In a joint venture announced January 27, two explorers will pool their resources on a lithium brine property in Utah’s Paradox Basin. Subject to exchange approval, Voltaic Minerals TSXV:VLT and Equitorial Exploration TSXV:EXX will split costs 50/50 to advance Voltaic’s Green Energy project.
The deal has Equitorial investing $250,000 in a private placement that Voltaic is offering up to $900,000. Equitorial will also reserve five million of its shares to be issued to Voltaic on successful production of Green Energy lithium.
Voltaic is currently working to close an agreement with Enertrex Corp, which would create a proprietary method of lithium extraction and a possible marketing program for the process. Phase I could begin next month, with initial results expected within 90 days of signing the agreement.
Last month Voltaic completed a review of historic data, verifying that brine flow in five oil and gas exploration wells on the 1,683-hectare property originated from multiple sources including four of the property’s clastic units.
In October Equitorial released sample results from its Li lithium property, which hosts the Little Nahanni pegmatite group, in the Northwest Territories. The assays followed channel samples announced the previous month.
The two companies plan to search for additional lithium brine projects to advance on a 50/50 JV basis.