|To: LoneClone who wrote (20151)||9/20/2022 4:54:43 PM|
|Rockland Resources More Than Triples Lithium Claystone Portfolio in Juab County, Utah |
Tuesday, September 20, 2022 8:00 AM
VANCOUVER, BC / ACCESSWIRE / September 20, 2022 / Rockland Resources Ltd. (the "Company" or "Rockland") (CSE:RKL) is pleased to report a major expansion of the Company's claim position in west-central Utah directed at lithium mineralization hosted in clay or claystone volcanic tuff units. An additional 1,525 claims have been located in 4 property blocks comprising 30,500 acres (12,343 ha). When combined with the original Lithium Butte Property, where sampling has returned values up to 4,080 parts per million lithium (ppm Li), the Company's holdings total 2,076 claims, comprising 41,520 acres (16,219 ha).
All claims are located in Juab County, Utah, and are interpreted to be prospective for lithium mineralization, based on similarities to the Lithium Butte Property, where Company sampling and a historic (2010) database indicate widespread lithium mineralization hosted in clay or claystone volcanic tuff units. The newly acquired claims are located about 10 kilometres North-Northeast of the northwestern portion of the Lithium Butte property, east of the Fish Springs Mountain Range. The 4 claim blocks comprise the North Spor, GP, Cane Springs and Fish Springs Flat properties adjoin to the north and west of the Spor Mountain beryllium mine owned by Materion Corporation (NYSE: MTRN), the sole producer of beryllium ore in the United States. Rockland's primary exploration target is claystone hosted lithium mineralization, however, the Fish Springs Flat Property covers an area interpreted to be prospective for lithium brine mineralization (Mills, S.E. and Rupke, A., 2020, Utah Geological Survey, Circular 129).
- Lithium Butte and area properties are positioned as Utah's leading claystone lithium project
- District scale (41,520 acres) land position prospective for lithium in mining friendly Utah, USA
- Utah is No 3 USA location on the 2021 Fraser Institute list, exceptional property location, near highways, power and manpower
- Lithium mineralized claystones as well as lithium in brine potential
- Similar geology to Nevada's hotbed of activity in the Clayton Valley - Tonopah area
- Highly elevated lithium content in the primary Spor Mtn Formation Volcanic Beryllium-tuff member
- Claystone alteration has further enriched lithium concentrations
- Early channel sampling has provided grades of 25.2 metres at 1,388 ppm lithium including 8 metres of 2,155 ppm lithium within the channel
- Initial grab samples at Lithium Butte provided values of 1,200 ppm up to 4,080 ppm Lithium - a great starting point
- Properties also contain beryllium (Be) mineralization with values over 4,000 ppm Be and are contiguous with producing Materion Corp. (MTRN - NYSE) Be mine
- On site company testing facility set up with LIBS analyzer and geologists to provide much faster turnaround time to help move the project move forward fast
Dr. Richard Sutcliffe, Rockland's President stated "Rockland has had the advantage of being an early mover in the acquisition of lithium exploration properties in the Basin and Range Geological Province of western Utah. The Company has acquired an extensive land position in two adjacent basins that both have the hallmarks of the lithium claystone mineralization model including lithium enriched volcanic units, geothermal fluid activity, restricted basins, claystone horizons, and favourable structure. Our field team is currently conducting geological mapping and soil surveys that utilize an in-house LIBS analyzer capable of lithium analysis to rapidly evaluate targets for future drilling."
The Company also announces that pursuant to an agreement dated August 5th, 2022 between the Company and Multiple Metals Resources Ltd. ("MMRL"), the Company has agreed to grant MMRL a 10% carried interest in the Lithium Butte (60 core claims) Property. The Company will bear all exploration costs in relation to the mineral interests until such time as the Company has incurred $2.5 million in exploration expenditures, after which all exploration costs will be shared on a pro rata basis between the Company and MMRL, subject to standard dilution conditions. If MMRL's interest is diluted to less than 2%, it will convert to a 0.5% net smelter returns royalty. MMRL is an arm's length party to the Company. The 60 claims represent 1,200 acres (486 ha) of the total 41,520 acres (16,219 ha).
Additionally, the Company has agreed to grant MMRL and Helvellyn Capital Corp. a 1.5% net smelter returns royalty over any mineral claims that it acquires in a specified portion of Juab County, Utah. The net smelter returns royalty is subject to a 0.5% buyback right in consideration of $1 million. Helvellyn Capital Corp. is a private Ontario company of which Richard Sutcliffe, the President and a director of the Company, is the principal.
Program QA/QC - Previous and recent sampling on the Lithium Butte Property was carried out by Dr. Richard Sutcliffe, P. Geo., a Qualified Person as defined in NI43-101, who is also responsible for reviewing and approving the geological contents of this news release. Samples were transported in sealed bags by the Project Manager and shipped to Activation Laboratories ("Actlabs") in Ancaster, Ontario. Actlabs is an independent ISO/IEC 17025 certified laboratory. Li analysis will be performed using sodium peroxide fusion and inductively coupled plasma mass spectrometry (ICP-MS).
About Rockland Resources Ltd.
Rockland Resources is engaged in the business of mineral exploration and the acquisition of mineral property assets for the benefit of its shareholders. In addition to the Utah Lithium Property, the Company is acquiring the 41,818-hectare Elektra claystone project concessions that are contiguous with Gangfeng Lithium's Sonora Lithium Clay Project located in Sonora, Mexico. The Company also holds and option to earn a 100-per-cent interest in the Cole Gold Mines property, located in Ball township, Red Lake mining division, Ontario. The Cole Property hosts high-grade gold mineralization in a classic Red Lake-type structurally controlled gold deposit environment.
On Behalf of the Board of Directors
Dr. Richard H. Sutcliffe, P.Geo.
President and Director
For further information, please contact:
Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
SOURCE: Rockland Resources Ltd.
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|To: LoneClone who wrote (20152)||9/23/2022 1:49:57 PM|
|[Tungsten] Almonty Industries: Sangdong Downstream Extension Project Progressing|
Wed, September 21, 2022 at 2:42 p.m.·8 min read
TORONTO, September 21, 2022--( BUSINESS WIRE)--Almonty Industries Inc. ("Almonty" or the "Company") (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce an update in relation to the proposed nano tungsten oxide downstream processing plant.
As announced on March 30, 2022, Almonty is investigating the construction of a vertically integrated nano tungsten oxide downstream processing plant (Sangdong Downstream Extension Project) to supply the South Korean battery anode and cathode manufacturing industry. As also announced, the funding for the Sangdong Downstream Extension Project is expected to be sourced from KfW IPEX-Bank ("KfW"), the Company's existing debt provider which has already executed a letter of intent ("LOI") for up to US$50 million of additional funding for this purpose.
