Condor Receives Its First Lithium Brine Mining License in Kazakhstan
02 8월 2023 - 6:00AM
Condor Energies Inc. (“Condor” or the “Company”) (TSX: CDR), a
Canadian based energy transition company is pleased to announce
that the Government of Kazakhstan has awarded the Company a
contiguous 37,300-hectare lithium brine mining license in
Kazakhstan (the “First Lithium License”). Condor holds the 100%
working interest in the First Lithium License for a six-year term.
A prior well drilled in the First Lithium
License for hydrocarbon exploration encountered and tested brine
deposits with lithium concentrations of 67 milligrams per litre in
Carboniferous-aged intervals as reported by the Ministry of Geology
of the Republic of Kazakhstan. A 670-meter column of tested and
untested brine reservoir has been identified from historical
wireline log and core data. This well also penetrated the very top
of the Devonian-aged sediments and reservoir sands were encountered
but not tested.
Condor previously entered into a binding sale
and purchase agreement for a separate lithium brine mining license
(the “Second Lithium License”) with a state-owned entity (the
“Seller”) and the Company is awaiting final approval from the
Government of Kazakhstan to complete the acquisition. A prior well
drilled in the Second Lithium License for hydrocarbon exploration
encountered and tested brine deposits with lithium concentrations
of up to 130 milligrams per litre in Devonian and
Carboniferous-aged intervals as reported by the Ministry of Geology
of the Republic of Kazakhstan. A 1000-meter column of tested and
untested brine reservoir has been identified from historical
wireline log and core data. Condor will hold a 95% working interest
in the Second Lithium License and operate and be responsible for
funding all activities while the Seller will maintain a 5% carried
working interest. The Second Lithium License was originally
assigned to the Seller on April 3, 2019, for a six-year term and
provides the subsurface exploration rights for solid minerals on a
contiguous 6800-hectare area.
The lithium licenses are strategically located
between Europe and China, providing direct access to existing and
robust lithium markets. The Company intends to produce the lithium
by utilizing closed-looped Direct Lithium Extraction (“DLE”)
technologies. Given that the Company’s Lithium Licenses are not
associated with legacy oil wells nor any reported presence of
hydrogen sulphide, a less complex and capital intensive modular DLE
technology is envisioned for the separation of lithium from the
brine when compared with lithium extraction projects targeting
oilfield brines. By applying proven DLE production technologies,
the Company expects to have a much smaller environmental footprint
than existing lithium production operations which use open-pit
mining or brine evaporation ponds. The Company is also evaluating
the construction of a renewable power generation project to achieve
net-zero emissions for its lithium production.
The Company’s initial development plan over the
next twelve months includes drilling and testing two wells to
verify deliverability rates, confirm the lateral extension and
concentrations of lithium in the tested and untested intervals,
conduct preliminary engineering for the production facilities, and
prepare a mineral resources or mineral reserves report compliant
with National Instrument 43-101 Standards of Disclosure for Mineral
Projects (the “Mineral Report”). Procurement of long-lead equipment
and contracting a drilling rig is underway.
The Company is not treating the historical
estimate as current mineral resources or mineral reserves as
additional drilling and testing is necessary, and a qualified
person has not done sufficient work to classify the historical
estimates as current mineral resources or mineral reserves. It is
uncertain if further drilling will result in the area being
delineated as a mineral resource or reserve. Readers should
similarly not rely on the historical lithium concentration estimate
for the Lithium License as indicative of the actual lithium
concentration or the likelihood that the Company will be able
achieve similar production results.
Readers are invited to review the Company’s
latest corporate presentation available on the Condor website at
“condorenergies.ca”.
FORWARD-LOOKING STATEMENTS
Certain statements in this news release
constitute forward-looking statements under applicable securities
legislation. Such statements are generally identifiable by the
terminology used, such as “anticipate'', “appear”, “believe'',
“intend”, “expect”, “plan”, “estimate”, “budget'', “outlook'',
“scheduled”, “may”, “will”, “should”, “could”, “would”, “in the
process of” or other similar wording. Forward-looking information
in this news release includes, but is not limited to, information
concerning: the timing and ability to receive the approval from the
Government of Kazakhstan, if at all, and the timing and ability to
subsequently complete the Second Lithium License acquisition
transaction; the potential for the lithium license areas to contain
commercials deposits; the extent to which prior lithium testing
results are indicative of future testing results; the ability to
identify brine reservoirs from historical wireline log and core
data; the timing and ability to access lithium sales markets; the
timing and ability to produce lithium by utilizing closed-looped
DLE production technologies; the timing and ability to utilize less
complex and capital intensive modular DLE technology for lithium
separation compared to lithium extraction projects targeting
oilfield brines; the timing and ability to have a much smaller
environmental footprint than existing lithium production operations
which use open-pit mining or brine evaporation ponds; the timing
and ability to evaluate the construction of a renewable power
generation project to achieve net-zero emissions; the timing and
ability to fund, permit and complete the planned activities
including drilling and testing two wells to verify deliverability
rates, confirm the lateral extension and concentrations of lithium
in the tested and untested intervals, conduct preliminary
engineering for the production facilities, and prepare the Mineral
Report; and the timing and ability to procure long-lead equipment
and contract a drilling rig.
Such forward-looking information and statements
are based on numerous assumptions, including among others,
assumptions regarding the availability (including on terms
acceptable to the Company) of drilling and testing equipment and
personnel that can be deployed to the lithium licenses, the ability
of the Company and its personnel to effectively employ DLE and
other lithium extraction technologies on the lithium licenses,
near-term commodity prices, financial market conditions and other
economic factors. Although the assumptions made by the Company in
providing forward-looking information or making forward-looking
statements are considered reasonable by management at the time,
there can be no assurance that such assumptions will prove to be
accurate and actual results and future events could differ
materially from those anticipated in such statements.
Important factors that could cause actual
results to differ materially from the Company’s plans or
expectations include the actual lithium concentrations and risks
relating to the ability of the Company to obtain accurate test
results, the failure of the Company to procure and utilize DLE or
other lithium extraction technologies, and the timeliness and
receipt of any required regulatory approvals. Although the Company
has attempted to identify important factors that could cause actual
results to differ materially from those contained in the
forward-looking information or implied by forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that forward-looking information and statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated, estimated or intended.
Accordingly, readers should not place undue reliance on
forward-looking statements or information. The forward‐looking
statements contained in this news release are made as at the date
of this news release and the Company does not undertake any
obligation to update publicly or to revise any of the
forward‐looking statements made herein, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities law.
The TSX does not accept responsibility
for the adequacy or accuracy of this news release.
For further information, please contact Don
Streu, President and CEO or Sandy Quilty, Vice President of Finance
and CFO at 403-201-9694.
Condor Energies (TSX:CDR)
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Condor Energies (TSX:CDR)
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