Vancouver, BC (FSCwire) - Voltaic Minerals Corp. (TSXV: VLT, FSE: 2P6) (the “Company”) is pleased to announce that it has completed the Mineral Property Assignment Agreement (“Assignment Agreement”) with Macarthur Lithium Nevada Limited a wholly owned subsidiary of Macarthur Minerals Ltd. (TSXV: MMS) (“Macarthur Minerals”) for the Stonewall Project (the “Project”) in Nevada. The Project was acquired by the Company through staking.
The Stonewall Project is approximately 5,360 acres covering majority of a Salt Lake Playa in Nevada’s Lida Valley Basin, adjacent to the mining friendly Clayton Valley Basin, which hosts the United States’ only producing lithium mine, Albemarle’s Silver Peak Lithium Mine. The Project is strategically located to excellent infrastructure – water, power, labour and is bisected by the Veterans Memorial Highway Number 95 – along with close proximity to Tesla’s new Gigafactory being approximately 306 kilometers to the northwest of the Project.
Macarthur Minerals, as part of regulatory due diligence for the acquisition of the Stonewall Project from Voltaic Minerals Corp., which is now complete, was successful in confirming the presence of lithium on the Project through a nine-hole shallow auger drill program. The auger holes were drilled to depths between 1.07 – 2.13 meters at various locations across the Project. The shallow drill program proved very significant as all nine holes were discovered to have contained lithium, varying in grade from 34.6 ppm to 145.5 ppm lithium.
Macarthur Minerals now plans to continue the extensive soil sampling program of the Stonewall Project to provide indication of property wide lithium distribution contained in the basin fill sediments as well as partial indication of the lithium content of the deeper sediments. It is also expected that potential aquifers, similar in composition and thickness to the upper and lower ash aquifers in the nearby Clayton Valley which are both a host for and a possible source for lithium brines, will be encountered at depth. This program will potentially lead into a detailed gravity survey followed by subsurface investigation of targeted drill sites.
Under the terms of the Assignment Agreement, Voltaic Minerals Corp. will receive 2 million ordinary shares in Macarthur Minerals and $50,000 USD. The transaction is subject to TSX Venture Exchange (“Exchange”) approval. Upon Exchange approval, the Company will receive 1,000,000 commons shares of Macarthur and within 6 months of Exchange approval the Company will receive a cash payment of $50,000 USD. Finally, the Company, at the option of Macarthur Minerals, will receive either 1,000,000 additional common shares or a further cash payment of $100,000 USD.
Mr. Randy Henkle, a Registered Member of the Society of Mining and Exploration and a Professional Geologist licensed in British Columbia, Canada, is a Qualified Person as defined in National Instrument 43-101. Mr. Henkle has reviewed and approved the technical information contained in this news release.
About Voltaic Minerals Corp.
Voltaic Minerals Corp. is a Vancouver-based lithium exploration company which owns 100% of the Green Energy Lithium Project that encompasses 4,160 acres of Bureau of Land Management (BLM) claims and is located in Grand County, 15 km west of the city of Moab. Lithium and other minerals occur at the project in an over-saturated brine (40% minerals, 60% water) discovered during oil exploration when drill wells intercepted Clastic Bed #31 of the Paradox formation.