Almonty is pleased to announce that it is consulting with IAF Holding GmbH, a process engineering firm that specialises in the design and construction of specialist processing facilities, to design and construct the Sangdong Downstream Extension Project processing facility.
Almonty is also pleased to advise that it has determined that the Sangdong Downstream Extension Project processing facility should be located at the Seok Moon Industrial Complex in South Korea. This site has been selected due to its excellent existing infrastructure, i.e. access to sufficient water, electricity, communications and gas as well as existing environmental permitting.
In Q4 of this year, key board and staff members will visit the proposed location of the Sangdong Downstream Extension Project, along with KfW and its independent consultants, Hatch, to progress the LOI to more definitive agreements.
The Company looks forward to keeping shareholders informed as the Sangdong Downstream Extension Project progresses.
Lewis Black CEO comments:
"At site the underground mine development is still some 6 months ahead of schedule and our block model is proving to show we have taken an extremely conservative view. The deposit is clearly demonstrating to us why it is so revered within our industry. Equipment continues to arrive in country and the mills will begin assembly shortly and we are finalising with the EPC regarding the detailed engineering study for the surface plant to then commence construction on surface. We are still comfortably within budget despite the inflationary pressures and we have successfully navigated these pressures by anticipating them early last year. The upcoming visit by KFW and Hatch is to view our progress so far at site and to view the potential new site for the Tungsten oxide plant as we now accelerate that project.
As for the recent stock activity, I want assure all shareholders that the Company is on track, and we will make the third utilisation request shortly to KFW. We are aware of some unusually aggressive selling from a European based individual/group who is not part of our core group.
So as we now enter our next phase of our growth I would like to share with all shareholders a Tungsten fact. There is 1.4kgs of Tungsten used in the manufacturing or contained in every new EV. This is expected to increase to closer to 2kgs over the next three years as electrical components develop and could top out at 2.5kgs as tungsten-based cathode coatings in lithium-ion batteries are introduced."
The principal business of Toronto, Canada-based Almonty Industries Inc. is the mining, processing and shipping of tungsten concentrate from its Los Santos Mine in western Spain and its Panasqueira mine in Portugal as well as the development of its Sangdong tungsten mine in Gangwon Province, South Korea and the development of the Valtreixal tin/tungsten project in north western Spain. The Los Santos Mine was acquired by Almonty in September 2011 and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Panasqueira mine, which has been in production since 1896, is located approximately 260 kilometres northeast of Lisbon, Portugal, was acquired in January 2016 and produces tungsten concentrate. The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in September 2015 through the acquisition of a 100% interest in Woulfe Mining Corp. Almonty owns 100% of the Valtreixal tin-tungsten project in north- western Spain. Further information about Almonty’s activities may be found at www.almonty.com and under Almonty’s profile at www.sedar.com.
The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. These statements and information are based on management’s beliefs, estimates and opinions on the date that statements are made and reflect Almonty’s current expectations.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Almonty to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: any specific risks relating to fluctuations in the price of ammonium para tungstate ("APT") from which the sale price of Almonty’s tungsten concentrate is derived, actual results of mining and exploration activities, environmental, economic and political risks of the jurisdictions in which Almonty’s operations are located and changes in project parameters as plans continue to be refined, forecasts and assessments relating to Almonty’s business, credit and liquidity risks, hedging risk, competition in the mining industry, risks related to the market price of Almonty’s shares, the ability of Almonty to retain key management employees or procure the services of skilled and experienced personnel, risks related to claims and legal proceedings against Almonty and any of its operating mines, risks relating to unknown defects and impairments, risks related to the adequacy of internal control over financial reporting, risks related to governmental regulations, including environmental regulations, risks related to international operations of Almonty, risks relating to exploration, development and operations at Almonty’s tungsten mines, the ability of Almonty to obtain and maintain necessary permits, the ability of Almonty to comply with applicable laws, regulations and permitting requirements, lack of suitable infrastructure and employees to support Almonty’s mining operations, uncertainty in the accuracy of mineral reserves and mineral resources estimates, production estimates from Almonty’s mining operations, inability to replace and expand mineral reserves, uncertainties related to title and indigenous rights with respect to mineral properties owned directly or indirectly by Almonty, the ability of Almonty to obtain adequate financing, the ability of Almonty to complete permitting, construction, development and expansion, challenges related to global financial conditions, risks related to future sales or issuance of equity securities, differences in the interpretation or application of tax laws and regulations or accounting policies and rules and acceptance of the TSX of the listing of Almonty shares on the TSX.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to, no material adverse change in the market price of ammonium para tungstate (APT), the continuing ability to fund or obtain funding for outstanding commitments, expectations regarding the resolution of legal and tax matters, no negative change to applicable laws, the ability to secure local contractors, employees and assistance as and when required and on reasonable terms, and such other assumptions and factors as are set out herein. Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary.
Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive. When relying on Almonty’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.
Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD- LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
View source version on businesswire.com: businesswire.com
For further information, please contact:
Chairman, President and CEO
Telephone: +1 647 438-9766
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|To: LoneClone who wrote (20153)||9/23/2022 3:10:17 PM|
|Gold Lion Acquires Interest in a Past-Producing Manganese Mine in Morocco |
Vancouver, British Columbia--(Newsfile Corp. - September 21, 2022) - Gold Lion Resources Inc. (CSE: GL) (OTC Pink: GLIOF) (FSE: 2BC) ("Gold Lion" or the "Company") is pleased to announce that it has signed a mineral option agreement dated effective September 19, 2022 (the "Option Agreement") with Ermazon SARL ("Ermazon"), a wholly owned subsidiary of Elcora Advanced Materials Corp. ("Elcora"), pursuant to which Gold Lion has the option to acquire up to a 50% interest in a mining license (the "License") in Morocco. Ermazon has applied for the exploitation license of the manganese concession which will fortify ongoing strategies to supply battery and electric vehicle end-users.
The manganese site was a former French mine that was in operation for decades that Ermazon and Elcora intend to leverage on-site infrastructure and facilities. Up to 600 tonnes of raw ore from the mine is ready for processing; this development and exploration project will determine whether an open pit or underground mining operation is launched.
On execution of the Option Agreement, Gold Lion has acquired a 25% interest in the License by making a cash payment of $75,000 (including any amounts previously paid by Gold Lion as a deposit) and by issuing an aggregate of 5,000,000 common shares of Gold Lion (each, a "Share"), at a deemed price of $0.05 per Share, representing an aggregate value of $250,000 for the Shares. The Shares were issued pursuant to available prospectus exemptions and will be subject to a hold period of four month and one day from the date of issuance pursuant to applicable securities laws.
Gold Lion has the option to: (1) acquire a further 15% interest in the License (for a total interest of 40%) by making a cash of payment of $125,000 within five business days of receiving notice that Ermazon has secured the exploitation license of the manganese concession; and (2) acquire a further 10% interest in the License (for a total interest of 50%) by making an additional cash payment of $50,000 within 15 business days of receiving notice of anticipated commencement of commercial production on the License.
