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Second Quarter 2023 Financial Results – August 17, 2023
February 21, 2023
ROK Resources Inc. (“ROK” or the “Company“) (TSXV:ROK)(TSXV:ROK.WT) is pleased to announce the successful drilling and multi-layer perforation and flow test of a wellbore strategically located on one of Hub City Lithium Corp. (“Hub City Lithium“) Subsurface Crown Mineral Dispositions located in the Viewfield Area of Saskatchewan. Third-party laboratory testing returned lithium concentrations in the Duperow formation of up to 259 mg/l (the “Test Results“). According to public records, these Test Results are the highest lithium concentrations ever recorded in a brine in Canada.
Test Results: 2-22-7-9W2M
|Target Duperow Interval||Average Porosity (%)||Zone Thickness (m)||Lithium Concentration (mg/l)|
Note: Independent laboratory testing was conducted by Isobrine Solutions (Edmonton, Alberta)
Cam Taylor, CEO of ROK, commented “The elevated lithium concentrations and high flow rates across six zones make this a very exciting lithium brine well for ROK and for the Saskatchewan and Canadian Lithium industries. Based on public data these are the highest lithium concentrations tested in Canada to date. Seeing such high lithium concentrations in six zones provides us with a second project area for development alongside the previously announced multi-zone Mansur area project.”
The Company will drill additional test wells within the area as part of its continued evaluation. These high lithium concentrations in six target intervals suggest the potential for a six-layer lithium brine project. Further work will be done to identify surface drilling pads large enough to allow for the production of multiple horizontal wellbores within the pilot project area.
A 43-101 resource report (“Resource Report“) for the Mansur area has now been expanded to include the Viewfield area and is expected to be completed during Q1 2023. In parallel with the Resource Report the Company has begun working on the Mansur development plan and Preliminary Economic Assessment (“PEA“) which it expects to complete during Q2 2023. Further, the Company plans to do additional drilling in the Viewfield area as part of the data gathering towards a second PEA dedicated to the Viewfield area which is expected in Q4 2023.
Detailed Test Results
Electric Submersible Pump (“ESP“) Flow Test #1
Combined perforations from the Wymark D, E and F zones from 1,820 meters to 1,844 meters was flow tested for 41 hours at an average rate of 304 m3/day. The test resulted in a post clean up average of 215.3 mg/l.
Electric Submersible Pump Flow Test #2
Combined perforations from all zones from 1,820 meters to 1,911 meters were flow tested for 54.5 hours at an average rate of 550 m3/day. The test resulted in a post clean up average of 204.5 mg/l.
ROK has a twenty-five (25%) percent interest in Hub City Lithium, with the balance owned by EMP Metals Corp. Hub City Lithium currently holds 37 permits totalling 212,633 net acres (86,050 hectares) of Subsurface Crown Mineral Dispositions in Saskatchewan. ROK is the manager of operations of Hub City Lithium.
The Technical content of this news release has been reviewed and approved by Trevor Else, P. Geo., a qualified person for the purposes of National Instrument 43-101
Quality Control and Quality Assurance
Swab tests were performed by Red Hawk Well Servicing, with the use of a downhole mechanical swabbing string and associated surface equipment. Swabbing and ESP flow testing volumes were monitored Test Pro Energy Services. The Company uses industry standard quality assurance and quality control protocols in carrying out its exploration activities.
ROK is primarily engaged in exploring for petroleum and natural gas development activities in Saskatchewan and Alberta. It has offices located in both Regina, Saskatchewan, Canada and Calgary, Alberta, Canada. ROK’s common shares are traded on the TSX Venture Exchange under the trading symbol “ROK”.
For further information, please contact:
Cameron Taylor, Chairman and Chief Executive Officer
Bryden Wright, Chief Operating Officer
Jared Lukomski, Senior Vice President, Land & Business Development
Phone: (306) 522-0011
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Company’s objectives, goals, or future plans as a result of the Test Results and estimated future operating results thereof. Forward-looking statements are necessarily based on several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include but are not limited to general business, economic and social uncertainties; the accuracy of well testing results; litigation, legislative, environmental, and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in ROK’s public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether because of new information, future events, or otherwise.View Full Post Back to Investor Resources