| To: LoneClone who wrote (20168) | 9/29/2022 2:26:38 PM | | From: LoneClone | | | | Megawatt Grants Option to Cygnus Gold for up to 80% Interest in Quebec Lithium Properties
newswire.ca
MegaWatt Lithium and Battery Metals Corp. Sep 27, 2022, 15:18 ET
VANCOUVER, BC, Sept. 27, 2022 /CNW/ - Megawatt Lithium and Battery Metals Corp. (CSE: MEGA) (FSE: WR20) (OTCQB: WALRF) (the " Company" or "Megawatt") is pleased to announce it has entered into a mineral property option agreement dated effective September 27, 2022 (the "Agreement") with Cygnus Gold Limited (ASX: CY5)("Cygnus") whereby Cygnus has been granted the option to acquire up to an 80% interest in Megawatt's Route 381 Project and Mitsumis Project located in Quebec, (the "Projects").
Under the terms of the Agreement, Cygnus has the option to acquire an initial 51% interest in the Projects (the "First Option"). Following the exercise of the First Option, Cygnus has the option to acquire an additional 29% interest in the Projects (the "Second Option").
In order to exercise the First Option, Cygnus must commit $2,000,000 towards exploration on the Projects, over three years:
payment of $175,000 within 3 days of the execution date of the Agreement (which includes $125,000 as an expense reimbursement to the Company);reimbursing MegaWatt's exploration expenditures of up to $375,000 from its 2022 exploration program by December 31, 2022; andfunding $2,000,000 in exploration expenditures on the Projects by the third anniversary date of the Agreement as follows:$500,000 to be incurred prior to the first anniversary of the effective date of the Agreement (less any reimbursements as described above);$500,000 to be incurred prior to the second anniversary of the effective date of the Agreement; and$1,000,000 to be incurred prior to the third anniversary of the effective date of the Agreement.
Cygnus will then have the option to exercise the Second Option by:
paying to MegaWatt $50,000 within 30 days of the satisfaction of the First Option;filing a NI 43-101 or JORC Code compliant mineral resource estimate which defines a lithium oxide resource on the Projects of at least 5MT with an average grade of not less than 0.8% Li2O in any resource category as defined in NI43-101 or the JORC Code, by the date which is no later than 5 years from the exercise of the First Option; andpaying cash consideration to MegaWatt of $1,000,000 within 3 days of filing the above report.
Upon satisfaction of the Second Option, MegaWatt's interest will be freely carried until a feasibility study is successfully announced on the ASX. After the release of the feasibility study, or in the event the Second Option is not exercised by Cygnus, Megawatt and Cygnus will enter into a formal joint venture agreement in accordance with their participating interests.
David Thornley-Hall, CEO of Megawatt stated," This transaction represents an important step in the development of the Route 381 and Mistumis projects. We look forward to collaborating with the Cygnus team which brings a successful track record of exploration and development across a wide spectrum of mining projects."
About MegaWatt Lithium and Battery Metals Corp.
MegaWatt is a British Columbia based company involved in the acquisition and exploration of mineral properties in Canada. The Company holds a 100% undivided interest, subject to a 1.5% NSR on all base, rare earth elements and precious metals, in the Cobalt Hill Property, consisting of eight mineral claims covering an area of approximately 1,727.43 hectares located in the Trail Creek Mining Division in the Province of British Columbia, Canada.
Additionally, the Company has acquired an 80% interest in a company that indirectly holds a 100% interest (subject to a 2% NSR) in two prospective silver-zinc projects in Australia, being the Tyr Silver Project and the Century South Silver-Zinc Project (see press release dated August 13, 2020), an indirect 100% interest (subject to a 1% NSR) in and to certain mining tenements in Northern Territory and New South Wales, Australia prospective for nickel-cobalt-scandium and rare earth elements.
The Company holds a 100% interest (subject to a 2% NSR) in and to the Route 381 Lithium Property, comprised of 40 mineral claims located in James Bay Territory, north of Matagami in the Province of Quebec, covering 2,126 hectares (see press release dated February 3, 2021) and a 100% interest in 229 additional mineral exploration claims prospective for lithium, also in the James Bay area of Quebec covering an area of 12,116 hectares or 121 square kms.
Investors can learn more about the Company and team at megawattmetals.com.
Related Links
c212.net
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This press release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements may include but are not limited to, statements relating to the trading of the Company's common shares on the Exchange and the Company's use of proceeds and are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward- looking statements. Such forward-looking statements represent management's best judgment based on information currently available. No securities regulatory authority has either approved or disapproved of the contents of this news release.
SOURCE MegaWatt Lithium and Battery Metals Corp.
 For further information: David Thornley-Hall, Chief Executive Officer, david@megawattmetals.com |
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| To: LoneClone who wrote (20169) | 9/29/2022 2:27:51 PM | | From: LoneClone | | | | Fuse Cobalt Announces That Preparation Has Begun for Its Diamond Drill Program at Glencore Bucke Project, in Cobalt, Ontario
accesswire.com
Wednesday, September 21, 2022 7:30 AM
COQUITLAM, BC / ACCESSWIRE / September 21, 2022 / Fuse Cobalt Inc. ("the Company "or "Fuse") (TSXV:FUSE)(OTCQB:FUSEF)(FRA:43W3) is pleased to announce that preparation for its multi-hole diamond drilling exploration program has begun at its 100% owned cobalt project, the Glencore Bucke Property in Ontario Canada.
The planned exploration program has an initial budget of $500,000 and has been designed to locate and test targets within the vicinity of known mineralization from prior drilling results. To date, the company has:
- Completed a detailed induced polarization geophysical survey utilizing the Alpha IP Wireless Time Domain Distributed Technology System by Simcoe Geoscience. Preliminary 2D profiles and an early 3D model has been received with the final report pending.
- Selected a diamond drilling contractor local to the Cobalt area. They are known for their quality of work and produce excellent meterage. They have experience drilling in the Cobalt Camp and have worked for companies such as First Cobalt Corp (now Electra Battery Metals) as well as Canada Silver Cobalt Works.
- Begun planning follow-up drill holes to the 2017 and 2018 drill program.
- Begun planning drill holes to test IP anomalies based on the preliminary geophysical data received from Simcoe Geoscience. These drill holes will be finalized once the final report is received.
The Glencore Bucke Property consists of two patented mining claims totaling approximately 16.2 ha in area located west of and contiguous to Fuse's Teledyne Cobalt Project. In 1981, Teledyne leased mining claim 585, now the "Glencore Bucke Property") from Falconbridge Nickel Mines Ltd. The company recognized the significant exploration potential that the Property had due to the possible southern extensions of veins from the Cobalt Contact Mine property adjoining to the north that could project southward onto the Property. Their work delineated two mineralized zones, named the Main Zone and Northwest Zone, measuring 500 ft (152.4 m) and 200 ft (70.0 m) in length respectively on the Glencore Bucke property.
Prior to the 2022 mineral exploration season, in 2017 Fuse completed 21 diamond drill holes totaling 1,913.50 m in a first phase of drilling designed to confirm and extend the existing known mineralized zones on the property as part of a first phase of drilling. The program tested the Main Zone for a strike length of approximately 55 m and the Northwest Zone for a strike length of approximately 45 m. Highlights from the 2017 diamond drill program include but are not limited to:
Following up this success, Fuse completed and additional 24 diamond drill holes in 2018 at Glencore-Bucke totaling 2,559 m in phase II. The Company successfully intersected mineralized zones along strike in addition to both vertically above and below previous intersections reported on the Main and Northwest Zones. One of the holes drilled in 2018, GB18-44, intersected visible cobalt mineralization and returned grades of 0.11% Co, 9.4 ppm Ag, and 1.04% Cu over a core length of 8.40 m from 110.60 to 119.00m (NI 43-101 Technical Report on the Teledyne Cobalt and Glencore Bucke Project Feb 4, 2021).