Manganese represents a critical link in the lithium-ion battery supply chain. Electrolytic manganese dioxide (EMD) is an upgraded form of manganese that serves as a key ingredient of lithium-ion, alkaline and zinc-manganese batteries.
Europe's energy crisis will propel the demand for (EV) electric vehicles that can serve as a back-up battery or utility storage bank.
Batteries are necessary to fast forward electromobility, they store green energy, and can ensure that critical European infrastructure runs smoothly.
Morocco's proximity to Europe is a significant benefit that will support the European battery manufacturing infrastructure that is largely dependent on critical raw material imports, notably cobalt, lithium, nickel and manganese.
Gold Lion is now a vertically integrated precious metals mining and recycling company generating sustainable economic value for the lithium-ion battery/electronics supply chain.
Battery needs continue to be at the forefront of growth for the EV and electronic industries, we are actively seeking to acquire properties and establish partnerships that will yield the minerals required for the sustainable circular supply chain. The partnership with Ermazon and Elcora will allow Gold Lion to leverage its expertise and participate in large-scale battery metal production.
Gold Lion currently has 9 primary North American property claims and we are focused on exploring the full range of opportunities that these locations present for critical metals and minerals such as cobalt, copper, nickel, manganese, gold, silver, and zinc.
Furthermore, our environmentally benign proprietary recycling methodology will optimize the efficiency of the recycling process and will address the requirements of future customers and partners by drawing on the Group's expertise in metals extraction process engineering and its operational expertise in hydrometallurgy.
Guy Bourgeois, Gold Lion's CEO commented, "Gold Lion is well-positioned to capitalize on the increased need for sustainable battery recycling and critical battery materials. According to the European Parliament, global battery and minerals supply chains need to expand 14-fold to meet projected critical minerals needs by 2030 and Gold Lion is actively transforming the battery supply chain."
Pursuant to the Option Agreement, Ermazon will operate and manage the mining of the ore from the License for a fee equal to 20% of the pre-tax profits generated from such mining; Ermazon will manage the processing and refining of the ore mined from the License for a fee equal to 20% of the pre-tax profits generated by such processing and refining; Ermazon and Gold Lion will share the net profit from the License on an ownership pro rata basis; and Ermazon and Gold Lion will share on an ownership pro rata basis, the additional capital expenditures required to develop the License and for processing and refining. In addition, the parties have agreed to form a joint venture respecting the License and will use their best reasonable efforts to negotiate, settle, execute and deliver a Joint Venture Agreement in respect of the License.
The transaction is an arms-length transaction for the Company and does not constitute a fundamental change or result in a change of control of the Company, within the meaning of the policies of the Canadian Securities Exchange.
About Gold Lion Resources Inc.
Gold Lion Resources Inc. is a mineral exploration company actively involved in the exploration of its precious metal focused portfolio including Black Lake, Cuteye and Fairview Properties located in British Columbia, Saskatchewan and Idaho, USA. For more information please visit: newsfilecorp.com .
ON BEHALF OF THE BOARD OF DIRECTORS
Guy Bourgeois, CEO
The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking information and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this news release includes statements regarding assumptions that are subject to significant risks and uncertainties. The forward-looking information reflects management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; and (ii) other factors beyond the control of the Company. New risk factors emerge from time to time, and it is impossible for the Company's management to predict all risk factors, nor can the Company assess the impact of all factors on Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. The forward-looking information included in this news release are made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which are available at www.sedar.com.
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|To: LoneClone who wrote (20154)||9/23/2022 3:36:12 PM|
|Xplore Acquires the Energia Lithium Exploration Properties in the Eastern Brazilian Pegmatite Province, Minas Gerais, Brazil |
Toronto, Ontario--(Newsfile Corp. - September 22, 2022) - Xplore Resources Corp. (TSXV: XPLR) ("Xplore or the "Company"), is pleased to announce it has acquired the Energia Lithium Properties ("Energia"). The four (4) claims acquired through staking, total 4,585 hectares and are located within the Eastern Brazilian Pegmatite Province ("EBPP"), Minas Gerais, Brazil Ref. Figure 1). The EBPP is 200 kilometre wide, 800 kilometre long "S" shaped area, elongated along an NNE-SSW axis that transects the states of Bahia, Minas Gerais and Rio de Janeiro. The EBPP is recognized as a premium exploration district for lithium-cesium-tantalum ("LCT") pegmatites.
The four tenements, staked by the Company's 100% owned Brazilian subsidiary Baru Exploração Mineral Ltda. ("Baru"), lie within Neoproterozoic Araçuaí orogeny which hosts the Grota do Cirilo lithium mine, currently being developed by Sigma Lithium Corporation. Grota do Cirilo is the largest lithium hard rock deposit in the Americas, producing environmentally sustainable, battery-grade lithium concentrate on a pilot scale since 2018. Sigma is currently developing a large-scale commercial operation with a planned capacity of 220,000 tonnes of battery grade lithium concentrate annually.
Wes Hanson, P.Geo., President and CEO of Xplore, comments, "The Energia lithium properties lie approximately 40-50 kilometres SSW of Sigma Lithium's Grota do Cirilo project, along the dominant regional structural fabric. These are grassroots exploration properties that are largely unexplored but show evidence of historical, artisanal mining for gemstones, some of which are indicative of LCT pegmatite potential. The EBPP has seen extensive activity with numerous properties currently being evaluated for potential LCT pegmatites. Access and infrastructure in the region are excellent and we plan to commence initial mapping and sampling of the properties as soon as possible with the objective of identifying LCT pegmatites. These new claims increase Xplore's lithium portfolio to over 11,000 hectares, in two of the world premium exploration districts. Xplore has 6,786 hectares in northwestern Ontario with the Surge and Perrigo properties, which are adjacent to Green Technology Metals claims and now 4,585 hectares in the EBPP. Lithium and phosphate are essential elements for the manufacture of Lithium-Iron-Phosphate (LFP) batteries. Demand for both elements is expected to increase as global automobile manufacturers transition to electric vehicles to meet future consumer demand."
The Company further announces it has made application to the TSX Venture to amend the terms of 8,580,000 common share purchase warrants (the "Warrants") issued in connection with a non-brokered private placement (see news release dated July 31, 2020 and October 7, 2020 for further information). The Warrants were issued in relation to a non-brokered private placement of units comprised of one common share and a common share purchase warrant. Each Warrant currently entitles the holder to purchase one common share of Company at a price of $0.15, with 8,080,000 Warrants expiring on September 28, 2022 and an additional 500,000 Warrants expiring on September 29, 2022. Xplore has applied to the TSX Venture to amend the extend the expiry term of the Warrants by 12 months to September 28, 2023 and September 29, 2023. All other terms of the Warrants will remain the same. The extension of the Warrants is subject to TSX Venture approval.
