(via Thenewswire.ca)
Vancouver, B.C. / TheNewswire / April 26, 2016 - UMBRAL ENERGY CORP. (CSE: UMB) (OTCQB: UMBBF) (the " Company " or " Umbral ") is pleased to announce that it has entered into property purchase agreement with Zimtu Capital Corp. (the "Vendor") to acquire a 100% interest in the Tule Valley Project which is prospective for lithium. The property is 4,800 acres and is located approximately 190km south west of Salt Lake City, Utah. Access is by an all-weather road from Delta, Utah.
Mineral activity in the area includes Redhill Resources, 20km to the north | Honey Comb Beryllium-Rubidium, Lithium and REE project, taken from Redhill's September 30, 2011 NI43-101 reports initial surface sampling report assays of 1500-1700ppm lithium; Crystal Peak Minerals, 60km to the south east | potash, lithium and magnesium project, taken from Crystal Peak's November 18, 2013 NI43-101 lithium values in solution (Brine) ranging from 50-200mg/l lithium. Crystal Peak i s an evaporite basin similar to Tule Valley; and Materion Corporation | Spor Mountain, 30km to the north east | Beryllium Mine.
Tule Valley prospect is similar to that of Clayton Valley, Nevada, as they are both closed basin and have similar horst and graben structures. The Tule Valley project requires further exploration, including geophysics and drilling to evaluate potential for a mass brine deposit.
A three stage exploration plan is being considered for the project, which may include:
1. Soil/surface sampling, shallow groundwater fluid analysis
2. High resolution gravity survey of the Tule Basin
3. Data Compilation to allocate drill targets
T he company can earn a 100% interest in the Tule Valley Project by completing the following, issuing three million common shares upon regulatory approval, and paying cash considerations totalling $160,000 over the next two years. A 2% NSR royalty has also been granted to the vendors, which half (50%) of the NSR Royalty can be purchased by the company at any time for $1-million.
Jag Bal, President of Umbral commented, "a s demand for lithium rises, particularly with the production of electric vehicles and the energy storage movement, supply concerns have provided an opportunity which Umbral can participate in. Lithium has gone from a steady, but relatively obscure commodity to being in extremely high demand this year. For an example of this rising demand, one only needs to point to Tesla's new battery gigafactory, which will need 15,000 tons of lithium carbonate a year just to get started."
About Umbral Energy Corp.
The Company is currently listed as a junior resource issuer having mineral exploration projects. The Company is considering other activities to increase shareholder value, including non-resource projects.
The Company has a mineral exploration project in Quebec, Canada as well as an interest in oil and gas property in Alberta, Canada.
In addition, the Company is conducting diligence in regards to the commercial cultivation of marijuana under the newly established Health Canada regulations, through its subsidiary PhyeinMed. While it is the intention of Umbral and PhyeinMed to obtain a MMPR License, there can be no assurances that it will receive the necessary permits to operate.
Qualified Person:
The technical content of this news release has been reviewed and approved by Phil van Angeren, a registered Professional Geologist with APEGA, and a Qualified Person under the provisions of National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS OF UMBRAL ENERGY CORP.
"Jag Bal"
Jagdip BAL
President and CEO
UMBRAL ENERGY CORP.
929 Mainland Street, Vancouver, BC V6B 1S3
Tel: (604) 628-1767 | Fax: (604) 628-0129
info@umbralenergy.com | www.umbralenergy.com
Neither Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com) . Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise .
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