Qualified Person
The technical contents of this news release has been reviewed and approved by Gerhard Kiessling, P. Geo, who has been appointed Project Manager and is a qualified person in accordance with National Instrument 43-101.
About Fuse Cobalt Inc. pr.report
Fuse Cobalt Inc. is a Canadian based exploration company that trades under the symbol FUSE on the TSX Venture Exchange. The Company's focus is on exploration for high value metals required for the manufacturing of batteries.
Ontario Cobalt Properties:
Fuse owns a 100% interest its Glencore Bucke Property, situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario, subject to a back-in provision, production royalty and off-take agreement. The Glencore Bucke Property consists of 16.2 hectares and sits along the west boundary of Fuse's Teledyne Cobalt Project. The Company also owns a 100% interest, subject to a royalty, in the Teledyne Project located near Cobalt, Ontario. The Teledyne Property adjoins the south and west boundaries of claims that hosted the Agaunico Mine.
Glencore Bucke/Teledyne Property
Situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario the Glencore Bucke Property adjoins, on its northeast corner, the former cobalt producing Agaunico Mine. From 1905 through to 1961, the Agaunico Mine produced a total of 4,350,000 lbs. of cobalt ("Co"), and 980,000 oz of silver ("Ag") (Cunningham-Dunlop, 1979). The amount of cobalt produced from the Agaunico Mine is greater than that of any other mine in the Cobalt Mining Camp. Production ceased in 1961 due to depressed Co prices and over-supply (Thomson, 1964). The Glencore property is 100% owned by Fuse Cobalt subject to a back-in provision, production royalty and off-take agreement.
Cobalt mineralization consisted of cobaltite and smaltite hosted within steeply dipping veins and extensive disseminations within Huronian sedimentary rocks. From 1951 through to 1957, the average cobalt content of the mineralized material mined at the Agaunico Mine was approximately 0.5%. In 1955, 526,000 lbs. of Co, 146,000 oz of Ag, 117,000 lbs. of nickel, and 81,000 lbs. of copper were recovered from 62,000 tons of ore (Cunningham-Dunlop, 1979).
The associated Teledyne Property, located in Bucke and Lorrain Townships, consists of 5 patented mining claims totaling 79.1 ha, and 46 unpatented mining claim cells totaling approximately 700 ha. The Property is easily accessible by highway 567 and a well-maintained secondary road.
Over $25 million Can has been spent thus far, (2020 dollars inflation-adjusted) on the Teledyne Property resulting in valuable infrastructure including a development ramp and a modern decline going down 500 ft parallel to the main cobalt mineralized vein. The Teledyne Property is subject to a production royalty in favor of New Found Gold and an off-take agreement in favor of Glencore Canada Corp., while the Glencore Bucke Property is subject to a back-in provision, production royalty, and an off-take agreement in favor of Glencore Canada Corp. Glencore PLC is the world's largest producer of cobalt. A significant portion of the cobalt that was produced at the Agaunico Mine was located along structures (Vein #15) that extended southward towards the northern boundary of the Teledyne Cobalt Property, currently 100% owned by FUSE. Mineralization was generally located within 125 ft (38.1 m) above the Huronian/Archean unconformity. Stoping widths of up to 50 ft (15.2 m) were not unusual at the Agaunico Mine (Cunningham-Dunlop, 1979).
"Robert Setter"
Robert Setter, President & CEO
Contact Information:
Email: info@fusecobalt.com
Phone: 236-521-0207
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. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially.
SOURCE: Fuse Cobalt Inc. |
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| To: LoneClone who wrote (20170) | 9/29/2022 2:29:19 PM | | From: LoneClone | | | | Electra and LG Energy Solution Sign Three-year Cobalt Supply Agreement
newswire.ca
Electra Battery Materials Corporation Sep 22, 2022, 11:00 ET
Marks Electra's first commercial agreement in EV supply chain
TORONTO, Sept. 22, 2022 /CNW/ - Electra Battery Materials Corporation (NASDAQ: ELBM) ( TSXV: ELBM) ("Electra") today announced the signing of a three-year agreement to supply battery grade cobalt to LG Energy Solution (LGES; KRX: 373220), a leading global manufacturer of lithium-ion batteries for electric vehicles. Electra has agreed to supply LGES with 7,000 tonnes of battery grade cobalt from 2023 to 2025. The material will be supplied from the only cobalt sulfate refinery in North America, located north of Toronto, Ontario.
Ariel view of Electra Cobalt Refinery in Temiskaming Shores, ON (CNW Group/Electra Battery Materials Corporation)
Interior view of Electra Cobalt Refinery in Temiskaming Shores, ON (CNW Group/Electra Battery Materials Corporation)
Image of EV charging (Shutterstock) (CNW Group/Electra Battery Materials Corporation)
Electra will supply 1,000 tonnes of cobalt contained in a cobalt sulfate product in 2023 and a further 3,000 tonnes in each of 2024 and 2025 under an agreed pricing mechanism. In addition to the supply agreement, Electra and LG Energy Solution have agreed to cooperate and explore ways to advance opportunities across North America's EV supply chain, including, but not limited to, securing of sustainable sources of raw materials. Financial terms of the supply agreement were not disclosed.
"LG Energy Solution is a global leader in the electric vehicle supply chain, and we are delighted to sign our first strategic supply agreement with such an important player in the lithium-ion battery market," said Trent Mell, CEO of Electra. "This is only the beginning of a larger strategic relationship with LG Energy Solution involving our other assets and growth initiatives in the North American battery supply chain."
"As we have recently announced our mid- to long-term strategy to focus on North America, the fastest growing EV market, these partnerships serve as a crucial step towards securing a stable key raw material supply chain in the region," said Youngsoo Kwon, CEO of LG Energy Solution. "By establishing a strategic partnership with Electra, a key critical material supplier and only cobalt refinery in North America, LGES will continue to ensure the steady delivery of our top-quality products, thereby further advancing the global transition to EVs and ultimately to a sustainable future."
"Today's announcement is great news for Canada," said the Hon. Francois-Philippe Champagne, Minister of Innovation, Science, and Industry. "This agreement between Electra and LG Energy Solution will see Canadian critical mineral resources and Canadian workers helping to build the car of the future. Through partnerships like this one, Canada is cementing its position as the world's green supplier of choice in the auto industry and beyond."
"A key part of our government's plan to build Ontario is supporting partnerships like this one between Electra and LG Energy Solution," said Vic Fedeli, Ontario's Minister of Economic Development, Job Creation and Trade. "With our critical minerals strategy, cutting-edge technology and world-class workforce, Ontario has what it takes to build the cars of the future, and we're proud to see more and more companies come to Ontario for exciting partnerships."
According to research by CRU, a leading provider of business intelligence on the global metals, mining, and fertilizer industries, China is currently responsible for 71% of refined cobalt, 76% of refined nickel and 93% of refined manganese used in EV batteries. Favourable public policy and growing EV adoption rates are accelerating the development of a North American refining and battery recycling ecosystem by Electra. The U.S. Inflation Reduction Act underscores the importance of creating a domestic EV battery supply chain by extending a $7,500 tax credit for vehicles that do not contain critical minerals sourced from China and Russia.
Electra's low-carbon hydrometallurgical refinery complex is located in Temiskaming Shores, near the Sudbury Nickel Basin. The refinery is in the late stages of commissioning and is expected to commence operations in the spring of 2023. Cobalt sulfate provided under the term of the contract with LGES will be sufficient to supply up to 1.5 million full electric vehicles.
