Victory Completes Phase One Summary Report and Confirms Frac Sand Potential at its Ells River Property, Northeastern Alberta
2014年5月6日 - 10:00PM
Marketwired
Victory Completes Phase One Summary Report and Confirms Frac Sand
Potential at its Ells River Property, Northeastern Alberta
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 6, 2014) -
Victory Mountain Ventures Ltd. (TSX-VENTURE:VMV) ("Victory") is
pleased to announce the completion of the phase one summary report
on the Ells River Frac Sand Property, North Eastern Alberta. The
office-based stratigraphic compilation and three-dimensional
modelling study confirmed that large volumes of near-surface
Pelican Formation clean sandstone are present at the Ells River
Property, and provides a positive and informative basis to initiate
phase two field studies and proppant test work.
Victory Mountain Ventures Ltd.'s Ells River Property, which is
located in northeastern Alberta approximately 50 km west of the
hamlet of Fort McKay and 75 km northwest of the city of Fort
McMurray, comprises eight contiguous Alberta Metallic and
Industrial Mineral Permits totaling 73,728 hectares (737square
kilometres). Victory recently engaged APEX Geoscience Ltd. (APEX)
of Edmonton, Alberta to provide a compilation and summary report
for the Ells River Property focused on the potential for the
Property to host a "Frac Sand" deposit. The current program at the
Ells River Property represents grassroots exploration focused on
frac sand, or proppant, which is used to harvest vast amounts of
formerly inaccessible hydrocarbons in a number of geological
settings across Western Canada through a hydraulic fracking process
that liberates tight gas and petroleum. The most common proppant
used to prop open the hydraulic fracture is a specific type of
clean, pure silica sand that is durable, rounded and has
crush-resistant properties. APEX has extensive experience in three
dimensional resource modelling of metallic and industrial mineral
deposits and in the geology and hydrocarbon deposits of Northeast
Alberta.
The focus of Victory's exploration is the Lower Cretaceous
(Upper Albian) Pelican Formation which consists of a coarsening
upward succession of fine- to medium-grained, quartzose sandstone
with siltstone, noncalcareous mudstone, pebbly sandstone and
conglomerate interbeds. The Pelican Formation is generally poorly
cemented and friable, and is composed of well-sorted, subrounded
quartz sandstone typical of deposition in a shoreline environment.
At its type locality (Township 97, Range 17, West of the 4th
Meridian), the formation is described as a "conspicuous white
sandstone about 12 m thick and a potential source of silica
sand" (McLaws, 1980).
A preliminary review of well cutting samples from wells within
the Ells River Property, which are archived at the Alberta Energy
Regulator Core Research Centre in Calgary, Alberta, has provided
confirmation that the Pelican Formation contains some silica-rich
sand horizons that are considered prospective for "Frac Sand".
These sand horizons were observed to contain greater than 90%
quartz, with significant portions of the sands meeting the desired
US sieve size of 20 - 40 mesh, with sand grains greater than 0.42
mm and up to 1.68 mm. The sand grains also contain a significant
proportion of the 20 - 40 fraction that meets the required
sphericity and roundness desired for "Frac Sand". Because of the
size of the cutting samples available for review, no acid
solubility or crush-resistance tests were performed. In addition,
some of the sand horizons were observed to be on the order of 65%
to 90% quartz with the other sand grains comprised of lithic (e.g.,
shale) fragments or oxide minerals. These sand horizons may or may
not be suitable for use as "Frac Sand".
The Ells River Property has seen extensive drilling over the
last decade for buried oil sands deposits. A total of 365 wells
have been drilled to date on the Property, with the vast majority
of them with downhole geophysical logs. A subset of 157 wells was
selected for stratigraphic evaluation and compilation in the search
for potential near surface Pelican Formation quartz-rich sand
horizons. The subset well dataset has an aerial extent of
approximately 550 square kilometres and covers a large portion of
the Ells River Property. The downhole geophysical logs were
reviewed and re-interpreted for certain formation tops in order to
create a series of 22 cross sections that were orientated northwest
to southeast perpendicular to the regional geology. In addition,
geophysical signatures characteristic of clean silica sand within
the Pelican Formation were catalogued and mapped. The downhole data
was then modelled in three dimensions in Micromine with a focus on
modeling the Pelican Formation and the potential clean silica sand
horizons within it.
