The Company Reports On Its Subterranean Over Pressured Lithium Brine Project (ULI) In Utah, USA and Signing of JV Agreements

Calgary, Alberta -- March 27, 2017 -- InvestorsHub NewsWire -- Voyageur Minerals Ltd. (TSXV-VM) (the Company) is pleased to announce that it has signed a Joint Venture Agreement with Anson Resources Ltd. ( Anson). The joint venture enables Anson to commence work on the ULI Subterranean Over Pressured Lithium Brine Project in Utah, USA. (the ULI Project)Anson will be the operator of the joint venture.

HIGHLIGHTS:

  • The ULI Project is a subterranean over pressured brine (SPB) exploration play with brines from the Clastic Zone 31target horizon, approximately 6,000 feet below the surface. The target horizon is also cut by the Roberts rift, a prominent fracture zone found in the play area.
  • The clastic zone consists of 30 feet of shale, anhydrite and dolomite, and is not part of any oil reservoir.
  • The brines encountered from two historic wells are over pressured and at a higher temperature than would be expected (1400 F measured vs. 100 degrees F expected). The higher temperatures encountered are suggestive of upward welling geothermal fluids. The brines flowing to the surface at high discharge volumes (blowouts) when intersected by the two historic drill holes.

Engineering reports from the 1960s conclude that the brine reservoir is extensive (over 10 square miles) and is likely recharged from fresh in-flows of artesian water as indicated by well pressure measurements and draw-down tests, as well as hydrogen isotope (heavy water) analyses.
 

Historical exploration and assays:

The Pennsylvanian Paradox Formation brines in this part of Utah, have been defined by samples taken from numerous oil and gas test wells drilled throughout the region. Most of the brine samples from the wells were not analyzed for lithium, but 2 holes within 1km of the south end of the claims (Long Canyon No.1 and Roberts Brine Well) were analyzed for lithium as well as other potentially economically recoverable minerals. Lithium values of up to 1,700ppm were reported from assays of the Clastic Zone 31 brines in these two wells. In addition, magnesium, bromine, boron and iodine were found to be in high concentrations, see Table 1.

 

Well

Lithium

ppm

Mg

ppm

Bromine

ppm

Boron

ppm

Iodine

ppm

Roberts, Brine Test Utah

1,700

43,600

2,500

20,000

450

Long Canyon #1 Oil Well

500

21,000

6,100

NA

300

Table 1: Brine concentrations from wells adjacent (1000m) to ULI Project area

Work plan:

The Joint Venture will compile pertinent oil well logs and generate stratigraphy to identify additional horizons, formations and structures of interest. This will be undertaken since Clastic Unit #31 may not be the only mineral-bearing horizon of interest.

The 3D modelling program will focus on characterization of the formation within the ULI Project area to outline historic estimates by using data which includes several generations of reports and evaluations dating back to the 1950s, This includes an oil well database to draw on for stratigraphy, as well as seismic data compiled from existing and historic oil well operators. At the same time, the Anson will acquire commercially available 2D seismic database appropriate for the property and will compile and reprocess the data to better understand the basin structure.

Once the geology and seismic data sets are completed they will be merged to create a valid 3D model of the property and give a strong indication of its potential. The results of the 3D modelling will allow the Joint Venture to refine the drill plan to facilitate resource estimation as well as identify prospective wellhead locations. In addition various electro-magnetic and/or gravity geophysical surveys may be conducted to acquire new data in the play area.

Earn-in terms:

Anson may earn up to 70% of the ULI Project, held by Voyageur Minerals Inc. a subsidiary of Voyageur, by undertaking exploration activities. Upon earning the 70% interest, Anson has the option to purchase the remaining 30% of the Project, which if exercised will see Voyageur retain a 3% gross overriding royalty.

Anson currently holds a 10% interest in the ULI Project and can earn further interests upon completing the following:

  • 40% by defining the location(s) for one or more drill holes, issuing a NI 43-101 technical report, and expending US$666,000; and
  • A further 20% by drilling and logging one or more holes, issuing an updated NI 43-101 technical report, and expending US$2,330,000.

About Voyageur Minerals

Voyageur is a Calgary based company which owns 100% interest in three Barium Sulfate ("Barite") deposits including two properties suitable in grade for the industrial barite market place, and interests in a high grade lithium brine project in Utah, USA.

Voyageur's business plan is to develop its barite deposit at Frances Creek, BC, Canada, for potential near term cash flow, while it continues exploration for critical and strategic minerals

This news release has been reviewed by our qualified person Mr. Randy Henkle. Historical information referred to above is not NI 43-101 compliant but the Company feels it is reliable.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements relating to the Qualifying Transaction, including statements regarding the acquisition of future assets, the discovery and commercialization of commercial quantities of industrial minerals, the successful commercialization of the Companys assets, expected operational activities, other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things: the risk that the assets do not provide commercial quantities or grades of marketable minerals, that even if they do contain commercial quantities of marketable minerals that the Company will not be able to economically produce such discoveries, the existence of commercial grades of commercial minerals, timing of obtaining required approvals, state of the economy in general and capital markets in particular, investor interest in the business and future prospects of the Company.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.

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