At full capacity, Electra's facility will produce enough cobalt to supply up to 1.5 million electric vehicles per year.
To meet growing customer demand, the Company announced on June 22, 2022 that it is evaluating a second refinery in the province of Quebec by 2025-26, which could source cobalt from Electra's Idaho cobalt and copper project. There are no other cobalt sulfate producers in North America today.
The Company is also developing black mass battery recycling capabilities to recover lithium, nickel, cobalt, graphite, and copper. A demonstration plant will be commissioned in the fall of 2022 to validate the Company's proprietary flow sheet, with commercialization anticipated in 2023-24. Electra's other growth projects include the construction of a battery grade nickel refinery and a manganese refinery, to establish a fully integrated battery materials park with a third-party cathode precursor (pCAM) manufacturer. Electra announced the highlights of an engineering scoping study related to development of an integrated facility on September 8, 2022 that outlined a path to growing nickel sulfate refining capacity in North America.
LGES and Electra will hold a formal ceremony today, September 22, in Toronto, celebrating the signing of a term sheet, which commits the parties to key commercial terms. Final legal documentation and signing of the definitive agreement is expected to be concluded in the coming months.
CIBC Capital Markets acted as exclusive financial advisor to Electra.
About Electra Battery Materials
Electra is a processor of low-carbon, ethically-sourced battery materials. Currently commissioning North America's only cobalt sulfate refinery, Electra is executing a multipronged strategy focused on onshoring the electric vehicle supply chain. Keys to its strategy are integrating black mass recycling and nickel sulfate production at Electra's refinery located north of Toronto, advancing Iron Creek, its cobalt-copper exploration-stage project in the Idaho Cobalt Belt, and expanding cobalt sulfate processing into Bécancour, Quebec. For more information visit www.ElectraBMC.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR at www.sedar.com. Although Electra Battery Materials Corporation believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Electra Battery Materials Corporation disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Electra Battery Materials Corporation
 For further information: Joe Racanelli, Vice President, Investor Relations, info@ElectraBMC.com, 1.416.900.3891
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| To: LoneClone who wrote (20171) | 9/29/2022 2:31:03 PM | | From: LoneClone | | | | Electra Makes Continued Progress on Cobalt Refinery Project and Prepares for Black Mass Recycling Demonstration
newswire.ca
Electra Battery Materials Corporation Sep 28, 2022, 07:00 ET
TORONTO, Sept. 28, 2022 /CNW/ - Electra Battery Materials Corporation (NASDAQ: ELBM) ( TSXV: ELBM) ("Electra") today provided an update on the commissioning of its cobalt refinery located north of Toronto, confirming that it remains on track to meet project timelines, including the launch of a black mass recycling demonstration, and capital cost guidance announced with its Q2 2022 reporting.
Electra’s solvent extraction plant located at its refinery project in Temiskaming Shores is near completion. (CNW Group/Electra Battery Materials Corporation)
Electra’s refinery will produce enough cobalt sulfate to supply up to 1.5 million electric vehicles per year. (CNW Group/Electra Battery Materials Corporation)
Electra will analyze and assay metals contained in feedstock at its lab in Temiskaming Shores. (CNW Group/Electra Battery Materials Corporation)
"Electra continues to build momentum," said Trent Mell, CEO of Electra Battery Materials. "On the heels of our commercial agreement with LG Energy Solution announced last week, we are excited by the continued progress at our refinery and the prospects of our upcoming black mass recycling demonstration plant. Building upon successful metallurgical testing and engineering work, and the receipt and installation of key pieces of equipment, we anticipate launching our battery recycling demonstration plant at the Ontario refinery site this fall."
Mr. Mell added, "The plant demonstration, which will be conducted in concert with ongoing commissioning efforts at the refinery, is expected to produce five marketable products. Revenue generated from black mass recycling activities will be accretive to results expected from the sale of cobalt sulfate that is anticipated beginning in spring 2023 when the refinery is commissioned."
Refinery Commissioning Highlights
Through September 28, 2022, Electra's progress on the refinery commissioning project can be measured by a number of key developments, including:
Completed 85 percent of testing of existing brownfield equipment for recommissioning.Completed 85 percent of all procurement.Completed 90 percent of detailed engineering.Completed 75 percent of the erection of the solvent extraction building, and major solvent extraction equipment will start to be placed by the end of October.Foundations and structural steel work continue for the crystallizer plant, and key processing equipment, including falling film evaporator and crystallizer vessels, are scheduled to be installed in early November.Other equipment already at site to support the buildout of the crystallizer plant process include two steam package boilers, a crystallizer plant condenser, condensate and cobalt sulphate feed tanks, and a crystallizer centrifuge.The owners' team is now at 25 personnel, consisting of trades people, engineers, operators, lab technicians, and office support staff.
Black Mass Recycling Demonstration
Electra has completed process development and engineering on recycling black mass material, a byproduct generated by the end-of-life EV battery recycling and other recycled lithium-based battery sources.
Electra sourced black mass samples from suppliers in Europe and North America, studied the feed characteristics, and developed a hydrometallurgical process route to recover contained lithium, nickel, cobalt, copper and graphite. The test work was conducted using the facilities of SGS Labs in Lakefield, Ontario and engineering was completed using the combined resources of Electra technical personnel, supported by process design engineers of Hatch Associates and mechanical and electrical engineering support by Bestech.
Electra is retrofitting its existing refinery to accommodate its black mass process and plans to conduct large scale bulk runs to establish the process parameters, generate data for further optimization and validate the recoveries and quality of various marketable products.
Under the parameters of the black mass demonstration, Electra plans to process up to 75 tonnes of material in a batch mode using the facilities of the refinery. The process samples that will be collected during the bulk run will be analyzed by Electra's laboratory, which is fully equipped with required instrumentation, including X-ray Fluorescence (XRF), Atomic Absorption (AA) and Inductively Coupled Plasma (ICP) analytical equipment.
Electra will use a hydrometallurgical process to the treat black mass. This process has a low carbon footprint and produces stable non-acid generating tailings, thereby reducing environmental impacts while meeting or exceeding water discharge effluent criteria as stipulated by both federal and provincial regulations.
About Electra Battery Materials
Electra is a processor of low-carbon, ethically-sourced battery materials. Currently commissioning North America's only cobalt sulfate refinery, Electra is executing a multipronged strategy focused on onshoring the electric vehicle supply chain. Keys to its strategy are integrating black mass recycling and nickel sulfate production at Electra's refinery located north of Toronto, advancing Iron Creek, its cobalt-copper exploration-stage project in the Idaho Cobalt Belt, and expanding cobalt sulfate processing into Bécancour, Quebec. For more information visit www.ElectraBMC.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR at www.sedar.com. Although Electra Battery Materials Corporation believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Electra Battery Materials Corporation disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Electra Battery Materials Corporation
 For further information: Joe Racanelli, Vice President, Investor Relations, info@ElectraBMC.com, 1.416.900.3891 |
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| To: LoneClone who wrote (20172) | 9/29/2022 2:33:14 PM | | From: LoneClone | | | | Nevada Lithium Resources: Highest Lithium Grades to Date Returned in First Core Hole of 2022 Drill Program at the Bonnie Claire Lithium Project, Nevada
newswire.ca
Nevada Lithium Resources Inc Sep 29, 2022, 11:23 ET
VANCOUVER, BC, Sept. 29, 2022 /CNW/ - Nevada Lithium Resources Inc. (CSE: NVLH) (OTCQB: NVLHF) (FSE: 87K) ("Nevada Lithium" or the "Company") and its 50% partner in the Bonnie Claire Lithium Project (the 'Project' or 'Property'), Iconic Minerals Ltd. ( TSXV: ICM) (OTCQB: BVTEF) (FSE: YQGB) ("Iconic"), are pleased to provide an update on their 2022 drill program at the Property, located in Nye County, Nevada.
