Las Vegas, NV, June 22, 2023 (GLOBE NEWSWIRE) -- Barrel Energy Inc., (OTC Markets: BRLL) (the “Company” or “Barrel”) or the “Company”), is pleased to provide the exploration plan for 2023 for our large Titan X Lithium project in Tanzania.
Based on the widespread high-grade lithium values encountered over the adjacent Titan 1 Lithium project of Titan Lithium (CDSG) to the North, Barrel sampled and located similar highly anomalous Lithium-in-soil values on the Titan X project.
During Q3 and Q4 of 2023, the Company plans to implement a detailed exploration program that will generate a top-tier Lithium target with very strong potential to provide critical lithium resources for the zero-carbon economy.
Barrel Energy’s immediate plan entails further prospecting and geochemical sampling to examine and define the extent and strength of lithium values in the Titan X Project. To date, our soil program has only covered a fraction of the project and revealed up to 6,100 ppm Li (1.32% Li2O) on surface. Barrel plans to aggressively expand this program to cover over ten times the initial area. As in-house and governmental geophysical data suggest, the Titan X project is underlain by the same volcanics and sediments as the adjacent Titan 1.
Soil geochemistry has been highly successful in locating and generating advanced lithium projects within the southwestern United States, an area that now plays host to several of the largest Lithium-in-clay deposits in North America. Within Nevada, Utah and Arizona many exploration companies have employed soil geochemistry and then, with trenching or drilling programs, encountered much higher-grade lithium values than those reported on-surface.
The cost of the Titan X acquisition for Barrel Energy was 1 million dollars for an initial 80% interest, in the consideration for the payment the company has issued 27,400,000 shares. The Company believes that its current market cap does not reflect the value of this new acquisition.
Harp Sangha, Chairman of Barrel states “What has been returned to-date from the Titan Projects has been exceptional, with no other exploration sites returning such expansive high-grade lithium values on surface. We see game-changing potential here and our planned work could, quite seriously, turn this into the single largest lithium find in the world.”
About Barrel: Barrel Energy Inc., (OTC Markets: BRLL) is focused on several ventures within the green energy and battery minerals sector and the rapid development of valuable production opportunities throughout North America and abroad. The company holds important joint venture agreements to advance technologies and processes for Electric Vehicle batteries.
Please visit our new website www.barrel.energy and our twitter www.twitter.com/barrelenergy for more updates.
Contact: Harp Sangha/Chairman
+17025952247/sanghaharp1964@gmail.com
Forward-Looking Statements:
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission.
