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EMP Metals Corp. (CSE: EMPS) (OTC: EMPPF) ("EMP Metals" or the "Company ") is pleased to announce that Hub City Lithium Corp. (" HCL "), a subsidiary company to EMP, has acquired an additional wellbore in its Mansur Permit Area.
The new well, 141/08-03-009-13 W2M (" Third Test Well "), is located at the Mansur Permit Area of southeast Saskatchewan and is approximately half a mile from the Company's first test well in the Mansur which confirmed concentrations of up to 96.3 mg/l in the Duperow zone and approximately one and a half miles from the second test well for which results are pending (please see press release dated October 31 , 2022). The Third Test Well has been acquired for no consideration and the assumption of future abandonment and reclamation costs.
It is anticipated that a multi-zone perf test will be performed on the Third Test Well, testing the inflow potential and lithium concentrations in the target Duperow zone.
Rob Gamley , CEO of EMP, commented, "As we eagerly await testing results from our second test well at Mansur, acquiring this Third Test Well aligns with our Company's cost-effective strategy of testing for lithium in existing infrastructure and advancing our project. Mr. Gamley continued, "We firmly believe we are at the right time and the right place with the need to create domestic lithium supply and the Government of Saskatchewan's recent announcement to expand both the Oil and Gas Processing Investment Incentive (OGPII) and the Saskatchewan Petroleum Innovation Incentive (SPII) programs to allow eligible lithium projects to be included." 1
The Mansur 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. This existing infrastructure is expected to lower the ultimate cost of early-stage development of the resource.
The Mansur Permit Area, Tyvan 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 existing infrastructure, including but not limited to: paved highways, rail lines, existing three phase electrical supply, and access to natural gas.
Lithium Brine Properties Joint Venture
The lithium brine properties consist of 37 permits totalling 212,633 acres (86,050 hectares) of Subsurface Crown Mineral Dispositions in the Williston basin of Southern Saskatchewan.
EMP Metals holds 75% of the joint venture with ROK Resources Inc. (ROK.V) holding the balance.
Qualified Person
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.
1 Source Online: https://www.saskatchewan.ca/government/news-and-media/2022/november/07/strengthening-saskatchewans-lithium-industry
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 of lithium brine properties consists 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. Â For more information, please go to the Company's website at www.empmetals.com .
Forward-Looking Statements
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.
View original content: https://www.newswire.ca/en/releases/archive/November2022/30/c2382.html