Table 1: Core assay summary for drill hole BC2201C (CNW Group/Nevada Lithium Resources Inc)
Figure 1: Drill hole plan map – Property scale (courtesy Iconic Minerals) (CNW Group/Nevada Lithium Resources Inc)
Figure 2: Drill hole plan map – southern area of Property (courtesy Iconic Minerals) (CNW Group/Nevada Lithium Resources Inc)
Drill hole BC2201C is the deepest core hole (vertical orientation, PQ & HQ) to be completed on the Property to date, extending to a depth of 2,001 ft (core length). The Company is pleased to report that this drill hole has returned the highest grades of lithium encountered in drilling to date on the Property, and include 3,079 ppm Li over 446.0 ft (136 m) within a wider interval of 1,246 ppm Li over 1,994 ft (608 m). The high-grade interval includes a sample of 5,570 ppm Li over 3.8 ft. Strong grades were also returned near surface including 1,112 Li over 271.7 ft (107.0 ft to 378.7 ft). The core assay results, presented in Table 1, demonstrate the potential for Bonnie Claire to host high-grade intervals at shallow and deeper depth in the basin.
In addition to the lithium, the drill hole also encountered significant concentrations of boron, including 23 of the final 43 samples at the bottom of the hole assaying above the detection limit of 10,000 ppm B. This interval also corresponded to the highest grades of lithium in the hole. The presence of boron in significant concentrations remains to be evaluated in other parts of the basin/deposit; however, presents a compelling potential opportunity as a secondary commodity of interest for the Project. Overlimits for boron are currently being determined at the lab.
Nevada Lithium CEO, Stephen Rentschler, commented: "We are pleased to report that our 50% partner, Iconic, who is operator of our initial joint work program, has advised us of the receipt of core sample assays from the first hole of our 2022 drill program (BC2201C). The high-grade lithium intercepts, both shallow and at depth, bode well for enhanced economics under either the large diameter bore hole mining scenario (see Company's Preliminary Economic Assessment NI 43-101 Technical Report on the Bonnie Claire Lithium Project, Issue date of February 25th, 2022) or in an open pit scenario.
The discovery of significant levels of boron also introduces the potential for further upside, in addition to the potential for potassium fertilizer production as currently envisioned for the Project", added Mr. Rentschler. "These strong core sample assays are part of the initial work program, estimated to cost $5M USD, that has been fully funded as part of the Option Agreement, whereby the Company obtained its 50% ownership of the Project. We firmly believe that Bonnie Claire is one of the most attractive global lithium assets remaining in junior developers' hands".
Currently, there are two (2) core rigs and one (1) mud rotary rig in operation on the Property. As of September 28th, 2022, the Company has completed a total of 7,201 ft (2,195 m) of drilling – 6,601 ft (2,012 m) coring, and 600 ft (183 m) rotary – with two (2) core holes completed, in addition to two (2) core holes and one (1) rotary hole actively drilling. See Figures 1 and 2.
The primary objective of the drill program is to collect geological and geotechnical data for the evaluation of borehole mining as a lithium extraction method at Bonnie Claire, and to improve the confidence of the mineral resource. Additionally, vibrating wire piezometers have been set in the hole (BC2201C) during abandonment to gain a better understanding of the groundwater flow in the basin in support of a hydrogeological model for the deposit area.
Quality Assurance / Quality Control (QAQC)
A Quality Assurance / Quality Control protocol was implemented for the program by the Operator, Iconic Minerals, and included insertion of quartz blanks and standards into sample batches. Drill hole BC2201C was sampled from top to bottom with samples shipped to ALS USA Inc. in Reno, Nevada, for geochemical analysis.
Once received, samples were weighted, crushed to 70% passing -2 mm, riffle split to 250 g, and pulverized to 85% passing -75 micron ahead of analysis. Analysis was completed by ICP-MS following an aqua regia digestion (package ME-MS41 Ultra Traces Aqua Regia ICP-MS).
QP Disclosure
Darren L. Smith, M.Sc., P. Geo., Vice President of Exploration of the Company, and Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
Bonnie Claire Property
The Bonnie Claire Property is located within Sarcobatus Valley, which is approximately 30 km (19 miles) long and 20 km (12 miles) wide. Quartz-rich volcanic tuffs containing anomalous amounts of lithium occur within and adjacent to the valley. Drill results from the salt flat include 2,054 ppm Li over 67.1 m (220 ft) in drill hole BC-1601 as well as a 475 m (1560 ft) vertical intercept that averaged 1153 ppm Li. Bonnie Claire is one the largest lithium resources in North America with a current NI 43-101 inferred mineral resource 3,407 million tonnes (Mt) grading 1,013 ppm Li for 18,372 million kilograms of contained lithium carbonate equivalent, at a cut-off grade of 700 ppm Li. Mineral resources are not mineral reserves as they do not have demonstrated economic viability.
The gravity low that characterizes the valley is approximately 20 km (12 miles) long, and the current estimates of depth to basement rocks range from 600 to 1,200 meters (2,000 to 4,000 feet). The current claim block covers an area of 74 km2 (28.6 mi2) with potential for brine systems and further sediment resources.
About Nevada Lithium Resources Inc.
Nevada Lithium Resources Inc. is a mineral exploration and development company focused on shareholder value creation through its core asset, the Bonnie Claire Lithium Project, located in Nye County, Nevada, where it currently holds a 50% interest. A recently completed NI 43-101 Preliminary Economic Assessment returned attractive investment metrics and the Company is actively advancing the Project towards Pre-Feasibility. Learn more: nvlithium.com
ON BEHALF OF THE BOARD OF DIRECTORS:
Stephen Rentschler
CEO
Find Nevada Lithium on Social Media: on Instagram and Twitter
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of any of the word "will" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These forward-looking statements include, but are not limited to, the proposed exploration program, development of the Bonnie Claire Project, and advancement of the Bonnie Claire Project to pre-feasibility. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
SOURCE Nevada Lithium Resources Inc
 For further information: For investor inquiries or further information, please contact: sr@nvlithium.com (604) 416-4099; For media inquiries, please contact: aarmijos@k2capital.ca
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| To: LoneClone who wrote (20173) | 9/29/2022 2:38:44 PM | | From: LoneClone | | | | Piedmont Lithium Partner Atlantic Lithium Completes Prefeasibility Study for Ghana Project
ca.finance.yahoo.com
Tue, September 27, 2022 at 3:50 a.m.·3 min read
Atlantic Lithium’s flagship Ewoyaa Project will be a primary source of spodumene concentrate for Piedmont’s Tennessee Lithium operations
BELMONT, N.C., September 27, 2022--( BUSINESS WIRE)--Piedmont Lithium ("Piedmont", "Company") (Nasdaq: PLL; ASX: PLL), a leading global developer of lithium resources critical to the U.S. electric vehicle ("EV") supply chain, today announced that Atlantic Lithium (AIM: ALL; ASX: A11) has completed a prefeasibility study ("PFS") for Piedmont’s Ghana Project - Atlantic Lithium’s flagship Ewoyaa project located in the Cape Coast region of the country. The PFS demonstrates a production target for the Ghana Project of approximately 255,000 tons per year of 6% lithium spodumene concentrate ("SC6") over a 12.5-year mine life from Ore Reserves of 18.9 million tons at 1.24% Li2O.
