Power Metals Corp. of Vancouver, British Columbia, has acquired the Coyote Project, a petro-lithium brine mining property located in the Lisbon Valley area in the Paradox Basin, 40 miles southeast of Kanab. Seller MGX Minerals Inc. will receive 3.5 million shares of Power Metals stock and cash.
The project includes 150 placer mineral claims covering an area of 3,000 acres and includes lithium brine mineral rights adjoining the Lisbon Valley oil and gas field, where historic lithium brine content has been reported as high as 730 parts per million lithium, the company said in a release.
Johnathan More, CEO of Power Metals, said, “We are extremely excited to have been able to position the company in the Lisbon Valley as a starting point. As we roll out our plan, we intend to deploy increased resources towards the building of a petro-lithium portfolio in the United States including but not limited to the acquisition of oil field assets, lithium brine, oil wells and associated infrastructure.”
The Lisbon Valley oil and gas field is located in the salt anticline belt on the southwest edge of the Paradox Basin in San Juan County, an area known to produce lithium-rich brines. The region is home to the former Rio Algom uranium mill facility, an active copper mine operated by Lisbon Valley Mining Co. and a natural gas processing plant.
Power Metals has appointed Ron Bourgeois as project manager. Bourgeois has over 30 years of experience in executive management, particularly in the oil and gas industry.