Figure 1 - Energia Lithium Property - General Location Map
To view an enhanced version of this graphic, please visit:
About Xplore Resources (TSXV: XPLR)
Xplore Resources is a Toronto based mining exploration company listed on the TSX Venture Exchange under symbol XPLR and is focused on the acquisition and development of copper and gold projects in the Americas. The Company is led by a highly experienced management team and is comprised of industry experts with executive and senior management experience in geology, banking, private equity, investor relations and law.
Mr. Wes Hanson, P. Geo., President & CEO of Xplore and registered in the Provinces of Ontario is the "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and is responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.
ON BEHALF OF THE BOARD
"Wesley C. Hanson"
President & CEO
For further information, please contact:
Phone: +1 647-362-9675
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.
ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT.
THE TSX VENTURE EXCHANGE INC. HAS IN NO WAY PASSED UPON THE MERITS OF THE PROPOSED TRANSACTION AND HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.
Notice on forward-looking statements:
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Xplore cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Xplore's control. Such factors include, among other things: risks and uncertainties relating to Xplore's ability to complete the proposed Transaction; and other risks and uncertainties, including those to be described in the Filing Statement to be filed by Xplore on SEDAR.com. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Xplore undertakes no obligation to publicly update or revise forward-looking information.
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|To: LoneClone who wrote (20155)||9/23/2022 3:47:13 PM|
|Defense Metals Initial Drilling Results Yield 1.78% Over 192 Metres Total Rare Earth Oxide at Wicheeda; Including 3.13% Over 73 Metres |
Defense Metals Corp. Sep 22, 2022, 08:30 ET
VANCOUVER, BC, Sept. 22, 2022 /CNW/ - Defense Metals Corp. ("Defense Metals" or the "Company") ( TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce results for the first two drill holes totalling 720 metres from the Company's 2022 diamond drill program that is still underway. To date, a total of 15 drill holes totalling 4,800 metres have been completed of a planned 18 holes totalling 5,000 metres (96% complete) designed to upgrade existing resource categories. Drill holes WI22-64 and WI22-62, the first and third holes drilled, were collared from the two sites within the northern area of the Wicheeda Rare Earth Element (REE) deposit.
Figure 1. Drill Section Holes WI22-64 (CNW Group/Defense Metals Corp.)
Figure 2. Drill Section Holes WI22-62 (CNW Group/Defense Metals Corp.)
Infill drill hole WI22-64 (-65o dip / 204o azimuth) drilled southwest to depth within central area of the deposit yield a broad mineralized intercept of high-grade dolomite carbonate higher in the hole, and mixed mineralized xenolithic dolomite carbonate and syenite at depth averaging 1.78% total rare earth oxide (TREO) over 192 metres; including 3.13% TREO over 73 metres1 (Figure 1). The assays reported for WI22-64, one of the deepest holes drilled to date on the Wicheeda Project are partial from surface to a downhole depth of 284 metres. Assay results for the remaining 101 metres to end of hole at 384.5 metres are expected in the coming days.
Drill hole WI21-64 (-50o dip / 204o azimuth) collared 120 metres to the north of WI21-64, intersected a 109 metre drilled interval of mineralized dolomite carbonatite above a mixed xenolithic dolomite carbonatite and syenite at depth returning 1.39% TREO over 167 metres; including 2.29% TREO over 48 metres1 (Figure 2).
Kristopher Raffle, P.Geo. and Director and QP of Defense Metals stated: "We are pleased to have started receiving assays for our ongoing 2022 Wicheeda REE Deposit infill drilling campaign. These initial results compare very favourably to our PEA mineral resource cut-off of 0.5% TREO and continue to demonstrate continuity of mineralization over significant widths. We expect additional results in the coming days, weeks, and months ahead. With the 2022 drill campaign now 96% complete, we look forward to finishing a small number of remaining pit slope geotechnical and hydrogeological holes designed to inform any Preliminary Feasibility Studies."
Table 1. Wicheeda REE Deposit 2022 Diamond Drill Intercepts
|Hole ID |
|1The true width of REE mineralization is estimated to be 70-100% of the drilled interval. |
|2TREO % sum of CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3. |
About the Wicheeda REE Property
The 100% owned 4,244-hectare Wicheeda REE Property, located approximately 80 km northeast of the city of Prince George, British Columbia, is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, the CN railway, and major highways.
The Wicheeda REE Project yielded a robust 2021 preliminary economic assessment technical report (PEA) that demonstrated an after-tax net present value (NPV@8%) of $517 million, and 18% IRR3. A unique advantage of the Wicheeda REE Project is the production of a saleable high-grade flotation-concentrate. The PEA contemplates a 1.8 Mtpa (million tonnes per year) mill throughput open pit mining operation with 1.75:1 (waste:mill feed) strip ratio over a 19 year mine (project) life producing and average of 25,423 tonnes REO annually. A Phase 1 initial pit strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher grade surface mineralization in year 1 and payback of $440 million initial capital within 5 years.
|3 Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated January 6, 2022, with an effective date of November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.'s Issuer Profile on SEDAR (www.sedar.com). |
Methodology and QA/QC
The analytical work reported on herein was performed by ALS Canada Ltd. (ALS) at Langley (sample preparation) and Vancouver (ICP-MS fusion), B.C. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of the Defense Metals and the QP. Drill core samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. A 0.1-gram sample pulp was then subject to multi-element ICP-MS analysis via lithium-borate fusion to determine individual REE content (ME-MS81h). Defense Metals follows industry standard procedures for the work carried out on the Wicheeda Project, with a quality assurance/quality control (QA/QC) program. Blank, duplicate, and standard samples were inserted into the sample sequence sent to the laboratory for analysis. Defense Metals detected no significant QA/QC issues during review of the data.
The scientific and technical information contained in this news release as it relates to the Wicheeda REE Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and a "Qualified Person" as defined in NI 43-101. Mr. Raffle verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained therein.
About Defense Metals Corp.
Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol "DEFN" on the TSX Venture Exchange, in the United States, under "DFMTF" on the OTCQB and in Germany on the Frankfurt Exchange under "35D".
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 news release.
Cautionary Statement Regarding "Forward-Looking" Information
This news release contains "forward-looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, statements relating to advancing the Wicheeda REE Project, drill results including anticipated timeline of such results/assays, the Company's plans for its Wicheeda REE Project, expanded resource and scale of expanded resource, expected results and outcomes, Wicheeda site visit and expected outcomes, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company's profile on SEDAR at www.sedar.com. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of personnel, materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological and engineering assumptions, decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company's ability to operate, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to, the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, loss of key employees, consultants, or directors, increase in costs, delayed drilling results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward-looking statements or forward-looking information, except as required by law.