Estimated capital costs for the project increased as part of the PFS. However, Atlantic Lithium expects operating expenditures at the planned production plant to decrease. CAPEX increased from US$70 million to US$125 million. Of the increase, US$27 million is attributed to Atlantic Lithium’s decision to bring crushing in-house for improved operational control and reduced lithium losses.
Piedmont Executive Vice President and Chief Operating Officer Patrick Brindle said he was pleased with the results of the PFS as Piedmont continues to advance plans across its global portfolio of assets. "We expect the project in Ghana to play a critical role in our ability to ramp up production of lithium hydroxide in the United States. This proposed operation is underpinned by high-grade mineral resources, critical infrastructure, access to a deep-water port, and available labor," explained Brindle. "The study also highlights Atlantic Lithium’s plans related to community engagement and environmental stewardship. The combination of robust economics and commitment to best-practices strengthens our Ghana Project’s position as an industry-leading asset, and we couldn’t be more excited for our partners at Atlantic Lithium."
Piedmont is earning a 50% interest in Atlantic Lithium’s spodumene projects in Ghana. This agreement includes an offtake agreement for 50% of annual production at market prices on a life-of-mine basis. Piedmont also owns a 9.4% equity interest in Atlantic Lithium.
With the completion of the PFS, the Ghana Project will now advance to the next stage of studies and permitting. Exploration and infill drilling continue as Atlantic Lithium works to submit a mining license application and scoping level environmental and social impact assessment report to the Ghanaian government as next steps.
Atlantic Lithium is working toward a targeted first production of spodumene concentrate in Q3 2024, subject to receipt of a mining license within Q3 2023 and the project meeting all other statutory requirements.
When the Ghana Project is operational, Piedmont plans to import spodumene concentrate from the project to supply the Company’s newly announced Tennessee Lithium project for conversion to lithium hydroxide. The Ghana Project is near the deep-water port of Takoradi, which provides the benefit of simple transport logistics for bringing the material to Piedmont’s Tennessee plant.
Atlantic Lithium has several mechanisms to ensure the sustainable and effective implementation of health, safety, and environmental priorities for both employees and the community surrounding the Ghana Project. This includes documented plans, agreements, toolkits, and registers. Atlantic Lithium has actively engaged community members throughout the development of the project and will continue to do so to educate and inform on project plans, address concerns, and share local employment opportunities.
The statements in the link below were prepared by, and made by, Atlantic Lithium. The following disclosures are not statements of Piedmont and have not been independently verified by Piedmont. Atlantic Lithium is not subject to U.S. reporting requirements or obligations, and investors are cautioned not to put undue reliance on these statements. Atlantic Lithium’s original announcement can be found here.
About Piedmont Lithium
Piedmont Lithium (Nasdaq: PLL; ASX: PLL) is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. Our goal is to become one of the largest lithium hydroxide producers in North America by processing spodumene concentrate produced from assets where we hold an economic interest. Our projects include our Carolina Lithium and Tennessee Lithium projects in the United States and partnerships in Québec with Sayona Mining (ASX: SYA) and in Ghana with Atlantic Lithium (AIM: ALL; ASX: A11). These geographically diversified operations will enable us to play a pivotal role in supporting America’s move toward energy independence and the electrification of transportation and energy storage. For more information, visit www.piedmontlithium.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of or as described in securities legislation in the United States and Australia, including statements regarding exploration, development, and construction activities of Atlantic and Piedmont; current plans for Piedmont’s mineral and chemical processing projects; strategy; and strategy. Such forward-looking statements involve substantial and known and unknown risks, uncertainties, and other risk factors, many of which are beyond our control, and which may cause actual timing of events, results, performance or achievements and other factors to be materially different from the future timing of events, results, performance, or achievements expressed or implied by the forward-looking statements. Such risk factors include, among others: (i) that Piedmont or Atlantic Lithium will be unable to commercially extract mineral deposits, (ii) that Piedmont’s or Atlantic Lithium’s properties may not contain expected reserves, (iii) risks and hazards inherent in the mining business (including risks inherent in exploring, developing, constructing and operating mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), (iv) uncertainty about Piedmont’s ability to obtain required capital to execute its business plan, (v) Piedmont’s ability to hire and retain required personnel, (vi) changes in the market prices of lithium and lithium products, (vii) changes in technology or the development of substitute products, (viii) the uncertainties inherent in exploratory, developmental and production activities, including risks relating to permitting, zoning and regulatory delays related to our projects as well as the projects of our partners in Quebec and Ghana, (ix) uncertainties inherent in the estimation of lithium resources, (x) risks related to competition, (xi) risks related to the information, data and projections related to Atlantic Lithium, (xii) occurrences and outcomes of claims, litigation and regulatory actions, investigations and proceedings, (xiii) risks regarding our ability to achieve profitability, enter into and deliver product under supply agreements on favorable terms, our ability to obtain sufficient financing to develop and construct our projects, our ability to comply with governmental regulations and our ability to obtain necessary permits, and (xiv) other uncertainties and risk factors set out in filings made from time to time with the U.S. Securities and Exchange Commission ("SEC") and the Australian Securities Exchange, including Piedmont’s most recent filings with the SEC. The forward-looking statements, projections and estimates are given only as of the date of this presentation and actual events, results, performance, and achievements could vary significantly from the forward-looking statements, projections and estimates presented in this presentation. Readers are cautioned not to put undue reliance on forward-looking statements. Piedmont disclaims any intent or obligation to update publicly such forward-looking statements, projections, and estimates, whether as a result of new information, future events or otherwise. Additionally, Piedmont, except as required by applicable law, undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Piedmont, its financial or operating results or its securities.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources and Proven and Probable Ore Reserves
The terms "mineral resource", "measured mineral resource", "indicated mineral resource", "inferred mineral resource", "ore reserves", "proven ore reserves" and "probable ore reserves" are terms defined by the U.S. Securities and Exchange Commission ("SEC") in Regulation S-K, Item 1300 ("S-K 1300") as well as the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code"). In Atlantic Lithium’s announcement, it indicates that it has prepared resources information in accordance with the standards set forth in the 2012 Edition of the JORC Code. Such standards differ from the requirements of U.S. securities laws that would apply if Atlantic were a reporting company in the United States. Therefore, the mineral resources and ore reserves reported by Atlantic Lithium are not comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder. U.S. investors are urged to consider closely the context and nature of Atlantic Lithium’s disclosures in its public communications, as well as the disclosure in Piedmont’s Form 10-KT, a copy of which may be obtained from Piedmont or from the EDGAR system on the SEC’s website at cts.businesswire.com.
This announcement has been authorized for release by the Company's CEO, Keith Phillips.
View source version on businesswire.com: businesswire.com
Contacts
Erin Sanders
VP, Corporate Communications
T: +1 704 575 2549
E: esanders@piedmontlithium.com
Christian Healy/Jeff Siegel
Media Inquiries
E: Christian@dlpr.com
E: Jeff@dlpr.com |
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| To: LoneClone who wrote (20174) | 9/29/2022 2:39:54 PM | | From: LoneClone | | | | Wealth Minerals Provides Lithium Operational Update
newsfilecorp.com
Vancouver, British Columbia--(Newsfile Corp. - September 28, 2022) - Wealth Minerals Ltd. (TSXV: WML) (OTCQB: WMLLF) (SSE: WMLCL) (FSE: EJZN) (the "Company" or "Wealth"), provides a report on its activity in the Ollagüe Salar (the "Project") in northern Chile and other activities.
