Yahoo Finance Global Battery Metals Acquires Lithium King Property in Utah
Vancouver, British Columbia--(Newsfile Corp. - March 4, 2021) - GBML Battery Metals Ltd. (TSXV: GBML) (FSE: REZ) (OTCQB: REZZF) (the "Company" or "GBML") is pleased to announce, that through the staking of federal placer claims, it has acquired the property area known as the Lithium King property (the "Lithium King Property" or the "Property").
Lithium King Property Highlights:
Prospective lithium bearing brine aquifer located on the west side of the Great Salt Lake Basin in western Utah.
The land position consists of approximately 7,900 acres (3,200 hectares) of placer claims.
Excellent infrastructure: Interstate Highway I-80 runs through the Property.
Adjacent to active brine mining operation.
Mining friendly jurisdiction.
Michael Murphy, President and CEO, commented: "We are very excited to have added the Lithium King Property to our growth-oriented portfolio of battery metals projects. Samples from the Property have recorded positive lithium values, with excellent access from Interstate Highway 80, which runs beside the Property. We look forward to rapidly advancing this Property, beginning with digitizing historical data, water sampling, modelling, and ultimately leading to drill testing."
Lithium King Property Overview
The Lithium King Property is located on the west side of the Great Salt Lake Basin in western Utah, adjacent to the community of Wendover, Utah. The land position consists of approximately 7,900 acres (3,200 hectares) of placer claims.
The Property has the potential to host a lithium, and magnesium brine deposit in an existing mineral producing location in a mining-friendly state.
Figure 1. Lithium King Property
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7080/76037_figure%201%20jpeg.jpg
The lithium and magnesium on the Lithium King Property are present as dissolved salts in a large surface brine aquifer, which is believed to be derived from both surface erosion of lithium-rich rhyolites (as part of the Pilot and Toano Ranges) and mineral-rich geothermal brine flows into the basin sediments from deep seated faults underlying the 20-mile-long basin.
Lithium values from several samples from 39 shallow wells (25 feet) averaged 244 parts per million (ppm) and ranged from a low 49 ppm to a high of 1,200 ppm. The lithium values from these wells are set out in Schedule A. (See also United States Geological Survey Data Base: Produced Waters, Volume 2.2n.xlsx, available in the Utah Geological Survey files.) The Lithium King Property is within the Great Basin of the western United States, where lithium concentrations of greater than 10 ppm in brines are anomalous. Lithium values from the only lithium production in the United States, in Clayton Valley, Nevada, also in the Great Basin, range from 75 to about 250 ppm. (PC - W. R. Henkle, Jr.).
Figure 2. Property looking north towards Pilot Peak
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/7080/76037_96f502bde4881a7a_007full.jpg
Magnesium values at the Property and near vicinity range between 1,300 and 8,500 ppm (see United States Geological Survey Data Base: Produced Waters, Volume 2.2n.xlsx, available in the Utah Geological Survey (USGS) files, and Selected Ground-Water Data, Bonneville Salt Flats and Pilot Valley, Western Utah, Utah Basic-Data Release No. 30, United States Geological Survey).
The shallow aquifer water samples (as per USGS sampling) may not reflect the deeper basin below 25 feet depth. Drilling to bedrock and brine sampling is needed to confirm the presence of and concentration of lithium in the deeper basin brines.
In addition to the large surface brine aquifer, several deeper, thick, porous clastic horizons are present. These horizons were identified by inspection of the drill logs from the Shell-Salduro oil exploration well which was drilled just west of the Property boundary. The historical drill logs identified this deep sequence of aquifers (greater than 70% volcanic conglomerates) at the basin bedrock contact, at a depth of between 1,350 and 2,650 feet, beneath 1,300 feet of impervious, clay-rich sediments. They provide posited permeable reservoirs for large quantities of what are thought to be higher value brines (undiluted by meteoritic water). Because of the moderate target depths, both exploration and production drilling could be undertaken with conventional hard rock drilling equipment and should not require oilfield tools.
