Weststar buys Alberta lithium brine properties
2009-08-17 09:20 ET - News Release
Shares issued 47,117,111
WER Close 2009-08-14 C$ 0.11
Mr. Mitchell Adam reports
WESTSTAR ACQUIRES LITHIUM PROJECTS
Weststar Resources Corp. has acquired two lithium brine projects, located within west-central Alberta. The Silver Creek property is located about 30 kilometres south to southeast of Fox Creek, Alta., and encompasses approximately 22,500 acres, while the Simonette property is located about 60 kilometres due west of Fox Creek and encompasses about 45,500 acres. Both projects encompass known occurrences of lithium within formation waters. Neither property has been the subject of a National Instrument 43-101 report.
Within the region, oil and gas pools and related formation water brines occur within the Devonian-aged Woodbend (Leduc) and Beaverhill Lake groups. At these locations, the carbonate reef complexes occur at depths of 2600 to 3500 metres below surface. At the Silver Creek property, historic samples of formation water collected from the Leduc formation, returned 130 milligrams a litre lithium. At the Simonette property, historic samples of formation water collected from the Leduc formation, returned 140 milligrams a litre lithium.
The company will initiate the review of all historic oil and gas well, and geologic data from the property(s), including 130,000 analyses of formation waters searched by the Alberta Research Council for the province, in preparation for the sampling and analysis of formation waters. Following collection of the appropriate data the company intends to seek completion of an up-to-date NI 43-101 report on the projects.
The Silver Creek and Simonette properties have been acquired from arm's-length vendors. Acquisition costs are a total of $25,000 and one million shares payable on exchange approval. The property is subject to a 2-per-cent net smelter return royalty, of which one-half (1 per cent) may be purchased back for $2-million.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Jody Dahrouge, PGeol, of Dahrouge Geological, a qualified person.
WARNING: The Company relies on litigation protection for "forward-looking" |
