One World Minerals Expands Its Exploration Program at Salar del Diablo Property (Formerly Rico Litio)
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 26, 2017) - One World Minerals Inc. ("OWM") (CSE:OWM)(CSE:OWM.CN)(CNSX:OWM) announces an expansion of its exploration program to include additional geochemical sampling and extension of the planned geophysical program. In addition to gravity and time domain EM surveys, the exploration program will now include a Controlled Source Audio Magnetic Telluric Survey (CSAMT). The intent of the expanded program is to further delineate basin stratigraphy and structure as well as to define low resistivity zones that may indicate brine aquifers. The Salar del Diablo Property (formerly Rico Litio) is in the State of Baja California Norte and 35 kilometers from San Felipe, Mexico.
The Salar del Diablo Property (the "Property") covers a large closed basin of 75,400 hectares (750 square kilometers). The Property is 120 kilometers long and between 10 to 40 kilometers wide. As previously announced, in the northern part of the Property surface auger samples assayed from 53 to 188 ppm Li (parts per million lithium) and in the southern part samples assayed from 15 to 82 ppm lithium. In total, the samples extend over 110 kilometers and have an average grade of 74 ppm lithium. The surface samples were taken from surface salar sediments and rocks, not from brines that may occur at depth.
The pre-drilling program is focused on the north part of the property, called Valle del Diablo and expects to identify priority drill targets within 60 days. The program has started with logistical and contract preparations. The ensuing field activities will include surveying an expanded grid to conduct the three geophysical programs and concurrent geochemical sampling to further determine basin configuration, aquifer identification, and to delineate the distribution of lithium at the surface.
Comparison of Salar del Diablo with Salar de Atacama, Chile with strong similarities, including size, geologic environment (including young rhyolitic volcanic activity, hot springs, active tectonic setting). For a size comparison, note the similarity in size of Salar del Diablo and Salar de Atacama on the attached map (http://media3.marketwire.com/docs/1099722.pdf).
OWM has an option to acquire up to a 80% property interest by issuing 1,700,000 shares over time, completing minimum work programs of US$1,339,662, and cash payments totalling US$225,000 USD. The Company also has an option to purchase an additional 10% property interest for US$5,000,000 at the time of presenting a bankable feasibility study.
Andrea Diakow, P. Geo., a Qualified Person as defined in NI 43-101, has read and approved the scientific and technical disclosure as stated in this news release.
On behalf of the Board of Directors of One World Minerals Inc.,
Douglas Fulcher, CEO and President
Forward-Looking Information: This press release may include forward looking information within the meaning of Canadian securities legislation concerning the business of the OWM. Forward looking information is based on certain key expectations and assumptions made by the management of the OWM regarding the proposed exploration program. Although OWM believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because OWM can give no assurance that they will prove to be correct. Forward looking statements contained in this press release are made as of the date of this press release. OWM disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from the those anticipated in such statements, important factors that could cause actual results to differ materially from the company's expectations include: (I) potential comments from regulators which may delay; (II) inability of OWM to execute its business plan and raise the financing required to implement the exploration program; and (III) risks and market fluctuations common to the mining industry and lithium sector in particular. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, some of which are beyond the control of the OWM. The reader is cautioned not to place undue reliance on any forward-looking information contained in this press release.