Channel Provides Resource Estimate for Fox Creek Project

Channel Resources Ltd. (TSXV:CHU) announced that a maiden resource estimate from its Fox Creek project. The estimate is attempting to asses the production potential for a package of industrial minerals which includes salt, potash, calcium, magnesium, boron, bromine, and lithium carbonate from deep saline formation water that is currently being produced as a waste by-product of natural gas production.

As quoted in the press release:

The Fox Creek Project encompasses an area of 369 square kilometres, situated over aquifers associated with producing oil and gas pools hosted in the Devonian-age Beaverhill Lake and Woodbend/Leduc formations at a depth of approximately 3,200 metres below surface (together, the “BHL Aquifer System”). These aquifers are believed to contain some of the highest concentrations of lithium in Alberta formation waters, with the most favorable porosity and permeability characteristics in the region. Channel has a right to acquire 100% interest, subject to a purchasable 2% NSR royalty, in the metallic and industrial minerals claims comprising the Fox Creek Project.

Click here to read the full Channel Resources Ltd. (TSXV:CHU) press release.