SOURCE Defense Metals Corp.
For further information: Todd Hanas, Bluesky Corporate Communications Ltd., Vice President, Investor Relations, Tel: (778) 994 8072, Email: firstname.lastname@example.org
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (20156)||9/26/2022 2:33:29 PM|
|Rare Element Resources Progresses Rare Earth Processing and Separation Demonstration Project in Wyoming|
Mon, September 26, 2022 at 5:30 a.m.·5 min read
DOE supported project to produce critical elements for high-strength permanent magnets
LITTLETON, Colo., September 26, 2022--( BUSINESS WIRE)--Rare Element Resources Ltd. (the "Company" or "RER") (OTCQB: REEMF) is pleased to provide an update on the progress of its planned rare earth processing and separation demonstration project in Upton, Wyoming. The project, led by General Atomics, an affiliate of the Company’s largest shareholder Synchron, has just completed the 60% plant design milestone and is now advancing toward final detailed engineering due for completion later this year. Early expenditures for acquisition of long lead-time equipment and services are being made to minimize the effect of inflation and supply chain bottlenecks, and permitting and licensing activities are also underway. These activities are taking place while the previously leased plant location in Upton, Wyoming is being prepared for construction by the site owner.
Randall Scott, President and CEO of the Company, stated, "We are very pleased that our rare earth demonstration plant project is progressing toward planned construction next summer. Permitting and licensing are now underway with several permits already received and others under agency review. The General Atomics-led team recently completed a key design milestone with the Department of Energy ("DOE"), which is funding approximately one-half of the $44 million project budget. We understand the importance of this project for the establishment of a domestic rare earth supply, which is of vital important to our nation."
Mr. Scott added, "We continue to work diligently with the State of Wyoming, the University of Wyoming, and the Town of Upton to ensure our demonstration project becomes a cornerstone for the rare earth industry in Wyoming and America, while providing a venue for worker training in rare earth processing and separation."
The demonstration plant will utilize the Company’s proprietary processing and separation technology, which is a closed-cycle process with fewer steps, resulting in expected attendant environmental benefits and lower costs compared with current technologies. The plant is expected to produce a commercial-grade neodymium/praseodymium (Nd/Pr) rare earth high-purity oxide that is used in producing high-strength permanent magnets. These high-strength permanent magnets are a key component in the manufacture of electric vehicles and wind turbines, among other technology uses. The demonstration plant will process already stockpiled sample material from the Company’s Bear Lodge Project located in northeastern Wyoming.
The Company anticipates that the demonstration plant’s design will be complete by the end of 2022, followed by the completion of permitting activities in the second quarter of 2023 and the completion of the plant’s construction within a period of 12 months thereafter. Operations to process and separate the rare earth elements from the stockpiled sample will follow for an additional 8-to-12-month period. The total estimated timeline for the project is approximately 40 months, which began in October 2021.
Synchron and General Atomics are privately held companies engaged in the development and production of advanced technology products and systems for the energy and defense sectors. General Atomics is an affiliate of Synchron, the Company’s majority shareholder.
Rare Element Resources Ltd. is a publicly traded, strategic materials company focused on delivering rare earth products for technology, energy and defense applications by advancing the Bear Lodge Critical Rare Earth Project in northeast Wyoming. Bear Lodge is a significant mineralized district containing many of the less common, more valuable, critical rare earths that are essential for high-strength permanent magnets, electronics, fiber optics, laser systems for medical technology and defense, as well as technologies like electric vehicles, solar panels and wind turbines.
This news release contains forward-looking statements within the meaning of securities legislation in the United States and forward-looking information within the meaning of securities legislation in Canada (collectively, "forward-looking statements"). Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking statements are usually identified by our use of certain terminology, including "will," "believes," "may," "expects," "should," "seeks," "anticipates," "plans," "has potential to," or "intends" (including negative and grammatical variations thereof), or by discussions of strategy or intentions. Such forward-looking statements include statements regarding the rare earth processing and separation demonstration plant, the estimated costs of the plant, the plans and timing for the funding, design, permitting, licensing, construction, and operation of the plant, and the expected production from the plant, including anticipated cost and environmental benefits from incorporation of the Company’s proprietary technology. Factors that could cause actual results to differ materially include, but are not limited to, the ability to obtain demonstration plant licensing and permits, inflation and supply chain issues, successful further permitting activities for the Bear Lodge Project, the availability of sufficient capital for the future development and operations of the Company, and other matters discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and our other periodic and current reports filed with the SEC and available on www.sec.gov and with the Canadian securities commissions available on www.sedar.com. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other uncertainties and risk factors set out in our filings made from time to time with the SEC and the Canadian regulators, including, without limitation, our reports on Form 10-K and Form 10-Q. Any forward-looking statement made by us in this news release is based only on information currently available to us and speaks only as of the date on which it is made. While we may elect to update our forward-looking statements at any time, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
View source version on businesswire.com: businesswire.com
Randy Scott, +1 720-278-2460
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (20157)||9/26/2022 2:55:53 PM|
|Lithium Ionic Intersects 1.71% Li2O over 22m and 1.53% Li2O over 46m, incl. 2.22% Li2O over 12.5m on its recently acquired Galvani Claims, Brazil|
Lithium Ionic Corp.
Mon, September 26, 2022 at 4:00 a.m.·5 min read
Itinga Project (Areas 1-5) and Galvani Claims location and geology map. Note the surface expression of the CBL lithium mine in the northeast corner of Project Area 1 and Sigma Lithium’s Barreiro deposit to the southeast.
Galvani Pegmatite and Drill Hole Locations
TORONTO, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (TSXV: LTH; OTCQB: LTHCF) (“Lithium Ionic” or the “Company”) reports additional positive drilling results from the Galvani claims, which the Company recently acquired (see Sept. 12, 2022, press release) following a due diligence review. The Galvani claims, as well as its neighbouring 100%-owned Itinga Lithium Project (Areas 1-5) are located in the state of Minas Gerais, Brazil, in the same district as the lithium producing CBL mine and Sigma Lithium’s Barreiro deposit (20.4Mt grading 1.4% Li2O) (see Figure 1, location map).
