PetroSun Announces an Increase in Lithium Reserves to $18.9 Billion with Estimated Production beginning in Q2 2025 and a Pilot Program as early as Q4 2024
PetroSun (OTC PINK:PSUD) has announced a significant increase in its lithium reserves, now valued at $18.9 billion. The company plans to begin production in Q2 2025, with a pilot program starting as early as Q4 2024. PetroSun is working on extracting and processing lithium from both clay and brine water, with efforts focused in the Salton Sea area of California and the Smackover Trend across several Southern states. They are also evaluating holdings in the Four Corners region and Mexico for additional elements like zeolite, rubidium, and cesium. The company is confident in securing necessary capital from government loans and private sectors for extraction and processing plants.
- Lithium reserves increased to $18.9 billion.
- Estimated production start in Q2 2025, pilot operation in Q4 2024.
- Focus on economically viable and environmentally friendly extraction.
- Potential to secure capital from government loans and private sectors.
- Expansion into the Salton Sea area and Smackover Trend for extraction and processing.
- Production start date is over a year away, potential delays could impact revenue streams.
- High reliance on securing external capital which may present financial risks.
- Uncertainty in evaluations of holdings in the Four Corners region and Mexico could affect future resource estimates.
PHOENIX, AZ / ACCESSWIRE / May 16, 2024 / PetroSun, Inc (OTC PINK:PSUD) (the "Company") announced today an increase in our lithium reserves and anticipated production start date.
PetroSun and its technology affiliates are confident in our ability to extract and process lithium from both clay and brine water on a level that is both economically viable in today's market and environmentally friendly. This confidence is also trending over into the ability to secure the capital requirements from government loan programs and the private sector for the initial extraction and processing plants for both a clay and brine water. These plants will be located in the US.
The Company is pursuing opportunities in the Salton Sea area of California and the Smackover Trend located in in South Arkansas, North Louisiana, East Texas and Mississippi for the extraction and processing of lithium and other elements of economic value. There are continuing evaluations of its holdings in the Four Corners (Arizona, New Mexico, Colorado and Utah) and in Mexico; which is rich in lithium concentrations, but also zeolite, rubidium and cesium in commercial quantities.
The zeolite clay reserves have increased to approximately 500 million metric tons and the latest content analysis issued by the Arizona State University lab indicates a lithium concentration of 2,452ppm. This lithium concentration would provide for 1,226,000 gross metric tons of lithium with a current market value of
"PetroSun's efforts to commercialize our lithium resources are progressing and we are excited to be approaching potential revenues from our most valuable asset. Our estimated timeline to begin production is targeted for Q2 of 2025, although a pilot operation should commence as early as Q4 2024", stated Gordon LeBlanc Jr, Executive Chairman, CEO and President of PetroSun.
About PetroSun
PetroSun, Inc. is a fully integrated energy and mining business focusing on Lithium, Zeolite Clays, Rare Earth Elements, Mine Tailings, Helium, Natural Gas and Water Processing through the use of cutting-edge technologies, a broad portfolio of assets and leases, and a management team with decades of research, development, and production experience. PetroSun is vertically integrated with control of all aspects of the business from exploration and production to delivery to end users, providing customers direct customized solutions and shareholders maximum returns by participating in profitability at each stage in the supply chain.
PetroSun, Inc. owns significant leasehold acreage that is prospective for helium exploration and production in the Holbrook Basin of Arizona and for natural gas and helium in the Paradox Basin of Utah. The Company holds mineral leases on approximately 280,000 gross acres in the Holbrook Basin and Pedregosa Basin of Arizona and over 26,000 gross acres in the Paradox Basin.
PetroSun's greatest assets are its shareholders, partners, advisors, employees, and its patented and proprietary technologies. We seek to provide global solutions to some of the most critical challenges the world faces today and into the future.
The Company trades on the OTC Pink Sheets under the symbol "PSUD".
For Additional Information:
Contact PetroSun at mallison@petrosun.us
Forward-Looking Statements Disclaimer:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "ongoing", "plan", "potential", "predict", "project", "should", "will", "would", or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are disclosed on the OTC Market.com website.
Contact: PetroSun, Inc. 2999 North 44th Street, Suite 620 Phoenix, Arizona 85018 480-425-4290 Website: www.petrosun.us
SOURCE: PetroSun, Inc.
View the original press release on accesswire.com
FAQ
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