Wealth's drilling and field program at the project is now complete. The Company successfully drilled four holes for a total of 1,111m in total length. Hole depth varied from 194m to 350m. All the holes encountered brine, with the top of the brine level at 150m to 200m down-hole length and all holes ended in brine. Fluid samples were taken at regular intervals and sent to ALS (Chile) laboratory for analysis. Down-hole fluid conductivity was consistent with geophysical results. Additionally, field results and inspection of the geological samples suggest good porosity and good permeabilities.
The Company anticipates publishing a maiden NI 43-101 resource on the Project following the completion of laboratory work and analyses.
Wealth's CEO, Hendrik van Alphen, commented: "We are excited that this important milestone is finished, and now we await the complete results from the laboratory. The drilling campaign was a success and we thank the Indigenous Quechua Community of Ollagüe for their support. Wealth is well on its way to having metrics for the Ollagüe Salar Project that can then be used in further study and evaluation of that Project and Wealth as a company. We believe we have set a new standard of working collaboratively in the Chilean lithium exploration industry and look forward to using the know-how gained from this drilling campaign in the future.
"Since signing a strategic partnership agreement with thyssenkrupp Mining Technologies (acquired by FLSmidth & Co. A/S on September 8, 2022, now mentioned as "FLSmidth", see press release of August 9, 2022), Wealth's engineering team, together with the project team of FLSmidth, has begun planning the development path for Ollagüe Salar Project, and commenced the selection process for identifying the most suitable technology partners for the use of DLE (direct lithium extraction) technologies, with a focus on past practical success. Currently the selection process is examining technologies based on ion exchange, chemical, as well as combined mechanical system methodologies.
"Wealth has pledged to the Indigenous Quechua Community of Ollagüe to not use solar evaporation as a lithium recovery technique (see press release of March 28, 2022) and the Company's partnership with FLSmidth is the cornerstone to building a better, sustainable and environmentally friendly operation at the Ollagüe Salar."
The Ollagüe Project
The Ollagüe Project consists of 8,000 hectares located in northern Chile, Region II, near the Bolivian border and approximately 200km due north of the Atacama Salar. Lithium Chile Inc. conducted a drilling campaign at Ollagüe in 2018, which returned lithium grades up to 480 Li mg/l while earlier surface sampling returned lithium grades as high as 1,140 Li mg/l. Readers are cautioned these results are not in any way indicative of mineral deposits on Wealth's mineral properties or position in the Ollagüe basin. Wealth previously conducted a coincident loop Transient Electromagnetic survey on the Ollagüe Project, which identified very highly conductive zones interpreted to represent porous media with high-salinity fluids (potentially lithium-bearing brines) at depth.
Qualified Person
Michael Rosko, MS, PG, of Montgomery and Associates (M&A) of Santiago, Chile, is a registered geologist (CPG) in Arizona, California and Texas, a registered member of the Society for Mining, Metallurgy and Exploration (SME No. 4064687), and a qualified person as defined by National Instrument 43-101. Mr. Rosko has extensive experience in salar environments and has been a qualified person on many lithium brine projects. Mr. Rosko and M&A are completely independent of Wealth Minerals. Mr. Rosko has reviewed and approved the scientific and technical content of this news release.
About Wealth Minerals Ltd.
Wealth is a mineral resource company with interests in Canada and Chile. The Company's main focus is the acquisition and development of lithium projects in South America.
The Company opportunistically advances battery metal projects where it has a peer advantage in project selection and initial evaluation.
Lithium market dynamics and a rapidly increasing metal price are the result of profound structural issues with the industry meeting anticipated future demand. Wealth is positioning itself to be a major beneficiary of this future mismatch of supply and demand. In parallel with lithium market dynamics, Wealth believes other battery metals will benefit from similar industry trends.
For further details on the Company readers are referred to the Company's website ( www.wealthminerals.com) and its Canadian regulatory filings on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of
WEALTH MINERALS LTD.
"Hendrik van Alphen"
Hendrik van Alphen
Chief Executive Officer
For further information, please contact:
Marla Ritchie, Michael Pound or Henk van Alphen
Phone: 604-331-0096 or 604-638-3886
For all Investor Relations inquiries, please contact:
John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670
For all Public Relations inquiries, please contact:
Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053
Follow Us:
Facebook - newsfilecorp.com
Linkedin - newsfilecorp.com
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Neither 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 press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement, timing and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the Company's expectation that it will be able to enter into agreements to acquire interests in additional mineral projects, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the commodity markets generally, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's latest interim Management Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
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| To: LoneClone who wrote (20175) | 9/29/2022 2:41:55 PM | | From: LoneClone | | | | United Lithium Receives BLM Validation of 508 Claims Staked at the Liberty Lithium Project, South Dakota
ca.finance.yahoo.com
United Lithium
Wed, September 28, 2022 at 5:30 a.m.·4 min read
Figure 1
Liberty Lithium Project, Custer South Dakota, BLM adjudicated claims and historical mines
Figure 2
Emerging elemental zoning in LCT pegmatites at the Liberty Lithium Project, South Dakota
Figure 3
Spodumene Crystal in situ at the Helen Beryl deposit - photo credit to Christopher Wentzell
Figure 4
Spodumene Crystal from the Helen Beryl deposit - photo credit to Christopher Wentzell
Figure 5
Spodumene Crystal from the Helen Beryl deposit - photo credit to Christopher Wentzell
Reconnaissance outcrop sampling identifies previously unrecognized high grade spodumene target
Pathfinder elements illustrate the presence of highly differentiated LCT pegmatites
Priority areas targeted based on regional LCT pegmatite chemistry
BLM validation of an additional 220 claims staked at the Liberty Lithium Project pending
VANCOUVER, British Columbia, Sept. 28, 2022 (GLOBE NEWSWIRE) -- United Lithium Corp. (CSE: ULTH; OTC: ULTHF; FWB: 0ULA) (“ULTH” or the “Company”) is pleased to announce that it has received communication from the US Bureau of Land Management (“BLM”) confirming the validity of 508 unpatented lode mining claims in the vicinity of Custer, South Dakota, covering an area of nearly 16 sq. miles (40 sq. km). This area is recognized for historical mining of Lithium-Cesium-Tantalum (“LCT”) pegmatites, particularly during and following World War II, and was the second largest producer of beryllium in the US at that time.
United Lithium recognized the past history of production in the Black Hills pegmatite province, evaluated the opportunity, and determined that a high probability remains for the discovery of extensions of previously mined high-grade lithium-bearing pegmatites and new discoveries. Currently there are several pegmatites in the region that are quarried privately to produce high quality feldspar, mica and quartz products.
When unpatented mining claims are staked in the US, especially in areas where land acquisition is competitive, the BLM reviews the timing, staking procedures and proper filing of claim notices to recognize the validity of the mining claims. This process was completed by the BLM for the blocks of claims illustrated in Figure 1. Areas within the outer boundary of claims that are shown not to be staked in Figure 1 are largely private property holdings which are unavailable for staking.
Regional Rock Chip Geochemical Sampling
Contemporaneously with claim staking, 226 rock chip samples were collected from some of the outcropping pegmatite bodies across the claim block. The results of the sampling identified areas of high lithium (Li), beryllium (Be), tin (Sn) and caesium (Cs). Plotting of assay results for key elements suggests a zoning pattern in which three domains are emerging: a central Li-Be-Sn zone, flanked by a Be-Li Zone and a K-Cs+/- Li zone, with definite areas of overlap. Of interest, the historical Helen Beryl Mine (Figures 3, 4 and 5), the Tip Top Mine, Tin Mountain Mine and the Lithia Lode are highlighted, but new targets were also identified that require greater delineation and priority follow-up. The emerging pattern is present in Figure 2.