The lithium and magnesium anomalous area overlies basement faulting identified by geophysical surveying and confirmed by oil and gas drilling records (the logs of the Shell-Salduro oil exploration well located in the Property vicinity, are public information, maintained by the Utah Dept. of Oil, Gas and Mining). The geothermal fluids which are thought to be sourced from the underlying faults are believed to be the primary source of mineralization. This is supported by: (1) the U.S. Geological Survey observation that, despite the presence of an industrial minerals extraction operation in an adjacent area for many years, there has been no depletion of mineral values as would be expected if the recharge to the aquifer was from meteoric waters (USGS Professional Paper # 1585); and (2) water temperatures are elevated over the highly mineralized area (see Selected Ground-Water Data, Bonneville Salt Flats and Pilot Valley, Western Utah, Utah Basic-Data Release No. 30, United States Geological Survey and, United States Geological Survey Data Base: Produced Waters, Volume 2.2n.xlsx, available in the Utah Geological Survey files).
Work Program
To assess the lithium potential of the basin brines on the Lithium King Property and subject to the receipt of any required drilling permits, GBML expects to conduct the following work:
Locate and digitize existing oil well data to help in the modelling of the basin.
Acquire public domain geophysical datasets. This will help in improving the subsurface structural and geological model. A depth to basement modelling exercise shall be completed. The data to be included in such model is expected to include, but is not limited to:
Gravity
Magnetics
Seismic
Exploration mud rotatory drilling with wireline geophysics to evaluate the stratigraphy and basement depth for the Property area.
Water sampling of drill holes using in-hole packer equipment to test for lithium enrichment and deleterious element content of the brine.
Acquire additional geophysical data to assess basement depth, water content and brine depth throughout the basin. This will be completed by a combination of gravity and electro magnetic data acquisition.
Further drilling to test for:
Stratigraphy
Brine composition
Production metrics
Finder's Fee
In connection with acquiring the Property, the Company has agreed to pay a finder's fee (the "Finder's Fee") to Atherton Resources LLC. Subject to acceptance of the TSX Venture Exchange, the Finder's Fee shall include: (1) a 2% net smelter royalty over the Property, with a right to repurchase 1% of such royalty for the greater of US$1 million or 10% of the value of such 1% royalty; (2) the issuance of 150,000 common shares ("Shares") of the Company upon delivery of a technical report prepared in accordance with National Instrument 43-101 in respect of the Property; and (3) the issuance of 380,000 Shares upon delivery of a positive feasibility study in respect of the Property.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by William R. Henkle, Jr., a "qualified person" within the meaning of National Instrument 43-101.
About Global Battery Metals Ltd.
GBML is a mineral exploration company with a focus on metals that make up and support the rapid evolution to battery power. GBML's common shares are listed on the TSX Venture Exchange, OTCBB and Frankfurt. GBML currently has two projects: (1) an option to acquire up to 90 per cent of the North-West Leinster lithium property in Ireland, and (2) a 55-per-cent stake in Peru-based Lara copper property, which has over 10,000 metres of drilling. As previously disclosed, Minsur S.A., a Peruvian mining company, entered into an option agreement with GBML and Lara Exploration Ltd. to acquire the Lara property for staged payments of $5.75 million (U.S.). GBML will retain a 0.75-per-cent net smelter royalty.
