EMP Metals Corp. Acquires New Wellbore For Lithium Testing
VANCOUVER, May 24, 2022 - EMP Metals Corp. (CSE: EMPS) (OTC: EMPPF) ("EMP Metals" or the "Company") is pleased to announce that EMP subsidiary company Hub City Lithium ("HCL") and Epping Energy Inc. have entered into a Wellbore Takeover Agreement (the "Agreement") over 131/08-07-014-11W2 (the "Well') whereby HCL will test the Well for lithium concentrations. Within the Agreement HCL assumes the abandonment liability of the Well, estimated at $70,000, which aligns with HCL's highly cost-effective strategy of testing for lithium within existing infrastructure. The Well is located in the Tyvan area of Southeast Saskatchewan which is within half mile of HCL's lands. A multi-zone perforation test will be performed post-break-up on the Well, testing the inflow potential and lithium concentrations in the target Duperow zone. The Duperow zone is the same zone that confirmed lithium concentrations of up to 96.3 mg/l in the Mansur, which is approximately 50km SW of the Well. The follow up flow test of the Mansur test well indicated the potential for future development of a dual layer lithium brine project with high flow rates and brine concentrations in the 86 to 96.3 mg/l range. Vertical wellbore development of the lower Duperow zone with 86 mg/l zone is viable due to the high flow rates in that zone.
The Tyvan 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 Tyvan Permit Area, Mansur 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.
Rob Gamley, CEO of EMP Metals, commented, "This is an exciting development as we continue to drive our strategy forward. This new well is located in a completely separate area from our successful test well at Mansur and we are confident this will be a significant addition to our growing lithium resource. The existing infrastructure within our permit areas and the Government of Saskatchewan's support for critical minerals projects presents many distinct advantages allowing us to be optimistic for a quick to production scenario compared to other regions."
The lithium brine properties consist 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.
EMP Metals holds 67% of the joint venture with Hub City Minerals ("HCM") holding the 33% balance.
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.
EMP Metals is a Canadian-based exploration company focused on the acquisition and exploration of mineral projects with significant development potential. Its current portfolio includes lithium exploration projects in Saskatchewan, Canada. For more information, please go to the Company's website at www.empmetals.com.
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.
Contact
Corporate Inquiries: Rob Gamley, President & CEO, Phone: 604-689-7422 (please leave a message), Email: info@empmetals.com