New Galvani Drill Intercept Highlights (See Figure 2 and Table 1)
1.71% Li2O over 21.91m (Hole ARDD-22-025)
1.53% Li2O over 46.21m, incl. 2.22% Li2O over 12.49m
and 1.14% Li2O over 12.88m, incl. 1.66% Li2O over 5.43m (Hole ARDD-22-021)
1.30% Li2O over 19.19m, incl. 1.83% Li2O over 4.44m (Hole ARDD-22-022)
Previously Reported Drill Intercept Highlights from Galvani Claims
1.94% Li2O over 19.78m, incl. 2.33% Li2O over 7.35m
1.68% Li2O over 20.7m, incl. 2.22% Li2O over 8.63m
1.57% Li2O over 24.93m, incl. 2.10% Li2O over 7.45m
1.30% Li2O over 38.5m
1.77% Li2O over 10.85m
1.27% Li2O over 10.77m, incl. 1.70% Li2O over 3.53m
1.17% Li2O over 42.05m, incl. 1.95% Li2O over 11.72m
Blake Hylands, Chief Executive Officer of Lithium Ionic, commented, “We have now shown the continuation of high-grade mineralization at surface for over eight hundred metres at Outro Lado (the Galvani claim showing). While we are extremely excited about the scale so far, we believe this is only the beginning in this area. As the team better understands the structure and geometry of this zone, our expectation is to both outline a significant resource and continue to make new discoveries. We are confident the work at the Galvani claims, as well as our other properties, will quickly fit Lithium Ionic into the global lithium supply chain that is desperately searching for the high grade, battery-quality material that is unique to this prolific mining district.”
Subsequent to the completed acquisition of the Galvani claims announced on September 12, 2022, the Company has expanded upon the drill program it initiated in June 2022 with five drills currently operating on its properties. As part of its due diligence review, Lithium Ionic successfully confirmed historic drilling results and also identified new zones of mineralization beyond the ~0.7km strike pegmatite with strong lithium values over significant widths.
The Galvani property is located less than 4 kilometres from Sigma Lithium’s Xuxa deposit (over 17Mt grading 1.55% Li2O M+I). The high grade and large widths of the intercepts to date demonstrate excellent potential to outline a significant resource very quickly. Mineralization is hosted in spodumene bearing pegmatites sourced from the same granitic intrusive, which characterizes Lithium Ionic’s Project Area 1, CBL’s lithium mining operation, and Sigma Lithium’s resources (Figure 1).
A photo accompanying this announcement is available at globenewswire.com
A photo accompanying this announcement is available at globenewswire.com
Table 1. Galvani Drill Results
| ||From||To||Metres||Li2O (%)||Nb (ppm)||Sn (ppm)||Ta (ppm)|
About Lithium Ionic Corp.
Lithium Ionic is a Canadian-based lithium-focused mining company with properties covering ~2,000 hectares located in the prolific Aracuai lithium province in Minas Gerais State, Brazil, which boasts excellent infrastructure, including highways, access to hydroelectrical grid power, water, and nearby commercial ports. Its Itinga and Galvani claims are located in the same district as the lithium-producing CBL mine and development-stage Sigma Lithium Corp.’s (TSXV: SGML; NASDAQ: SGML) large Barreiro and Xuxa lithium deposits.
Quality Assurance and Control
During the drill program, assay samples were taken from NQ core and sawed in half. One-half was sent for assaying at SGS Laboratory, a certified commercial laboratory, and the other half was retained for results, cross checks, and future reference. A strict QA/QC program was applied to all samples. Every sample was processed with Drying, crushing from 75% to 3 mm, homogenization, quartering in Jones, spraying 250 to 300 g of sample in steel mill 95% to 150. SGS laboratory carried out multi-element analysis for ICP90A analysis.
The technical information in this news release has been prepared by Carlos Costa, Vice President Exploration of Lithium Ionic and Blake Hylands, CEO and director of Lithium Ionic, and both are “qualified persons” as defined in NI 43-101.
For more information please contact:
Lithium Ionic Corp.
Blake Hylands, P.Geo.
Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the prospectivity of the Itinga Project and the Galvani claims, the mineralization and development of the Itinga Project, Galvani claims and other mining projects and prospects thereof. Such statements and information reflect the current view of the Company. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (20158)||9/26/2022 3:09:55 PM|
|Idaho Champion Goes Full Battery by Acquiring Prospective Lithium Projects in James Bay Region; Quebec Precious Metals to Become Significant Shareholder |
Toronto, Ontario--(Newsfile Corp. - September 19, 2022) - Idaho Champion (CSE: ITKO) (OTCQB: GLDRF) (FSE: 1QB1) ("Idaho Champion" or the "Company") is pleased to announce that it has entered into a binding memorandum of understanding (the "Agreement") with Quebec Precious Metals Corporation ("QPM") to acquire a 100% interest in two prospective lithium pegmatite projects (the "Projects") in the Eeyou Istchee James Bay territory of Quebec.
The Projects (covering approximately 162 km2) include historic findings of pegmatite (see Figure 1) and sit to the north of the Patriot Battery Metals' ("Patriot") Corvette project ( recently intersected intervals included 1.25% Li2O and 118 ppm Ta2O5 over 96m (CV22-035); see Patriot's news release dated July 28, 2022) and also located in close proximity to infrastructure in a developing potential lithium pegmatite district that has shown high prospectivity for lithium mineral resources.* The Projects are at an early stage of exploration, and the Company cautions that the qualified persons who have reviewed and approved this news release have not verified scientific or technical information produced by third parties, and proximity to projects containing lithium resources offers no assurance that the rock types or lithium resources reported by Patriot and others extend onto the Projects and such proximity is not necessarily indicative of the mineralization reported by third parties with projects in the district.
Together with its existing Cobalt assets located in Idaho, this pending acquisition pivots Idaho Champion's strategy to focus on making a meaningful impact in the North American battery metals sector.
"Battery makers worldwide face significant challenges in order to meet the extraordinary demand and technological advances ahead of the 2035 EV mandates. Combined with the geopolitical climate, we are presented with an excellent opportunity to aggressively uncover materials important to meet these demands," stated Jonathan Buick, President and CEO. "The Blanche and Charles projects place the Company right in the mix within a fast-growing lithium pegmatite district. The projects were originally explored for precious and base metals, but more recently, evidence of pegmatites has led to a re-assessment of the lithium discovery potential that warrants more work. Additionally, we would like to welcome QPM as cornerstone shareholders with approximately 7.4% of our outstanding shares post-transaction. We look forward to exploring these assets together."
*James Bay Lithium - (Indicated Mineral Resource: 40.33 million tonnes grading 1.4% Li2O), owned by Allkem Limited (NI 43-101 Technical Report, Feasibility Study, James Bay Lithium Project Québec, Canada, by G Mining Services, January 11, 2022); Rose - (Probable reserves: 26.3 million tonnes grading 0.87% Li2O and 138 ppm Ta2O5), owned by Critical Elements Lithium Corporation (Rose Lithium-Tantalum Project Feasibility Study NI 43-101 Technical Report, by Simon Boudreau, P.Eng., May 27, 2022); Whabouchi - (Measured and Indicated "in Pit" Mineral Resource: 37.356 million tonnes grading 1.48% Li2O), owned by Livent Corporation and Investissment Québec. (NI 43-101 Technical Report on the Whabouchi Lithium Mine and Shawnigan Electrochemical Plant, by Met-Chem et al, November 7, 2018).
