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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 26, 2016) - Veraz Petroleum Ltd. ("Veraz" or the "Company") (TSX VENTURE:VRZ.H) is pleased to announce advancement of its agreement to identify lithium brine exploration targets along the central and southern Walker Lane Trend in Southwestern Nevada. The portfolio consists of 550 placer mineral claims distributed from the Mina - Luning area west of Tonopah to the lowest basin in the Armagosa drainage system in the Parhump area. The target selection was based on topography and paloetopography, aridity and evaporation which equals or exceeds precipitation, the distribution of lithium source rocks and mechanisms for concentrations and enrichments, and the hydrology of the basins which permits long term trapping and concentration of brines. The nine property areas are distributed in three clusters influenced by historic surface sampling by the USGS with lithium contents equal to or greater than 1000 parts per million in clays. No published drilling data are available for these areas but at least two of the parcels, in the central and southern Armagosa trend, have been subject to historic drilling.
The company has reviewed the parcels and selected three for priority sampling with emphasis on mapping the distribution and zoning of halides in the Salinas (surface and shallow sampling up to one meter in depth). The selected priority projects lie in the Scotty's Junction area and the Armagosa trend. All have documented lithium values from published work and all have extensive (more than 2000 square km) source basins and deep tectonic brine traps.
The technical disclosures in this release have been reviewed and are approved by David Bending, M.Sc., P.Geo. (BC 1992), a professional geoscientist and project manager contracted by the Company and independent of the properties by the tests of NI 43-101.
Nevada Lithium Program Advances Nine Properties in three target Groups, Walker Lane, Nevada.
Veraz is pleased to announce commencement of field work including widely spaced but systematic sampling in its 196 claim Scotty's Flat Property. Whereas published isolated sample data from the USGS demonstrate the presence of lithium concentrations of 1000 parts per million in surface clay samples from this area, the contemplated work includes widely spaced traverses of surface salt materials and one meter deep samples of saline clays to map lateral variations in the element concentrations of interest. The target area is very large and this orientation is planned as a low cost method of confirming and refining the limited historic data. Future programs at the planning stage include airborne magnetic and EM/resistivity surveys, gravity profiles and carefully planned detailed seismic profiles. The gravity profiles are fundamental to mapping the basin geometry and deep traps. The seismic work is the most costly on a unit basis but is fundamental to mapping aquifer horizons prior to drilling.
This phase of technical work will include preparation of geological reports for each of the nine property areas, specific program planning for each area, and advancement of one selected area, the Scotty's Flat targets, for completion of a NI 43-101 report.
The technical disclosures in this release have been reviewed and are approved by David Bending, M.Sc., P.Geo.(BC 1992), a professional geoscientist and project manager contracted by the Company and independent of the properties by the tests of NI 43-101.
Advisory Regarding Forward-Looking Statements
Certain information provided in this news release may constitute forward-looking statements within the meaning of applicable securities laws. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties, including failing to complete the property disposition on terms that are acceptable to the Company or at all. Actual results could different materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in the Company's Annual Information Form, which has been filed on SEDAR and can be accessed at www.sedar.com. The forward-looking statements contained in this news release are made as of the date hereof and except as may be required by applicable securities laws, the Company assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise. Neither the TSX venture exchange nor its regulation service provider (as that term is defined in the policies of the TSX venture exchange) accepts responsibility for the adequacy or accuracy of the content of this news release.
Veraz Petroleum Ltd.