Jul 27 2017
One World Minerals Inc. announces an expansion of its exploration program to include additional geochemical sampling and extension of the planned geophysical program. In addition to gravity and time domain EM surveys, the exploration program will now include a Controlled Source Audio Magnetic Telluric Survey (CSAMT).
The intent of the expanded program is to further delineate basin stratigraphy and structure as well as to define low resistivity zones that may indicate brine aquifers. The Salar del Diablo Property (formerly Rico Litio) is in the State of Baja California Norte and 35 kilometers from San Felipe, Mexico.
The Salar del Diablo Property (the "Property") covers a large closed basin of 75,400 hectares (750 square kilometers). The Property is 120 kilometers long and between 10 to 40 kilometers wide. As previously announced, in the northern part of the Property surface auger samples assayed from 53 to 188 ppm Li (parts per million lithium) and in the southern part samples assayed from 15 to 82 ppm lithium. In total, the samples extend over 110 kilometers and have an average grade of 74 ppm lithium. The surface samples were taken from surface salar sediments and rocks, not from brines that may occur at depth.
The pre-drilling program is focused on the north part of the property, called Valle del Diablo and expects to identify priority drill targets within 60 days. The program has started with logistical and contract preparations. The ensuing field activities will include surveying an expanded grid to conduct the three geophysical programs and concurrent geochemical sampling to further determine basin configuration, aquifer identification, and to delineate the distribution of lithium at the surface.
Comparison of Salar del Diablo with Salar de Atacama, Chile with strong similarities, including size, geologic environment (including young rhyolitic volcanic activity, hot springs, active tectonic setting). For a size comparison, note the similarity in size of Salar del Diablo and Salar de Atacama on the attached map (http://media3.marketwire.com/docs/1099722.pdf).
OWM has an option to acquire up to a 80% property interest by issuing 1,700,000 shares over time, completing minimum work programs of US$1,339,662, and cash payments totalling US$225,000 USD. The Company also has an option to purchase an additional 10% property interest for US$5,000,000 at the time of presenting a bankable feasibility study.
Andrea Diakow, P. Geo., a Qualified Person as defined in NI 43-101, has read and approved the scientific and technical disclosure as stated in this news release.
Source: http://www.oneworldminerals.ca/