QPM's Chief Executive Officer, Normand Champigny commented: "The Projects are clearly underexplored for lithium. In light of the recent discoveries in the area, we welcome the opportunity to become a significant shareholder of Idaho Champion while working with them to become successful explorers in the James Bay region. This transaction is consistent with our strategy to monetize non-core assets."
Figure 1: Blanche and Charles Location Map
To view an enhanced version of Figure 1, please visit:
Figure 1 Exploration Results Source: Patriot Battery Metals Drilling: https://patriotbatterymetals.com/portfolio/corvette/
Blanche is comprised of 256 claims totaling approximately 130 km2. The project lies within a volcano-sedimentary belt striking ENE. The Blanche project is mainly composed of a broad east-northeast trending mafic band, interpreted as an metamorphosed basalt hosted within tonalitic rocks and interbedded with narrow sections of magnesian basalt and komatiites, iron formations (silicate and/or oxidized facies) and metasedimentary rocks.
Three units of felsic intrusive rocks were observed at Blanche: hornblende tonalite, granite and pegmatite dykes. Tonalite consists of feldspar, quartz and biotite intrusive rocks. In the northwestern part of the project, the rocks are relatively homogenous and medium grained, containing 20 to 30% hornblende, with locally weak foliation. The granite is comprised of medium to coarse grained feldspar, plagioclase, quartz and biotite. It is massive, homogeneous, and mostly non-magnetic. A few pegmatite dykes have also been identified on the project. So far, they are typically less than two-meters wide and cut the felsic units, but they are also found parallel to the schistosity in the mafic rocks. Pegmatites have almost the same composition as the granites but show a texture ranging from coarse to pegmatitic with the presence of 5 to 7% muscovite.
The project is bordered to the south and north by felsic intrusive rocks, which have been described as hornblende-biotite tonalite, and tonalitic gneiss, tonalite, granodiorite and quartz monzogranite in the north. The metamorphic grade ranges from upper greenschist facies to middle amphibolite facies.
The Charles project is comprised of 61 claims covering approximately 31 km2. Less is known about this project, but the area exhibits variable topography, ranging from slightly to very hilly. Several hills associated with felsic intrusives and iron formations are present and have been shaped by glaciers that had an ENE-WSW direction. A number of outcrops are exposed. Within the northern and central parts of this project, there is a thick glacial sediments containing boulders of granite and pegmatite.
Terms of the Agreement
As per the terms of the binding Agreement, Idaho Champion is purchasing 100% of the Projects from QPM in return for $100,000 in cash and 12,000,000 common shares of the Company, of which 50% will be subject to escrow for 18 months. QPM will also retain a 2% net smelter return royalty ("NSR") on claims retained by Idaho Champion upon completion of the acquisition. The Company has the option to repurchase 1% of the NSR from QPM for $1 million. Closing of the acquisition is subject to usual conditions for this type of transaction including a 45-day due diligence period, and regulatory and stock exchange approval.
Furthermore, the Company announces a private placement with the Agreement. Idaho Champion will issue up to 20,000,000 shares at a price of $0.05 per share for gross proceeds of $1,000,000. Proceeds of the private placement will be used for the acquisition payment and related transaction costs, preliminary field work on the Projects and for general working capital purposes.
Patrick Highsmith, Certified Professional Geologist (AIPG CPG # 11702) and director of the Company, is a qualified person as defined by National Instrument 43-101. Mr. Highsmith has helped prepare, reviewed, and approved the technical information in this news release.
Normand Champigny, Eng., Chief Executive Officer of QPM, and Qualified Person under NI 43-101 on standards of disclosure for mineral projects, has reviewed the content of this press release.
About Idaho Champion Gold Mines Inc.
Idaho Champion is a discovery-focused exploration company that is committed to advancing its highly prospective mineral properties located in Idaho, United States and shortly, Quebec, Canada. The Company's shares trade on the CSE under the trading symbol "ITKO", on the OTCQB under the trading symbol "GLDRF", and on the Frankfurt Stock Exchange under the symbol "1QB1". Idaho Champion is vested in Idaho with four cobalt properties in Lemhi County in the Idaho Cobalt Belt. In addition, the Company has been advancing the Baner gold project in Idaho County, the Champagne polymetalic project located in Butte County near Arco. Idaho Champion strives to be a responsible environmental steward, stakeholder and contributing citizen to the local communities where it operates. Idaho Champion takes its social license seriously, employing local community members and service providers at its operations whenever possible.
About Quebec Precious Metals Corporation
QPM is a gold explorer with a large land position in the highly prospective Eeyou Istchee James Bay territory, Quebec, near Newmont Corporation's Éléonore gold mine. QPM's flagship project is the Sakami project with significant grades and well-defined drill-ready targets. QPM's goal is to rapidly explore the Sakami project and advance to the mineral resource estimate stage.
ON BEHALF OF THE BOARD OF IDAHO CHAMPION
Jonathan Buick, President and CEO
For further information, please visit the Company's SEDAR profile at www.sedar.com or the Company's corporate website at www.idahochamp.com.
For further information, please contact:
Nicholas Konkin, Marketing and Communications, Idaho Champion
Phone: (416) 567- 9087
Chief Executive Officer, Quebec Precious Metals Corporation
Tel.: 514 979-4746
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.
Cautionary Statements for Idaho Champion
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release. This press release may include forward-looking information concerning the business of the Company within the meaning of Canadian securities legislation, including with respect to the completion of the transactions contemplated by the Agreement, the prospectivity of the Projects for lithium, the ability of the Company to successfully shift focus to exploration for battery-related metals, and with respect to the completion of a private placement of the size and at the price contemplated. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company, including being able to satisfy any conditions related to the acquisition, sufficient investor interest to complete the private placement financing necessary to fund the cash portion of the acquisition of the Project, having the necessary technical expertise to explore for lithium in pegmatite, and that reported lithium resources in the district of the Projects is indicative of mineralized pegmatite prospectivity on the Projects. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information and the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Forward-Looking Statements for QPM
This release includes forward-looking statements. Often, but not always, forward-looking statements can generally be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production output.
Forward-looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of resources or reserves, political and social risks, changes to the regulatory framework within which the entity operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.
Forward-looking statements are based on the entity and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect business and operations in the future. There are no assurances that the assumptions on which forward-looking statements are based will prove to be correct, or that the business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the entity or management or beyond the entity's control.
Although there have been attempts to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward-looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be anticipated, estimated or intended, and many events are beyond the reasonable control of the entity. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.