Michael Murphy BA, MBA, MSc., ICD
President & CEO
E: MM@gbml.ca
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking information within the meaning of the applicable Canadian securities legislation. Forward-looking information in this press release includes, but is not limited to, statements about the Lithium King Property, including the potential lithium values of the brine, the lithium potential of the Property, the receipt of required drilling permits and the proposed work program, the terms of the Finder's Fee and regulatory approval of such fee. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Sufficient work has not been performed on the Lithium King Property to determine what lithium and potassium values are present. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, impacts arising from the global disruption caused by the COVID-19 coronavirus outbreak, fluctuations in general macroeconomic conditions, availability of financing, the potential for gold and/or lithium at any of the Company's properties, the prospective nature of any claims comprising the Company's property interests, industry conditions, dependence upon regulatory approvals, and uncertainty of sample results, timing and results of future exploration. Please refer to the Company's MD&A for the year ended April 30, 2020 and other disclosure documents filed under its profile on SEDAR for other risks that could materially affect the Company. These and other factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking information. The Company does not undertake to update any forward-looking information that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
NEITHER THE TSX-V NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX-V) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE. NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
Schedule A
LITHIUM KING PLAY AREA SHALLOW AQUIFER BRINES | |||||||||
TOOELE COUNTY, UTAH | |||||||||
PREPARED BY: Henkle and Assoc. from the U.S. Geologicial Survey Database: Produced Waters, Volume 2.2n.xlsx | |||||||||
COUNT | WELLNAME | Li | Mg | Mg/Li | Ca | Ca/Li | Ca/Mg | WELLTYPE | WELLCLASS |
1 | NWIS Well (C- 1-17)18cab- 1 | 1200 | 5600 | 4.6666667 | 1000 | 0.83333333 | 0.178571429 | Geothermal | |
2 | NWIS Well (B- 1-17)22abd- 1 | 1100 | 5400 | 4.9090909 | 1000 | 0.90909091 | 0.185185185 | Geothermal | |
3 | NWIS Well (B- 1-17)29dac- 1 | 1000 | 5400 | 5.4 | 940 | 0.94 | 0.174074074 | Geothermal | |
4 | NWIS Well (C- 1-18) 3dcd- 2 | 970 | 4800 | 4.9484536 | 1000 | 1.03092784 | 0.208333333 | Geothermal | |
5 | NWIS Well (B- 1-17)11aac- 1 | 810 | 5000 | 6.1728395 | 1200 | 1.48148148 | 0.24 | Geothermal | |
6 | NWIS Well (C- 1-17) 4bba- 1 | 810 | 4300 | 5.308642 | 940 | 1.16049383 | 0.218604651 | Geothermal | |
7 | NWIS Well (B- 1-17)22bca- 1 | 760 | 4500 | 5.9210526 | 920 | 1.21052632 | 0.204444444 | Geothermal | |