Image 1
Figure 1 Liberty Lithium Project, Custer South Dakota, BLM adjudicated claims and historical mines
Image 2
Figure 2 Emerging elemental zoning in LCT pegmatites at the Liberty Lithium Project, South Dakota
Image 3
Figure 3 Spodumene Crystal in situ at the Helen Beryl deposit - photo credit to Christopher Wentzell
Image 4
Figure 4 Spodumene Crystal from the Helen Beryl deposit - photo credit to Christopher Wentzell
Image 5
Figure 5 Spodumene Crystal from the Helen Beryl deposit - photo credit to Christopher Wentzell
United Lithium is active on multiple high potential lithium projects in both Europe and North America, with a view to become a long-term sustainable supplier of lithium to the rapidly growing lithium-ion battery market.
Samples submitted by United Lithium were analyzed using the ME-MS89L technique by ALS Limited laboratories in Elko, Nevada and Vancouver, British Columbia.
Mark Saxon (FAusMM), Technical Advisor to the Company, is a qualified person as defined by National Instrument 43-101 (Standards of Disclosure or Mineral Projects) and has prepared or reviewed the scientific and technical information in this press release.
On Behalf of The Board of Directors
Michael Dehn
President, Chief Executive Officer and Director
For further information, please contact the Company at:
michaeldehn@unitedlithium.com
www.unitedlithiumcorp.com
About United Lithium Corp.
United Lithium Corp. (CSE: ULTH) is an exploration & development company energized by the global demand for lithium. The Company is targeting lithium projects in politically safe jurisdictions with advanced infrastructure that allows for rapid and cost-effective exploration, development and production opportunities.
The Company's consolidated financial statements and related management's discussion and analysis are available on the Company's website at unitedlithium.com or under its profile on SEDAR at www.sedar.com.
Forward-Looking Statements
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Photos accompanying this announcement are available at
globenewswire.com
globenewswire.com
globenewswire.com
globenewswire.com
globenewswire.com |
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| To: LoneClone who wrote (20176) | 9/29/2022 2:43:05 PM | | From: LoneClone | | | | Petrolympic Announces Favourable Geological Context for Lithium-Rich Spodumene Crystals in the Decelles Reservoir Area, Abitibi, Québec
ca.finance.yahoo.com
Petrolympic Ltd.
Thu, September 29, 2022 at 4:00 a.m.·3 min read
TORONTO, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Petrolympic Ltd. (TSX.V:PCQ) (OTC:PCQRF) (the “Company”) is pleased to announce the presence of several white pegmatite dykes on the Basserode Property in the Decelles Reservoir Area. The Property is located approximately 30 kilometers southeast of the town of Rouyn-Noranda and south of national highway 117. The two claim blocks consist of 109 and 14 mining claims each, covering respectively 15,533.6 acres (6,286.24 hectares) and 1,993.1 acres (806.59 hectares), easily accessible via local logging roads.
The Decelles Reservoir Area of Abitibi is located south of the Larder-Lake-Cadillac Deformation Zone. The general area is underlain by Pontiac sediments which are intruded by a variety of differentiated intrusive suites. It is prolific for its hard rock lithium endowment, hosting numerous fertile pegmatite dykes and was the focus of a recent staking frenzy (Sayona, Vision Lithium, Winsome Resources, Brunswick Exploration, Lithech Resources and others). Lithium was one of the best performing metals in 2021-2022 and demand and price are expected to remain strong.
The strategic location and the size of the Property offer tremendous upside potential for discoveries. The claims cover known pegmatite intrusions which are the host rock to spodumene, the most common and commercially valuable hard rock ore of lithium. While very little exploration work was completed in the past, our recent field visits confirmed that the potential for lithium-rich spodumene pegmatites is excellent. Several clusters of large, white pegmatite dyke intrusions were observed on the Property, which are highly favourable for the presence of Lithium-Cesium-Tantalum (LCT).
Grab samples were previously collected nearby on Vision Lithium property, revealing high values of 2.67% and 7.34% Li20 and significant drillhole intersections of 1.74% Li20 over 1.90 m in hole CAD-22-07 and 1.00% Li20 over 6,40 m in hole CAD-22-13. Channel samples intersected 2.17% Li20 over 5,50 m. (see Vision Lithium press releases dated February 14, 2022 and April 13, 2022 and the company’s website).
The crews are at work presently, collecting follow up site photos and samples which are sent to ALS-Global Val-d’Or Laboratory. Assays are pending and results will be announced as soon as available. The Company also plans to complete detailed Heliborne High-Resolution Magnetic and Lidar Hyperspectral remote sensing surveys followed by fieldworks (prospecting, mapping and sampling, outcrop stripping, whole rock geochemistry, diamond drilling and bulk sampling if required).
Qualified Person
Alain-Jean Beauregard, B. Sc., P. Geo. (OGQ # 227), is the “Qualified Person” under National Instrument 43-101 and has reviewed and approved the geological information reported in this news release. Mr. Beauregard is independent from the company.
For further information please contact:
Mendel Ekstein - President
82 Richmond St East
Toronto, ON M5C 1P1
Tel. 845-656-0184 Fax 845-231-6665
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this press release, including any information regarding the proposed acquisition, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are to be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guaranteeing of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include but are not limited to: economic and global market impacts of the COVID-19 pandemic, fluctuations in market prices, exploration and exploitation successes, continued availability of capital and financing, changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and general political, economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation to update any forward looking statements. |
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| To: LoneClone who wrote (20177) | 9/29/2022 2:50:09 PM | | From: LoneClone | | | | [Tin] Cornish Metals Releases Unaudited Financial Statements and Management’s Discussion and Analysis for the Six Months Ending 31 July 2022
ca.finance.yahoo.com
Cornish Metals Inc.
Wed, September 28, 2022 at 11:00 p.m.·20 min read
VANCOUVER, British Columbia, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Cornish Metals Inc. (TSX-V/AIM: CUSN) (“Cornish Metals” or the “Company”), a mineral exploration and development company focused on its projects in Cornwall, United Kingdom, is pleased to announce that it has released its unaudited financial statements and management, discussion and analysis (“MD&A”) for the six months ended July 31, 2022. The reports are available under the Company’s profile on SEDAR ( www.sedar.com) and on the Company’s website ( www.cornishmetals.com).
Highlights for the six months ended July 31, 2022 and for the period ending September 28, 2022
(All figures expressed in Canadian dollars unless otherwise stated)
Completion of 10,159 meters of drilling at the United Downs exploration project with assay results from the program confirming management’s belief in the potential to develop a Mineral Resource in the United Downs project area;
Four main targets were drill-tested: UD Lode, United Mines, Mount Wellington and Trenares Lode, with all four targets returning results warranting further follow-up drilling (news release dated August 23, 2022);
Completion of financing for gross proceeds of £40.5 million ($65.1 million based on closest available exchange rate), including a strategic investment by Vision Blue Resources of £25.0 million ($40.1 million), to advance the South Crofty tin project to a potential construction decision (news releases dated March 27, 2022 and May 23, 2022);
Issuance of a second tranche of common shares pursuant to the restructuring of the deferred consideration relating to the acquisition of the South Crofty tin project and associated mineral rights in Cornwall (news release dated May 29, 2022);
Commencement of a drill program in July 2022 to collect samples for metallurgical testwork as part of the Feasibility Study, with the program likely to be between 8,000 and 12,000 meters of drilling (news release dated July 10, 2022);
Key positions were filled to the South Crofty project management team, including Project Manager for the construction and commissioning of the water treatment plant, Feasibility Study Manager and Project Engineer;
All substantial component parts of the water treatment plant ordered with construction expected to commence before the end of October 2022; and
Mr. Tony Trahar nominated by Vision Blue Resources as its representative on the Board (news release dated June 5, 2022).
