Business
Zimtu Capital Corp. announces additional lithium and rare earth property transactions
Zimtu Capital Corp. announces additional lithium and rare earth property transactions
About this update from Zimtu Capital Corp.
[{"type":"text","content":"\n\n\n\nSep. 15, 2009 (Canada NewsWire Group) -- VANCOUVER, Sept. 15 /CNW/ -- Zimtu Capital Corp. (TSXv: ZC) (FSE: ZCT1) (the \"Company\" or \"Zimtu\") is pleased to announce its involvement in two additional mineral property transactions. Zimtu was a property vendor for Butler Resources Corp.'s (TSXv: BTD.H) (\"Butler\") acquisition of the Archie Lake Rare Earth Property in Saskatchewan as well as Ultra Lithium Inc.'s (TSXv: ULI) (FSE: QFB) (\"Ultra\") acquisition of the Berland River Lithium Brine Properties in Alberta.For its participation in the Butler transaction, the Company will receive 1,000,000 common shares and $20,000 subject to exchange approval. For its participation in the Ultra transaction, the Company will receive 1,000,000 common shares and $25,000 subject to exchange approval.The Archie Lake Rare Earth Property is located approximately 50 km east of Uranium City, Saskatchewan and 50 km south of Great Western Minerals' Hoidas Lake REE Deposit. The historic exploration on the area is summarized in February 1971 assessment reports (not NI43-101 compliant) on file with the Saskatchewan Ministry of Mines. Historic exploration on the property includes an airborne radiometric survey and follow-up prospecting and trenching over one of the anomalies identified. The main showing is postulated to be a paleo-placer type deposit, with monazite crystals constituting up to 50% of the rock in places. The assay reports from the previous exploration showed that ten samples analyzed by spectrographic analysis method showed elevated concentrations of rare earth oxides. Values ranged from 0.1 to 15.7% RE(2)O3 and averaged 4.04% RE(2)O(3).The Berland River Lithium Brine Properties consist of seven permit applications encompassing approximately 650 square km located approximately 200 km west of Edmonton, Alberta. Within the region, formation waters of the Devonian-aged Woodbend (Leduc) Group as well as the Beaverhill Lake Formation have shown to contain anomalous concentrations of lithium, with values from 75 to 140 mg/l reported.As part of the Company's business, Zimtu provides mineral property advisory services helping to connect companies with properties of interest. The Company is continually evaluating and acquiring resource properties to make available for partnership. In return, Zimtu acquires equity in a variety of mineral ex...