Forward-looking statements in this release are given as at the date of issue only. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the entity does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (20159)||9/26/2022 3:14:49 PM|
|Lithium One Acquires Strategic Property Adjoining Patriot's Corvette |
Vancouver, British Columbia--(Newsfile Corp. - September 23, 2022) - Lithium One Metals Inc. (TSXV: LONE) (FSE: H490) (the "Company" or "LONE" ) reports that it has entered into an arms-length option agreement (the "Agreement") with Glenn Griesbach (the "Optionor") to acquire a 100% interest in and to the Lac Astrid Lithium Project in northwestern Quebec, Canada (the "Lac Astrid Property"). The Lac Astrid Lithium Project is composed of 70 mineral claims covering approximately 3,600 hectares (36 km2) located in a very active hard rock lithium pegmatite area in the prolific James Bay mining area of Quebec, 900 kilometers north-northeast of Montreal and 250 km east of the small community of Radisson, in the James Bay region of northern Quebec. The Lac Astrid Property is located approximately 14 kilometres south of the Trans-Taiga all-weather gravel highway and 18 kilometres south of the Cargair floatplane base.
The Lac Astrid Lithium property lies 11 km east of Patriot's Corvette Lithium discovery, within the 50km "CV Lithium Trend" which Patriot Metals describes as an emerging spodumene pegmatite district discovered by their exploration team in 2017.
There is little history of exploration on the Lac Astrid property. The mineralization of economic interest that is sought in the region and at Lac Astrid is found in Lithium-bearing spodumene- pegmatite dyke complexes.
LONE's initial focus of exploration will be the assessment of outcropping white pegmatite with muscovite and tourmaline (MERN database, outcrop 5526) first described by MERN geologists in 2011.
Pursuant to the Agreement, the Company may acquire a 100% interest in and to the Lac Astrid Project by (i) making aggregate cash payments of $600,000; ($100,000 on execution of the agreement, $200,000 on the first anniversary of the agreement, and. $300,000 on the second anniversary of the agreement) (ii) issuing an aggregate of 1,200,000 units and 3,000,000 common shares of the Company (1,200,000 units (each unit is comprised of one common share and one warrant exercisable at $0.40 for 24 months) on execution of the agreement, 1,000,000 shares on the first anniversary of the agreement, and 2,0000,000 shares on the second anniversary of the agreement. The share issuances and cash payments increase over the term of the Agreement. Upon exercise of the Option by the Company, the Optionor will retain a 3.0% net smelter returns royalty on the Lac Astrid Project, 2.0% of which may be purchased by the Company for $2,000,000.
In addition, the Company reports that Mr. Bilal Bhamji, CPA, CMA has been appointed as Chief Financial Officer. Mr. Bhamji, a graduate and class valedictorian of Vancouver Community College, BC has over 20 years of experience in accounting and finance.
The Company is also pleased to announce that it will be conducting a non-brokered private placement financing under which it will raise gross proceeds of up to $1.25 million by the issue of units at $0.25 per unit. Each unit consists of one common share and one half of a warrant. Each whole warrant shall be transferrable and entitle the holder to subscribe for an additional common share at $0.40 for a period of 2 years. The Company reserves the right to accelerate the expiry date of the warrants, in the event that the shares trade at $0.50 or above for a period of 10 consecutive trading day.
The Company intends to use the proceeds from the financing for mineral exploration and for general working capital.
The shares and units to be issued under the financing will be offered by way of private placement in each of the provinces of Canada and such other jurisdictions as may be determined by the Company pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. The securities issued under the financing will have a hold period of four months and one day from the date of issuance. The Company may pay finder's fees and may issue finder's warrants in connection with the financing.
This project is under the supervision of Andrew Lee Smith, PGeo, a director of Lithium One Metals Inc., under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Smith is responsible for the technical contents of this news release, and has approved the disclosure of the technical information contained herein.
On behalf of Lithium One Metals Inc.
Andrew Lee Smith
Chief Executive Officer
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 Statement Regarding Forward-Looking Information
Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including but not limited to, the uncertainty of financings, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals. Readers are cautioned that the assumptions used in preparing such information, although considered reasonable at the time of preparation, may prove imprecise and undue reliance should not be placed on forward-looking statements. Forward-looking statements in this press release are expressly qualified by this cautionary statement.
The forward-looking statements in this press release are made as of the date of this press release, and the Company undertakes no obligations to update publicly or to revise any of the included forward-looking statements, whether because of new information, future events or otherwise, except as expressly required by applicable securities law.
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|To: LoneClone who wrote (20160)||9/27/2022 3:56:24 PM|
| Scotch Creek Announces Extension to Highlands West Lithium Property Claims and Drill Permit |
Vancouver, British Columbia--(Newsfile Corp. - September 21, 2022) - Scotch Creek Ventures Inc (CSE: SCV) (FSE: 7S2) (OTC PINK: SCVFF). (the "Company") ("Scotch Creek" or the "Company") is pleased to announce that the required drill permits have been granted to the Company for their Highlands West property within the Clayton Valley. Additionally, Scotch Creek has bolstered their Highlands West project claims, which now covers approximately 6,360-acres along the Central and Southwest margins of the Clayton Valley.
Scotch Creek's 400-acre claim extension encompasses newly prospective, basin margin rock units, as seen in high-resolution seismic data, and contains distinct, laterally extensive, well bedded units in the subsurface. These distinctive units appear correlative within several, robust, structural basins interpreted from the combination of detailed gravity and high quality seismic imaging of the property.
Several major faults have been identified in both seismic and detailed gravity data. These faults are interpreted to be bounding faults which separate multiple significant-size basins containing the well-bedded rock sequences.
These basins lie in close proximity to the Clayton Valley playa and existing brine production fields.
Scotch Creek CEO, Mr. David Ryan, commented, "Receiving the drill permit for our Highlands property is an important step towards achieving our exploration plans and goals for the project. Now that we have the required permit in place to commence an exploratory lithium drill campaign, we are thrilled to announce the extension of our Highlands claims in the Clayton Valley. We believe the new ground provides the Company with important additional claims contiguous with our existing project. Our goal is to locate a substantial lithium discovery at Highlands and thus create further value for our shareholders."
Scotch Creek would like to invite investors and stakeholders to connect with our investor relations team or visit our website to sign-up to receive regular updates and news alerts.
About Scotch Creek Ventures
Scotch Creek is a mineral exploration company, focused on the acquisition, exploration, and development of lithium projects located in tier-one mining jurisdictions such as Nevada, USA. Scotch Creek's vision is to secure North America's green revolution future with strategically sourced lithium projects.
On behalf of the Board of Directors
"David K. Ryan"
Chief Executive Officer
Further information about the Company is available on our website at www.scotch-creek.com or under our profile on SEDAR at www.sedar.com, and on the CSE website at www.thecse.com.
Public Relations Contact
Scotch Creek Ventures Inc.
The CSE has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Forward-looking and cautionary statements
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This release may contain statements within the meaning of safe harbour provisions as defined under securities laws and regulations.
This release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of the Company and certain of the plans and objectives of the Company with respect to the same. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
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