Suite 302, 1620 West 8th Avenue
Vancouver, British Columbia
V6J 1V4 Canada
+1 (604) 639-4457
) (Frankfurt: 26X
) (USA: USCFF
) - http://uscobaltinc.com
-US Cobalt is an exploration company focused on the acquisition and development of deposits of production grade metal which are critical components to power storage solutions including lithium-ion batteries for electric vehicles and consumer electronics. US Cobalt Inc.’s key assets are located in Idaho, Utah and Alberta.
Iron Creek Cobalt Property, Lemhi County, Idaho
The Iron Creek Cobalt Property is located in Lemhi County, Idaho, along the most prolific trend of cobalt mineralization in the USA, the Idaho Cobalt Belt. The property benefits from a substantial amount of historical exploratory work, including approximately 30,000 feet of diamond drilling, and the mining of 1,500 feet of underground workings.
Paradox Basin Lithium Brine Property
The Paradox Property consists of 111 mineral claims covering approximately 2,220 acres that contain eight historic oil and gas drill holes. The Paradox Property exists over an area with historic fluid analysis ranging from 81 to 1,700 ppm lithium in saturated minerals brines, which was previously disclosed by Voltaic Minerals Corp.’s press release of February 18, 2016. Well No.1 Long Canyon returned 500 ppm lithium. This well is located within 400 feet of the Paradox Property and is fully enclosed by the boundary (“Concentrated Subsurface Brines in the Moab Region, Utah”, Utah Geological and Mineralogical Survey, June 1965). The brine was discovered in the 1960s when over pressurized oil exploration wells encountered blowouts upon drilling.
The Paradox Basin area is a semi-desert region with an average of over 300 days of sunshine per year, existing infrastructure, and year-round access to road and rail.
The Paradox Property is located approximately 4 kilometres northwest of Intrepid Potash’s Cane Creek Operation and is contiguous to the north of Voltaic Minerals Corp.’s “Green Energy” lithium property. As disclosed in Intrepid Potash’s 2015 Annual Report, the Cane Creek Operation produced 93,000 tonnes of potash in 2015 through solution mining and solar evaporation ponds. The Property is approximately 530 miles east of Tesla’s Gigafactory in Nevada.
Approximately eight wells have been drilled on the Paradox Property with approximately 25 historic wells in the immediate area. Of these 25 historic wells, five near the Paradox Property have analytical data for lithium and are concurrent with a zone determined by the USGS to contain greater than 40% total dissolved solids in oil field brines. Lithium occurs at the basin in oversaturated mineral brine (40 per cent minerals, 60 per cent water) and was discovered during oil exploration when drill wells intercepted the main brine zone (clastic break 31) of the Paradox formation. The main brine zone is approximately 6,000 feet deep, and consists of 28 feet of shale, anhydrite and dolomite; the bed is not part of any oil reservoir. The fractured clastic zones form an excellent reservoir for brines derived from underlying evaporate units. The fracturing is caused by salt flowage, and it is possible that, when brine is removed from the zones, salt will flow into voids assisting to maintain the high reservoir pressure and high recovery of brine (“Concentrated Subsurface Brines in the Moab Region, Utah”, Utah Geological and Mineralogical Survey, June 1965).
Deep Valley Lithium Property
(Subject to Exchange Approval)
The Deep Valley Lithium Property (the “Property”) which is located in the Fox Creek – Sturgeon Lake area of west-central Alberta. The Property encompasses 6,648 ha (16,427 acres) and is located approximately 55 km due west of the community of Fox Creek.
The Property is underlain by Leduc Formation aquifers that are known to be highly enriched in lithium, potassium, boron, bromine and other commodities. Within the central part of the Property, historic samples of formation waters (brines) have returned 140 mg/L (ppm), which are amongst the highest values recorded within the Province of Alberta as reported by the ERCB in its report of October 2011 entitled “Geological Introduction to Lithium-Rich Formation Water with Emphasis on the Fox Creek Area of West-Central Alberta (NTS 83F and 83K)”.
Commonly, during the early history of oil wells in the area, there is a high oil-to-water extraction ratio. However, at present, most wells produce excessive amounts of formation water in comparison to petroleum. The formation water is treated as a waste product during the petroleum extraction process, after which the brine is re-injected into the subsurface. The level of extractability of lithium and other elements from the waste formation water is unclear and may require new technologies (some of which are being introduced and tested in Nevada brines).
Previous exploration and development in the region, related to petroleum operations, has provided potential access to regional infrastructure throughout the Fox Creek – Sturgeon Lake region. Infrastructure available includes wells, roads and power providing an economic advantage to future development.
US Cobalt Announces $5 Million Bought Private Placement http://uscobaltinc.com/us-cobalt-announces-5-million-bought-private-placement/