Force Energy Corp. Completes Phase 1 Due Diligence, Verifies Lithium Resource on Zoro 1 Property
DENVER, Oct. 31, 2011 /PRNewswire/ -- Force Energy Corp. (OTC.BB: FORC) (FRANKFURT: FC2) (hereafter "Force", "the Company"), a junior Lithium and Rare Earths mineral exploration company, is pleased to announce it has completed Phase 1 due diligence of its Zoro 1 pegmatite-hosted lithium property in west-central Manitoba, Canada. The exploration program has verified that the property hosts a non-43-101 compliant historic resource of 1.7 million tons of lithium grading 0.95% Li20.
Force Energy's Zoro 1 exploration program is designed to confirm the presence of lithium-bearing pegmatite and to confirm historic ore reserves. New diamond drilling will provide a current grade and tonnage for the deposit and assess the potential to expand the resource.
Phase 1 consisted of locating, power washing and channel sampling spodumene-bearing pegmatite exposed in 16 trenches on the property. Force Energy's field crews channel sampled 16 trenches at the target resulting in the collection of 165 samples each 0.5 m in length, 7 cms in width and 7 cms in depth. An additional 6 new trenches discovered by prospecting on the property were also sampled. All samples were analyzed at Activation Laboratories (Ancaster, Ontario, Canada), an ISO-Certified Laboratory.
Analysis of the channel samples collected from historic trenches in the pegmatite target have confirmed that a significant zone of lithium mineralization is present on the Zoro 1 claim. With the current and future importance of lithium and the mineralized zone at Zoro 1, Force Energy is now preparing for Phase 2 of its program. This Phase will assess the third dimension of the deposit and its historic resource, and determine the economic viability of mining the resource.
"This verification of historical high grade lithium resource gives Force greater incentive to further investigate the Zoro 1 property," states Mr. Tim DeHerrera, President of Force Energy Corp. "We will continue to expand this lithium resource through continued exploration with the hopes of further discoveries on the property. We believe the existing historic resource, coupled with the potential for additional resources on the property, position the company to add shareholder value as we work to determine economic viability of this project."
Prime Equity Research states the following third party economic assessment of the Zoro 1 Deposit. Drilling indicated Lithium mineralization: 1,727,550 tons of the Lithium Oxide bearing mineral at a range of recent Li20 prices with no consideration to the costs of extraction, mining & processing is the following: For Full Report see: (http://www.forceenergycorp.com/prime_equity_research_rep.pdf)
Indicated Li2O Tonnage |
Li2O Price/Tonnes |
Gross Revenue Potential |
|
1,727,550 |
$130 |
$ 224,581,500 |
|
1,727,550 |
$135 |
$ 233,219,250 |
|
1,727,550 |
$140 |
$ 241,857,000 |
|
1,727,550 |
$150 |
$ 259,132,500 |
|
About Force Energy Corp.
Force Energy Corporation (FORC) is a Lithium, Rare Earth and Hydrocarbon Exploration and Development Company based in Denver, Colorado.
Force Energy plans to explore and develop its Zoro 1 Lithium property located in the Snow Lake area of west-central Manitoba, Canada. Drill-indicated lithium mineralization on our Zoro 1 property coupled with data from channel samples in one blasted trench gives a historic total undiluted tonnage of 1,727,550 tons grading 0.945% Lithium dioxide.
Force Energy also maintains a 50% working interest in the Hayter Well, a Hydrocarbon well located in Alberta, Canada.
Force Energy Corporation's shares are publicly traded on the OTCBB under the ticker symbol FORC.
Legal Notice Regarding Forward-Looking Statements
Legal Notice Regarding Forward-Looking Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward-looking statements are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions or that events or conditions "will," "would," "may," "can," "could" or "should" occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.
Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of oil and natural gas reserves, the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of oil or gas are found or recoverable, and our ability to participate in the exploration of, and successful completion of development programs on all aforementioned prospects and leases. Additional information on risks for the Company can be found in the Company's periodic filings filed from time to time with US Securities and Exchange Commission at www.sec.gov.
This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"). They may not be offered or sold in the United States (as defined in Regulation S under the Securities Act), except pursuant to an exemption from the registration requirements of the Securities Act.
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms such as estimates of a mean of undiscovered natural gas and estimates of a mean of undiscovered oil that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-K and other periodic reports filed by us from time to time with the SEC, available from us at www.sec.gov. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
Contact:
Parkside Communications Inc.
Phone: 1-877-798-4165
[email protected]
www.ParksideCommunications.com
SOURCE Force Energy Corporation
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