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Oil and gas operators in the Fox Creek area are supporting and participating in the sampling program, in which the Company will obtain brine samples from 16 individual producing gas wells in the central portion of the Fox Creek permit area, targeting the Beaverhill Lake aquifer, as well as from blended sources from two gas plants in the region.
Results of this sampling program will be assessed with detailed information on 113 oil and gas wells that have been drilled on the property and that penetrate the Beaverhill Lake carbonate reef complex. Active wells in the area are producing substantial volumes of brine from the Beaverhill Lake aquifer which is separated from petroleum products before being injected back into designated disposal wells. No lithium or other mineral production from these brines has taken place to-date at Fox Creek. Channel believes that existing infrastructure at Fox Creek will facilitate the progression of the project through resource definition, brine processing assessment, feasibility and development stages.
The Fox Creek project comprises 369 square kilometres of mineral rights over mineral-rich brine aquifers. This deposit is being assessed by Channel to determine the overall size of the deposit and its potential to produce lithium and potash, together with boron and bromine.
This news release has been prepared under the supervision of Colin H. McAleenan, P.Geo, who is the Company's "Qualified Person" under the definition of NI 43-101. Readers are encouraged to review the 43-101 technical report for the Fox Creek Project authored by Michael B. Dufresne, M.Sc., P.Geol., President of APEX Geoscience Ltd. of Edmonton, Alberta, who is an 'Independent Qualified Person' as defined in the instrument.
Some of the statements contained herein are forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the price of minerals, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of factors, whether as a result of new information or future events or otherwise. Further disclosure on risk factors is available in the Company's various corporate filings at www.sedar.com.
SOURCE: Channel Resources Ltd.
Channel Resources Ltd. Colin McAleenan President & CEO 604.684.7098 Channel Resources Ltd. Cyrus Ameli CFO & VP Corporate Affairs 604.684.7098 604.684.7079 (FAX) info@channelresources.ca www.channelresources.ca
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