by Greg Klein | August 17, 2016
Under a memorandum of understanding announced August 17, Voltaic Minerals TSXV:VLT would sell a lithium property acquired by staking. Subject to approvals, Macarthur Minerals TSXV:MMS would buy the 2,300-hectare Stonewall property in Nevada for two million shares and US$50,000.
In neighbouring Utah, Voltaic began Phase I work on its Green Energy lithium project in June. Using historic drill results and estimates, the company stated it would build a 3D model to “better understand the potential lithium-bearing horizon known as Clastic Unit #31 and to identify prospective wellhead locations for re-entry or drilling of new wells.”
Records dating back to the 1950s include results of approximately 100 oil well drill holes as well as seismic data. Only three historic holes were sampled for lithium.
The program’s preliminary budget estimate comes to less than $200,000. Voltaic closed a $765,000 private placement in May.