PetroSun Announces Upcoming Lithium Demonstration Project and Provides Update Regarding Helium Drilling Activity
PetroSun, Inc. (PSUD) has announced a lithium extraction demonstration project in Phoenix, Arizona, utilizing proprietary technology to extract lithium from raw ore sourced from its mining concessions in Mexico. The project is set to start in spring 2022. Additionally, the company outlined plans for three drilling projects aimed at developing helium assets in Arizona's Holbrook Basin and Utah's Golden Eagle Gas Field. These activities reflect the company's ongoing investment in mineral extraction technologies and expansion of its helium production capabilities.
- Announcement of a lithium extraction demonstration project in Phoenix, Arizona.
- Use of patented technology expected to lower costs and reduce water usage.
- Planned drilling projects aim to enhance helium reserves and production.
- None.
• Demonstration Project Will Utilize Proprietary and Exclusively Licensed Technology
• Demonstrations Are Expected to Extract Lithium and Rare Metals from Raw Ore
• PetroSun Also Announces Three Drilling Projects to Further Develop Helium Assets
PHOENIX, AZ / ACCESSWIRE / February 9, 2022 / PetroSun, Inc. (OTC PINK:PSUD)(the "Company"), concurrently with the comprehensive recapitalization that it separately announced today, announced a demonstration project in Phoenix, Arizona that is expected to extract lithium from raw ore taken from the Company's mining concessions in northern Mexico using its patented and exclusively licensed lithium separation technologies. The Company also provided an update regarding its developmental drilling activities relating to helium targets in the Holbrook Basin of Arizona and the Golden Eagle Gas Field of Utah.
The lithium processing demonstration project announced by the Company will utilize a prototype processing train designed to extract lithium and other elements from raw ore using the Company's patented and licensed technologies. The project will be set up in Phoenix, Arizona, and demonstrations are expected to commence in the spring of 2022. The demonstration project is expected to extract lithium from raw ore from the Company's Mexican concessions and from brine water from U.S. sources.
PetroSun, Inc. President Gordon M. LeBlanc, Jr. commented that, "The demonstration project represents the culmination of years of investment by the Company in leading-edge technologies, which we expect to apply to our portfolio of lithium projects, among other potential uses. We expect the Company's patented, owned and licensed technologies to allow the extraction of lithium and rare metals at a lower cost and using less water than comparable processes. Moreover, our planned extraction facilities are modular and mobile, providing the Company with flexibility to deploy the technology to address diverse opportunities."
In the Company's helium segment, PetroSun intends to drill and complete one to two wells in the Holbrook Basin over the next ninety days. The wellbores are expected to provide well control data that will assist in proving up helium reserves and additional production to support a helium processing plant.
The Company also announced that it intends to commence recompletion operations within the next ninety days on an extended lateral line to an existing well in the Golden Eagle Gas Field in Utah. The Company is targeting a 7,500-foot lateral line, which will be completed within the Ismay formation.
Mr. LeBlanc commented, "All three of the planned drilling projects are part of PetroSun's helium development program. We expect drilling and completion of these two Holbrook Basin wells and the recompletion of the well in the Golden Eagle Gas Field to prove up helium reserves and to support helium processing plants within these fields. In addition to helium, we expect our wells at Golden Eagle will also produce natural gas."
ABOUT PETROSUN, INC.
PetroSun, Inc. owns and operates significant projects in helium production and lithium mining, in addition to owning and licensing patented technologies applicable to mineral extraction, water purification, electric bicycle-based vehicles and agriculture. The Company holds mineral leases that are prospective for helium on over 280,000 gross acres in the Holbrook Basin of Arizona and the Paradox Basin of Utah. The Company is also acquiring six contiguous mining concessions in northern Mexico that are prospective for lithium and other rare metals suspended in zeolite clays. The Company trades on the OTC Pink Sheets under the symbol "PSUD".
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 OTCMarket.com website.
Contact:
PetroSun, Inc.
2999 North 44th Street, Suite 620
Phoenix, Arizona 85018
480-425-4290
Website: www.petrosun.us
SOURCE: PetroSun, Inc.
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