ALLIED COPPER ANNOUNCES CORPORATE UPDATE INCLUDING LITHIUM CONCENTRATIONS UP TO 91 MG/L IN VOLT’S LATEST FIELD ACTIVITIES
Allied Copper Corp. has provided a corporate update for its lithium-focused division, Volt Lithium Corp., including a reaffirmation of reservoir testing results on its Rainbow Lake property, showing lithium-infused brines producing concentrations up to 91 milligrams per litre (mg/L). These results confirm Volt’s reservoir testing has produced some of the highest lithium concentrations in western Canada.
Volt is also pleased to announce that it has completed a preliminary volumetric resource study at Rainbow Lake that indicates up to 78 billion barrels of water-in-place over four prospective zones. Additional technical analysis is planned prior to undertaking a complete resource estimate which is expected by the end of April 2023.
“The Volt team continues to discover significant and high lithium concentrations in the reservoir at Rainbow Lake, with three additional tests demonstrating lithium concentrations of up to 91 mg/L,” commented Alex Wylie, President of Allied and founder of Volt. “These test results continue to feature some of the highest lithium concentrations reported in Western Canada, and support our objective of commencing a production pilot in the first half of 2023.”
Rainbow Lake Concentration Testing
Following its initial discovery of lithium concentrations of up to 119 mg/L in the fall of 2022, Volt conducted a follow-on sampling program at Rainbow Lake that followed stringent standard operating procedures, including strict custody of control procedures implemented during the testing process. Volt engaged a third-party consultant to conduct the sampling program and delivered the samples to an independent laboratory for further assessment. Volt conducted independent tests from three wells which had lithium concentrations ranging between 79.1 mg/L to 91.3 mg/L.
Following is a summary of the testing done at Rainbow Lake in Volt’s latest round of samples:
These recorded lithium concentrations were derived from the Muskeg formation at Rainbow Lake and Volt plans to conduct further evaluations to assess the lithium-brine potential in both the Muskeg and the Keg River formation in accordance with the CIM Mineral Exploration Best Practice Guidelines (2018) and National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Volt Volumetrics Study
Volt engaged Subsurface Dynamics Inc. (“SSD”) to prepare a preliminary volumetric study of Rainbow Lake in the fall of 2022. Based on the data analyzed, SSD determined there were up to 78 billion barrels of brine in place over the property as follows:
In the preliminary resource study, available public formation tops were combined with limited detailed petrophysical analysis to construct a simplified 3D geomodel of the licensed area. Preliminary water-in-place volumes were then estimated using interpolated petrophysical properties and were broken down into four different target zones based on the structural maps constructed from the public well tops.
Prior to releasing the resource estimate in Q1 2023, a detailed follow-up study is expected to be conducted, incorporating all available geological, engineering and volumetric data in the licensed area, including extensive core, wireline logs and pressure tests, intended to significantly increase the level of confidence in the estimated resource-in-place.
Qualified Person
Scientific and technical information contained in this press release has been prepared under the supervision of Doug Ashton, P.Eng, Alexey Romanov, P.Geo, and Meghan Klein, P.Eng of Sproule Associates, and Dmitry Deryushkin, M.Eng, P.Geo of Subsurface Dynamics, each of whom are a qualified persons within the meaning of NI 43-101.
About Allied
Allied (TSX-V: CPR, OTCQB: CPRRF) is a growth-oriented, battery-metals focused exploration company. Our Strategy is to acquire and develop low-cost, potentially high-growth battery metals assets that represent key inputs needed to support the global energy transition. Our commitment is to operate efficiently and with transparency across all areas of the business staying sharply focused on creating long-term, sustainable shareholder value. Investors and/or readers may sign up for updates about Volt’s and Allied’s continue progress on the Company’s website: www.alliedcoppercorp.com.
We seek Safe Harbor.
