Gamley, CEO of EMP Metals, commented, "We are very pleased to add these contiguous property blocks to our lithium brine project. We are excited about the next phase of brine testing and analysis on our prospects in Saskatchewan."
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 $0.40 per share. 550,000 stock options will vest quarterly over 12 months from the date of issuance. 500,000 stock options vest on the basis 50,000 per month after the grant date.
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 EMP Metals' 67% owned subsidiary Hub City Minerals Corp. ("HCM").
The technical content of this news release has been reviewed and approved by Greg Bronson, P. Geo., a qualified person for the purpose of National Instrument 43-101.
About EMP Metals
EMP Metals is a Canadian-based exploration company focused on the acquisition and exploration of mineral projects with significant development potential. Its current portfolio includes lithium exploration projects in Saskatchewan, Canada. For more information, please go to the Company's website at www.empmetals.com.
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. EMP Metals cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond EMP Metals' control. Such factors include, among other things: risks and uncertainties relating to EMP Metals' limited operating history, ability to obtain sufficient financing to carry out its exploration and development objectives on its mineral properties, obtaining the necessary permits to carry out its activities and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, EMP Metals undertakes no obligation to publicly update or revise forward-looking information.
Neither the Canadian Securities Exchange ("CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE EMP Metals Corp.
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