SCOTTSDALE, Ariz., June 4 /PRNewswire-FirstCall/ -- DELTA MUTUAL, INC. (OTC Bulletin Board: DLTZ) – An international company specializing in energy (i.e.: oil, gas and mining) announced today that the drilling phase of the exploration procedure has been initiated at the Guemes site in Salta Province (in Northern Argentina).
The Secretary of Energy has received the environmental drilling plan of the KK ST-X2001 Dos Morros well in Guemes oil exploratory area. Delta's wholly-owned subsidiary, SAHF Argentina, of Ketsal-Kiewer Oil & Gas JV is currently carrying out this drilling plan in conjunction with Perterser Corporation, profiles from Baker-Hughes Inc., products of M-I SWACO (a Schlumberger Company subsidiary) and Geo Mining Co. The current exploration schedule for this second quarter calls for the opening of up to 4 wells in the same concession with the current Oil 66 Rig and crew. The challenges brought by the climate and geographical conditions suggest that the most efficient way to drill the wells is consecutively (with an overlap of the construction and perforation phases) and in close proximity. The net effect of this strategy is a high well-opening rate and a low cost-per-well. Accredited geological engineering firms have been secured to document the potential and proven reserves for the site upon the opening of the initial well.
Delta Mutual, Inc. also announces its recent acquisition of control (51% ownership) of 147,000 hectares in Guayatayoc North in Jujuy Province, (Northwest Argentina, by the Bolivian border) which contains proven lithium deposits as well as boron deposits (currently being explored). During this exploration, B2O3 (Borate) samples were taken. Salta Geology University analyzed these samples and the results came back as follows: .022 gr/lt of B2O3 in the Casabindo River and .025 gr/lt of B2O3 in the Doncella River.
The anomalistic levels of Boron shown in the samples taken in addition to the existence of high salt levels at a depth from 300 m. to 800 m. (shown by a 2D seismic report conducted in the area) conclude the presence of the Sijes Fm in the property. The Sijes Fm is one of the principal targets for borates exploration because of its association with ancient salt deposits during the Miocene period and its unusually high yield of the B-K-Li (Boron-Potassium-Lithium) combination that is commonly sought after.
Boron deposits are rare and occurring in arid regions of Turkey, USA, Argentina, Chile, Russia, China and Peru. Major uses for Borate (the initial mineral found in the site) are: in the manufacturing and production of insulation and textile-grade fiberglass, borosilicate glass, fire retardants, enamels, ceramic glazes, frits, laundry bleach (sodium perborate), agricultural fertilizers and herbicides.
Forward Looking Statement
This Press Release contains forward-looking statements that involve risks and uncertainties, which may include statements about business strategy and development plans, plans for entering new business, anticipated sources of funds, including proceeds from future operations and plans, objectives, expectations and intentions contained in the Press Release that are not historical facts such as "estimated gross"…prospective resources, total potential revenue, substantially exceeds, etc. "Because these forward looking statements involve risk and uncertainties, actual results could differ materially from those discussed in this Press Release. These risks are outlined in our SEC filings.
SOURCE Delta Mutual, Inc.