Voltaic and Partner Agree to Exclusive Extension and Begin Phase 1
ZURICH, SWITZERLAND / ACCESSWIRE / March 16, 2017 / Yesterday, Voltaic Minerals Corp. (TSX.V: VLT) announced the closing of a non-brokered financing and reported details on the start of phase-1 testing of the “Lithium Selective Extraction Process” on the Green Energy Project in Utah, USA. The proceeds ($909,040 CAD) will be used for the development of the extraction process, the re-entry of wellbores and general working capital. The technology-provider and Voltaic have agreed to sign a 90 day Exclusive Extension Agreement, during which time both companies will solidify the Definitive Agreement. Simultaneously, Voltaic´s partner will begin process work directly related to Phase-1 as outlined in the Draft Definitive Agreement.
Phase-1: Available data from historic oil and gas production wells around the Green Energy Property in Utah are taken in order to re-produce such brines with the exact same compositions. These representative synthetic mixtures will be used to determine preliminary costs to selectively extract the lithium from such brines. The stated objective is an operating cost comparable to other lithium carbonate brine projects. Simultaneous to this work, Voltaic targets a brine bulk sampling program from existing wells in order to test the Selective Lithium Extraction Process with actual, recent brine samples around the Green Energy Property.
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SOURCE: Rockstone Research
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