8 | NWIS Well (B- 1-17)12dcc- 1 | 730 | 4700 | 6.4383562 | 1200 | 1.64383562 | 0.255319149 | Geothermal | |
9 | NWIS Well (B- 2-17)36ddd- 1 | 720 | 4600 | 6.3888889 | 1200 | 1.66666667 | 0.260869565 | Geothermal | |
10 | NWIS Well (B- 1-17)23bad- 2 | 700 | 4300 | 6.1428571 | 1200 | 1.71428571 | 0.279069767 | Geothermal | |
11 | NWIS Well (B- 1-17)19dad- 2 | 620 | 3700 | 5.9677419 | 1100 | 1.77419355 | 0.297297297 | Geothermal | |
12 | NWIS Well (B- 1-17)23abd- 1 | 580 | 3800 | 6.5517241 | 1300 | 2.24137931 | 0.342105263 | Geothermal | |
13 | NWIS Well (B- 1-17)22aad- 1 | 570 | 4100 | 7.1929825 | 1100 | 1.92982456 | 0.268292683 | Geothermal | |
14 | NWIS Well (C- 1-18)17bdb- 1 | 420 | 3100 | 7.3809524 | 1100 | 2.61904762 | 0.35483871 | Geothermal | |
15 | NWIS Well (B- 1-17)21add- 3 | 290 | 3000 | 10.344828 | 1200 | 4.13793103 | 0.4 | Geothermal | |
16 | NWIS Well (C- 1-17)15dbd- 1 | 250 | 1800 | 7.2 | 1100 | 4.4 | 0.611111111 | Geothermal | |
17 | NWIS Well (C- 1-18)11ccd- 1 | 170 | 1800 | 10.588235 | 1200 | 7.05882353 | 0.666666667 | Geothermal | |
18 | NWIS Well (C- 3- 2)35abc- 1 | 120 | 8500 | 70.833333 | 910 | 7.58333333 | 0.107058824 | Geothermal | |
19 | NWIS Well (C- 1-17)18cab- 1 | 95 | 5100 | 53.684211 | 960 | 10.1052632 | 0.188235294 | Geothermal | |
20 | NWIS Well (B- 4-18)17ddd- 1 | 88 | 2500 | 28.409091 | 2200 | 25 | 0.88 | Geothermal | |
21 | NWIS Well (B- 1-17)29dac- 1 | 88 | 4800 | 54.545455 | 830 | 9.43181818 | 0.172916667 | Geothermal | |
22 | NWIS Well (C- 1-17)17bba- 1 | 86 | 5000 | 58.139535 | 970 | 11.2790698 | 0.194 | Geothermal | |
23 | NWIS Well (C- 1-18)11ccd- 2 | 85 | 4300 | 50.588235 | 1100 | 12.9411765 | 0.255813953 | Geothermal | |
24 | NWIS Well (B- 4-18)17aaa- 1 | 85 | 3700 | 43.529412 | 1000 | 11.7647059 | 0.27027027 | Geothermal | |
25 | NWIS Well (C- 2- 1) 6abc- 4 | 84 | 5700 | 67.857143 | 920 | 10.952381 | 0.161403509 | Geothermal | |
26 | NWIS Well (B- 5-18)32ddc- 1 | 81 | 2500 | 30.864198 | 2200 | 27.1604938 | 0.88 | Geothermal | |
27 | NWIS Well (B- 4-18)17ddd- 1 | 78 | 2900 | 37.179487 | 2500 | 32.0512821 | 0.862068966 | Geothermal | |
28 | NWIS Well (B- 5-18)32ddc- 1 | 78 | 3100 | 39.74359 | 2900 | 37.1794872 | 0.935483871 | Geothermal | |
29 | NWIS Well (C- 1-17) 4bba- 1 | 75 | 4700 | 62.666667 | 1000 | 13.3333333 | 0.212765957 | Geothermal | |
30 | NWIS Well (C- 3- 5) 4bbb- 2 | 75 | 5300 | 70.666667 | 1100 | 14.6666667 | 0.20754717 | Geothermal | |
31 | NWIS Well (B- 1-17)31acc- 1 | 72 | 5700 | 79.166667 | 1100 | 15.2777778 | 0.192982456 | Geothermal | |
32 | NWIS Well (C- 1-17)17bba- 1 | 71 | 5200 | 73.239437 | 1000 | 14.084507 | 0.192307692 | Geothermal | |
33 | NWIS Well (B- 1-17)31acc- 1 | 71 | 5100 | 71.830986 | 910 | 12.8169014 | 0.178431373 | Geothermal | |
