Today, Voltaic Minerals Corp. announced the closing of a non-brokered financing and reported details on the start of phase-1 testing of the "Lithium Selective Extraction Process" on the Green Energy Project in Utah, USA.
The proceeds ($909,040 CAD) will be used for the development of the extraction process, the re-entry of wellbores and general working capital. The technology-provider and Voltaic have agreed to sign a 90 day Exclusive Extension Agreement, during which time both companies will solidify the Definitive Agreement. Simultaneously, Voltaic´s partner will begin process work directly related to Phase-1 as outlined in the Draft Definitive Agreement.Phase-1:
Available data from historic oil and gas production wells around the Green Energy Property in Utah are taken in order to re-produce such brines with the exact same compositions. These representative synthetic mixtures will be used to determine preliminary costs to selectively extract the lithium from such brines. The stated objective is an operating cost comparable to other lithium carbonate brine projects. Simultaneous to this work, Voltaic targets a brine bulk sampling program from existing wells in order to test the Selective Lithium Extraction Process with actual, recent brine samples around the Green Energy Property.Phase-2:
Upon the successful completion of Phase-1, the next phase will aim to optimize the capability of the Selective Lithium Process for the Green Energy Project. At the same time, other brines and lithium feed stocks could be tested that would be ideal for the process. The goal of Phase-2 is to identify ideal brine metallurgy for the process and obtain a consistent source of supply for the development of Phase-3.Phase-3:
If Voltaic is satisfied with the results of Phase-2, the next phase may involve the construction and demonstrations of a 20 gallon (76 liter) per minute pilot unit designed to test lithium bearing solution and confirm operating costs of a commercial system. Demonstration of the unit using brine from, but not limited to, the Green Energy Project will be carried out for further confirmation giving Voltaic the ability to source brines globally.
Each one of the 3 phases is expected to last about 90 days. With the financing complete as of today, phase-1 should start now and is expected to be completed in 3 months (mid-June) - about the same time when the 90 day Exclusivity Extension Agreement ends and the Definitive Agreement should be signed. Rockstone hopes for an increased newsflow from Voltaic over the next 3 months, updating regularly with progress reports. Certainly some exciting times ahead for Voltaic and its shareholders.
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Voltaic Minerals Corp.
Suite 1450 - 789 West Pender Street
Vancouver, BC, V6C 1H2 Canada
Phone: +1 604 681 1568
Shares in the market: 60,643,801
Canada Symbol (TSX.V): VLT
Current Price: $0.125 CAD (03/15/2017)
Market Capitalization: $8 Million CAD
Germany Symbol/ WKN (Tradegate): 2P61 / A2AG5Q
Current Price: €0.089 EUR (03/15/2017)
Market Capitalization: €4 Million EUR
Report #7: "Cutting Edge in the Lithium Space"
Report #6: "Voltaic Minerals partners up to demonstrate a lithium processing plant within 9 months"
Report #5: "Voltaic Minerals Encouraged by Macarthur Minerals' Lithium Results"
Report #4: "The perfect brine project for someone like Albemarle"
Report #3: "Prima Diamond becomes Voltaic Minerals with focus on energy metals"
Report #2: "Early Warning Report on Prima Diamond"
Report #1: "Prima Diamond Acquires the Green Energy Project in Utah with Historic Lithium Grades of 1700 mg/L"
Disclaimer: Please read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist.
Disclosure: I am/we are long TSX.V:VLT.