The model of the Pelican Formation and its contained clean
silica sand horizons constructed as part of the Phase One
Stratigraphic Compilation and Modelling study is considered
preliminary in nature. The three-dimensional model was used to
create 'preliminary' volume estimates for the Pelican Formation and
potential clean silica sand horizons within it. The volumes are
'preliminary' and are not to be construed as a National Instrument
(NI) 43-101 compliant mineral resource nor should they be relied
upon as such; that is, they have not been 'estimated using the CIM
"Estimation of Mineral Resources and Mineral Reserves Best Practice
Guidelines". The 'preliminary' volumes are provided to show the
potential volume of clean Pelican Formation silica sand that could
exist on the Ells River Property as part of mapping out the
depositional environment and target delineation for follow-up "Frac
Sand" exploration. The three dimensional model of clean silica sand
horizons within the Pelican Formation that is beneath less than 5 m
of overburden and is within less than 25 m from surface, comprises
a volume of roughly 4.4 billion m3 of potential Pelican sand.
Victory has not completed any drilling or test pitting targeting
the near surface Pelican sands nor has any laboratory work been
completed to assess the quality and extent of clean silica sands
within the Pelican sandstone at the Ells River Property. The volume
estimate is preliminary in nature, is based upon a significant
number of oil sands wells and associated downhole geophysical logs,
but is not to be construed as a mineral resource and should not be
relied upon. Rather the extent and characteristics of the Pelican
sandstone as defined in the Summary Report provide some indication
of the depositional environment and confidence to initiate phase
two field studies and proppant test work. Significantly, the
modelling has shown the potential for a northwest-trending 'trough
or channel' of thicker Pelican sand that extends through the Ells
River Property and will be a follow-up target for "Frac Sand"
exploration.
Fieldwork is now required to confirm the results of the Phase
One Stratigraphic Compilation and Modelling study and verify the
existence, extent and quality of the Pelican Formation and the
contained clean silica sand horizons within it. In addition,
laboratory test work is required to evaluate the Pelican sand as a
potential source of proppant for hydraulic fracking. If field and
laboratory proppant test work during the 2014 is successful in
identifying portions of the Pelican sands that have the required
characteristics for use as "Frac Sand", then the Pelican sand at
the Ells River Property could develop into a significant source of
proppant material for the expanding hydraulic fracturing market in
western Canada.
CEO and Director Patrick Morris also commented: "We are pleased
with the work that the team at APEX Geoscience has done to date.
The report and volume estimate on the Ells River Property are
another indication of the economic value that we can garner in the
Frac Sand space in Canada to eventually create cash flow for the
company. Our next milestone on the property is to confirm the sands
API quality standards through a series of lab work testing for
size, sphericity, turbidity, acid solubility and crush
resistance."
All 2014 field and office exploration programs are conducted
under the supervision of Mr. Michael Dufresne, M.Sc., P.Geol., a
Principal of APEX Geoscience Ltd. and a Qualified Person under
National Instrument 43-101.
Victory Mountain Ventures Ltd. (TSX-VENTURE:VMV) is a Junior
Exploration Company based in Western Canada. The Company's near
term focus is to acquire, develop and measure known silica deposits
suitable for production of high quality frac sand in Western
Canada. Currently, approximately 90% of frac sand used in the
Canadian oil and gas industry is imported from the Midwestern
United States. Victory Mountain aims to provide a domestic supply
of frac sand to the relatively new shale gas industry locally. The
Company also has interests in Copper, Gold, Silver, Molybdenum and
other base metals in Canada.
On Behalf of the Board of Directors
VICTORY MOUNTAIN VENTURES LTD.
Patrick Morris, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary note:
This report contains forward looking statements. Resource
estimates, unless specifically noted, are considered speculative.
Any and all other resource or reserve estimates are historical in
nature, and should not be relied upon. The production rate and
mine-life projections have been made without support of a
feasibility study, there is no certainty the proposed operations
will be economically viable. By their nature, forward looking
statements involve risk and uncertainties because they relate to
events and depend on factors that will or may occur in the future.
Actual results may vary depending upon exploration activities,
industry production, commodity demand and pricing, currency
exchange rates, and, but not limited to, general economic factors.
Cautionary Note to US investors: The U.S. Securities and Exchange
Commission specifically prohibits the use of certain terms, such as
"reserves" unless such figures are based upon actual production or
formation tests and can be shown to be economically and legally
producible under existing economic and operating conditions.
Victory Mountain Ventures Ltd.Patrick MorrisCEO and
Director604-683-5445info@victorymv.comwww.victorymv.com
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