Zadar Ventures Ltd. has announced that it entered into a memorandum of understanding with FlowBack Solutionz Canada Inc., a Canadian oil well wastewater treatment company, to test FlowBack’s innovative and proprietary wastewater treatment technology for the purpose of lithium extraction from petrobrines from the company’s Manitoba petrobrine projects.
Flowback is a water technology innovation company incorporated in 2013. FlowBack currently provides turn-key solutions for oil/water separation, hydrogen sulfide removal and tailings pond remediation services utilizing its patented FlowBack NanoBubbler™ technology. FlowBack specializes in solids separation, electrocoagulation and gas infusion technologies for the oil & gas, mining, industrial, and construction industries.
Oil and gas well operators in Canadian petroleum basins have long reported lithium values ranging from 80 milligrams per Litre to 140 milligrams Litre as referenced by the geoScout Oil & Gas Industry database as reported by well operators and monitored by the Government of Alberta. There are many other reports throughout Canada that reference lithium within petrobrine wells within these same ranges.
President of Zadar, Paul D. Gray, P.Geo. commented, “We look forward to working with FlowBack in this relatively new space of lithium extraction. The demand for low cost lithium production is the key driver in the rapidly developing energy storage space.”
Zadar acknowledged that it may not close this transaction but intends to complete its due diligence and enter into a definitive agreement within the next 45 days.
Gray is also Zadar’s qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.