Equitorial Exploration Corp. Acquires Utah Lithium Brine Project
Vancouver, February 17, 2017 - Equitorial Exploration Corp. (TSX Venture Exchange: EXX, Frankfurt: EE1) ("Equitorial") is pleased to announce that subject to the approval of the TSX Venture Exchange, it has acquired 100% interest in the Tule Valley Lithium Brine project in Utah and the Gerlach (San Emidio Desert) Lithium Brine properties from Umbral Energy Corp ("Umbral"). As per the agreement and subject to exchange approval, Equitorial shall pay Umbral the sum of $50,000 on execution of this agreement and shall issue to the Umbral 2,000,000 common shares upon acceptance by the TSX Venture Exchange in consideration for the assignment of the underlying agreement. Equitorial will assume a final payment of $100,000 to the underlying owner and Umbral will issue 1,500,000 shares for 100% interest in the properties. There is a 2% NSR in favour of the underlying owner.
Tule Valley Lithium Brine Project comprises 26 placer claims of 160 acres each, for a total area of 4,200 acres. The property is located approximately 190km south west of Salt Lake City, Utah, and is road accessible from Delta UT, 70km to the east.
Tule Valley is a closed basin, wherein surface water and groundwater flowing into the basin has no escape route (eg, river outlet), and the water can only escape through evaporation at surface. Any minerals dissolved in said water are left behind in the resulting brines and evaporation pools. Tule Valley is mostly a dry lake bed (playa), but it hosts active evaporation pools along its western margin.
Tule Valley is located within an area which hosts several lithium-bearing hardrock properties. Some of these areas may have provided lithium to groundwaters. Redhill Resources Corp.'s Honey Comb beryllium-rubidium-lithium-rare-earth project is situated 20 km to the north; Crystal Peak Minerals Inc.'s potash-lithium-magnesium brine project is 60 km to the southeast, and Materion Corp.'s Spor Mountain beryllium mine can be found 30 km to the northeast. Redhill states in their Sept. 30, 2011, National Instrument 43-101 report, that initial surface sampling provided assays of 1,500 to 1,700 parts per million lithium. Crystal Peak's Nov. 18, 2013, NI 43-101 report announces that lithium values in solution (brine) range from 50 to 200 milligrams/litre. Crystal Peak is an evaporite basin similar to Tule Valley.
The Tule Valley prospect may be similar to that of Clayton Valley, Nevada, as they are both closed basins with signs of active and historic evaporation. The Tule Valley project requires further exploration, including geophysics and drilling, to evaluate potential for a mass brine deposit.
The Gerlach (San Emidio Desert) property is located less than 5km south of Gerlach, Washoe County, Nevada. The 89 placer claims of 20 acres each, covering an area of 1,780 acres within the San Emidio Desert which is the southern lobe of the largest dry lake bed in North America (Black Rock Desert), known for its natural hot springs.
Although San Emidio is a dry lake bed (playa) with little evidence of active evaporation, US Geothermal Co. has a geothermal electro-generation plant located 27km south of the claim block on the east edge of the San Emidio playa. This confirms the presence of geothermal activity (hence brines) in the San Emidio playa.
The Gerlach property may have similar characteristics to that of Clayton Valley, Nevada, as they are both closed basins with signs of geothermal activity. Similarly to Tule Valley, the Gerlach project requires further exploration, including geophysics and drilling, to evaluate potential for a mass brine deposit.
Phil van Angeren, P. Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical mining information provided in this release.
About Equitorial Exploration Corp
Mag One Products Inc. has granted Equitorial Exploration Corp. a first right to a 50/50 joint venture to finance equally the construction of the first magnesium and refining production facility for use by Mag One to produce magnesium metal and related products, by using its proprietary magnesium metal technology. The project is in Danville Quebec where Mag One has access to 50 Million tonnes of already-mined serpentinite tailings.
Equitorial has also acquired a 100-per-cent interest in seven minerals claims located in the Northwest Territories, Canada, known as the Li property which hosts the Little Nahanni pegmatite group (LNPG) lithium-cesium-tantalum (LCT) pegmatite dikes. In summer 2017, the company is anticipating a field program comprising diamond drilling, channel sampling, geological mapping and prospecting on the Li property.
On behalf of the Board of Directors
Equitorial Exploration Corp.
Jack Bal, CEO and Director
For further information, please contact Jack Bal at 604-306-5285
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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