UMB.c Umbral to acquire Utah Li project from Zimtu Capital
2016-04-26 07:22 ET - News Release
Also News Release (C-ZC) Zimtu Capital Corp (2)
Mr. Jag Bal of Umbral reports
UMBRAL ACQUIRES THE TULE VALLEY LITHIUM EXPLORATION PROJECT
Umbral Energy Corp. has entered into property purchase agreement with Zimtu Capital Corp. to acquire a 100-per-cent interest in the Tule Valley project, which is prospective for lithium. The property is 4,800 acres and is located approximately 190km south west of Salt Lake City, Utah. Access is by an all-weather road from Delta, Utah.
Mineral activity in the area includes Redhill Resources, 20km to the north | Honey Comb Beryllium-Rubidium, Lithium and REE project, taken from Redhill's September 30, 2011 NI43-101 reports initial surface sampling report assays of 1500-1700ppm lithium; Crystal Peak Minerals, 60km to the south east | potash, lithium and magnesium project, taken from Crystal Peak's November 18, 2013 NI43-101 lithium values in solution (Brine) ranging from 50-200mg/l lithium. Crystal Peak i s an evaporite basin similar to Tule Valley; and Materion Corporation | Spor Mountain, 30km to the north east | Beryllium Mine.
Tule Valley prospect is similar to that of Clayton Valley, Nevada, as they are both closed basin and have similar horst and graben structures. The Tule Valley project requires further exploration, including geophysics and drilling to evaluate potential for a mass brine deposit.
A three stage exploration plan is being considered for the project, which may include:
1.Soil/surface sampling, shallow groundwater fluid analysis 2.High resolution gravity survey of the Tule Basin 3.Data Compilation to allocate drill targets
T he company can earn a 100% interest in the Tule Valley Project by completing the following, issuing three million common shares upon regulatory approval, and paying cash considerations totalling $160,000 over the next two years. A 2% NSR royalty has also been granted to the vendors, which half (50%) of the NSR Royalty can be purchased by the company at any time for $1-million.
Jag Bal, President of Umbral commented, "a s demand for lithium rises, particularly with the production of electric vehicles and the energy storage movement, supply concerns have provided an opportunity which Umbral can participate in. Lithium has gone from a steady, but relatively obscure commodity to being in extremely high demand this year. For an example of this rising demand, one only needs to point to Tesla's new battery gigafactory, which will need 15,000 tons of lithium carbonate a year just to get started."
Qualified Person:
The technical content of this news release has been reviewed and approved by Phil van Angeren, a registered Professional Geologist with APEGA, and a Qualified Person under the provisions of National Instrument 43-101.
We seek Safe Harbor.
© 2016 Canjex Publishing Ltd. All rights reserved.