34 | NWIS Well (B- 1-17)11aac- 1 | 69 | 3800 | 55.072464 | 970 | 14.057971 | 0.255263158 | Geothermal | |
35 | NWIS Well (B- 1-17)31acc- 1 | 69 | 5800 | 84.057971 | 1100 | 15.942029 | 0.189655172 | Geothermal | |
36 | NWIS Well (B- 2- 1)24bad-10 | 69 | 2400 | 34.782609 | 2200 | 31.884058 | 0.916666667 | Geothermal | |
37 | NWIS Well (B- 1-17)12dcc- 1 | 67 | 2200 | 32.835821 | 2100 | 31.3432836 | 0.954545455 | Geothermal | |
38 | NWIS Well (B- 1-17)22abd- 1 | 67 | 4300 | 64.179104 | 970 | 14.4776119 | 0.225581395 | Geothermal | |
39 | NWIS Well (B- 4-18) 1cbc- 1 | 66 | 2200 | 33.333333 | 2000 | 30.3030303 | 0.909090909 | Geothermal | |
40 | NWIS Well (C- 3- 5) 5aba- 1 | 66 | 4400 | 66.666667 | 1100 | 16.6666667 | 0.25 | Geothermal | |
41 | NWIS Well (C- 1-18) 6adc- 2 | 65 | 1400 | 21.538462 | 1200 | 18.4615385 | 0.857142857 | Geothermal | |
42 | NWIS Well (D- 1- 1) 4cac- 1 | 63 | 4000 | 63.492063 | 1200 | 19.047619 | 0.3 | Geothermal | |
43 | NWIS Well (B- 1-17)36dac- 1 | 63 | 4800 | 76.190476 | 1100 | 17.4603175 | 0.229166667 | Geothermal | |
44 | NWIS Well (B- 1-17)26cad- 1 | 61 | 4700 | 77.04918 | 1100 | 18.0327869 | 0.234042553 | Geothermal | |
45 | NWIS Well (C- 2- 1)34dda- 1 | 61 | 3900 | 63.934426 | 1100 | 18.0327869 | 0.282051282 | Geothermal | |
46 | NWIS Well (B- 1-17)31acc- 3 | 60 | 3900 | 65 | 1100 | 18.3333333 | 0.282051282 | Geothermal | |
47 | NWIS Well (C- 1-18)17bdb- 1 | 60 | 3300 | 55 | 1100 | 18.3333333 | 0.333333333 | Geothermal | |
48 | NWIS Well (B- 1-18)32ccc- 1 | 59 | 1300 | 22.033898 | 920 | 15.5932203 | 0.707692308 | Geothermal | |
49 | NWIS Well (B- 1-17)34ddd- 1 | 59 | 4200 | 71.186441 | 1000 | 16.9491525 | 0.238095238 | Geothermal | |
50 | NWIS Well (B- 1-17)31acc- 2 | 59 | 4400 | 74.576271 | 950 | 16.1016949 | 0.215909091 | Geothermal | |
51 | NWIS Well (B- 1-17)31acc- 3 | 57 | 3300 | 57.894737 | 1000 | 17.5438596 | 0.303030303 | Geothermal | |
52 | NWIS Well (B- 2-17)36ddd- 1 | 56 | 3400 | 60.714286 | 1200 | 21.4285714 | 0.352941176 | Geothermal | |
53 | NWIS Well (B- 1-17)31acc- 2 | 54 | 4500 | 83.333333 | 1000 | 18.5185185 | 0.222222222 | Geothermal | |
54 | NWIS Well (B- 4-18)33ccc- 1 | 54 | 1700 | 31.481481 | 2100 | 38.8888889 | 1.235294118 | Geothermal | |
55 | NWIS Well (C- 1-17)10aac- 1 | 53 | 3500 | 66.037736 | 1200 | 22.6415094 | 0.342857143 | Geothermal | |
56 | NWIS Well (B- 1-17)26cad- 1 | 52 | 3200 | 61.538462 | 1200 | 23.0769231 | 0.375 | Geothermal | |
57 | NWIS Well (A- 3- 2)26aab- 1 | 51 | 3400 | 66.666667 | 1100 | 21.5686275 | 0.323529412 | Geothermal | |
58 | NWIS Well (B- 1-17)23abd- 1 | 50 | 3200 | 64 | 1300 | 26 | 0.40625 | Geothermal | |
59 | NWIS Well (B- 4-18)33ccc- 1 | 50 | 2200 | 44 | 2600 | 52 | 1.181818182 | Geothermal | |
60 | NWIS Well (B- 1-17)31acc- 2 | 49 | 4600 | 93.877551 | 1000 | 20.4081633 | 0.217391304 | Geothermal | |
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/76037