Richard Williams, CEO of Cornish Metals, stated, “Since the completion of the £40.5m financing at the end of May, orders have been placed for almost all component parts of the water treatment plant. Notwithstanding supply constraints, we remain confident that commissioning of the water treatment plant remains on track for the first half of 2023, with dewatering activities commencing thereafter.
“After completion of the first phase of the successful exploration program at United Downs, we have now commenced a drill program for the metallurgical testwork which is an integral part of the South Crofty Feasibility Study. We have also had a successful period recruiting key members of the project team (Project Manager, Project Engineer and Feasibility Study Manager).
“Work has continued at pace in recent months and I look forward to reporting on progress at South Crofty in due course.”
Review of activities
Results from exploration program at United Downs
The Company commenced its exploration program at United Downs in April 2021. The drilling activities were contracted to Priority Drilling Limited, under the supervision of the Company’s geological team.
Four targets were drill-tested: UD Lode, United Mines, Mount Wellington and Trenares Lode. The key points to date arising from this drill program are:
Multiple zones of copper – tin – silver – zinc mineralization have been intersected;
High-grade copper - tin mineralization was intersected down dip beneath the historic United Mines; and
A transition from high-grade copper to high-grade tin at depth as well as increasing tin grades with depth has been encountered, similar to the mineralization transition seen at South Crofty.
Details of the intercepts from the drill program can be found in the press releases dated July 5, 2021, August 30, 2021, November 3, 2021, December 6, 2021, June 29, 2022 and August 23, 2022. In total, 26 holes were drilled at United Downs amounting to 10,159 meters, of which all assay results have been reported in these press releases. Drilling ceased at the end of May 2022, with the metallurgical study drill program at South Crofty commencing soon thereafter, as described below.
In summary, results from the United Downs exploration program confirm management’s belief in the potential to develop a Mineral Resource in the United Downs project area, especially the down dip section of the United Mine where high-grade copper, tin and silver grades were encountered. The Company is considering the next steps for advancing the United Downs project.
Outside of the United Downs project area, a third target, Carn Brea has also been drill tested. Carn Brea is located approximately two kilometers southeast of the South Crofty tin project. At Carn Brea, eight holes have been drilled totaling 2,501 meters. Drilling has now ceased and assays will follow when available.
Agreement of South Crofty mineral leases
On February 4, 2022, agreement was reached with Sir Ferrers Vyvyan of Trelowarren in Cornwall to lease certain mineral rights owned by the Vyvyan family. The mineral lease covers an area of 222 hectares and is valid for 25 years. The lease will enable the Company to explore and mine within all the mineral right areas owned by the Vyvyan family inside the South Crofty mine, and to explore certain other mineral right areas adjacent to the South Crofty mine.
The agreement with the Vyvyan family supplements the agreement reached with Roskear Minerals LLP in March 2021 (the “Roskear Agreement”) to lease their mineral rights within the South Crofty tin project. The Roskear Agreement enables the Company to explore and develop the mineral resources that are contained in the Roskear section of the South Crofty mine.
Strategic investment by Vision Blue Resources
On May 24, 2022, a financing of £40.5 million ($65.1 million based on the closing exchange rate as at May 24, 2022) (the “Offering”) completed, which included a £25.0 million (approximately $40.1 million based on the closing exchange rate as at May 24, 2022) strategic investment by Vision Blue Resources Limited (“VBR”). The balance of the Offering was completed through a private placement with certain Canadian and UK investors and eligible private investors.
A summary of the Offering is described below. Further details can be found in the press releases dated March 27, 2022 and May 23, 2022.
The Offering was structured through a unit offering comprising one common share at £0.18 ($0.30 for Canadian investors) and a warrant to purchase one common share priced at £0.27 ($0.45 for Canadian investors) for a period of 36 months from the closing date of the Offering. A total of 225,000,000 units have been issued, comprising around 44.0% of the issued share capital as at May 24, 2022, excluding the effect of the issuance of the Milestone Shares as described below. VBR held approximately 27.2% of the enlarged issued share capital upon closing of the Offering.
The planned use of the proceeds from the Offering is to complete the dewatering program and Feasibility Study at South Crofty, evaluate downstream beneficiation opportunities and commence potential on-site early works in advance of a potential construction decision. The proceeds raised under the Offering are budgeted to fund a 30 month program from closing of the Offering.
Pursuant to an Investment Agreement entered into between the Company and VBR, upon closing of the Offering, VBR retains the following rights, among others, subject to certain terms and conditions:
For so long as its shareholding in the Company is in aggregate not less than 10% of the Company’s issued share capital:
Nomination of one person to the Company’s board of directors as a non-executive director as an additional director to the current board of directors (the “Investor Director”), with Mr. Trahar being appointed to this position on June 6, 2022, as described below;
Nomination of one person to the Company’s technical committee to be formed from closing of the Offering, which person may be a person other than the Investor Director; and
A participation right to maintain its percentage ownership interest in the Company upon any offering of securities at the subscription price and similar terms as are applicable to such offering; and
For so long as its shareholding and its affiliates’ shareholdings in the Company are in aggregate not less than 5% of the Company’s issued share capital, the appointment of an observer to the board of directors of the Company.
On closing of the Offering, VBR entered into a Relationship Agreement with the Company and SP Angel Corporate Finance LLP (the Company’s nominated adviser on AIM), relating to the carrying on of the Company’s business in an independent manner following the closing of the Offering.
The Company has undertaken to VBR to use its reasonable commercial efforts to complete a Feasibility Study in respect of South Crofty on or before 31 December 2024.
The Offering was subject to the approval of the TSX-V and shareholders, both of which were received by May 19. 2022.
Issuance of shares as deferred consideration payable for the Cornwall mineral properties
On June 30, 2021, agreement was reached with Galena Special Situations Limited (formerly Galena Special Situations Master Fund Limited) and Tin Shield Production Inc. (together the “Sellers”) to restructure the outstanding deferred consideration payable to the Sellers on the acquisition of the South Crofty tin project and associated mineral rights (the “Side Letter”). The fixed and variable payments that existed under the original share purchase agreement were replaced with fixed payments linked to pre-agreed project related milestones.
Pursuant to the Side Letter, 20,298,333 common shares were issued to the Sellers on May 31, 2022 (“Milestone Shares”). This payment was triggered by the Company raising funding for the dewatering of the South Crofty mine within the planned use of proceeds from the Offering, as described above.
The Milestone Shares represent consideration equivalent to an amount of US$4,750,000 ($6,089,500 at a US dollar / Canadian dollar exchange rate of 1.2820) at a deemed price of $0.30 per common share. The deemed price was the same price under which Canadian investors subscribed to the Offering pursuant to the terms of the Side Letter. The value of the Milestone Shares in accordance with IFRS is $9,844,692, being the market price of the Milestone Shares at their date of issuance.
As a result of this payment, the remaining deferred consideration payable to the Sellers is US$5,000,000 in common shares, payable upon a decision to proceed with the development and/or construction of a mine either at the South Crofty tin project or at the United Downs property.
Disposal of Sleitat royalty to Electric Royalties
On May 27, 2022, the disposal of a 1% Net Smelter Royalty on the Sleitat tin-silver project located in Alaska, USA to Electric Royalties Limited was completed. The consideration was $100,000 and 1,000,000 common shares in Electric Royalties, which in aggregate amounted to $355,000 at the date of completion.
Construction progress of water treatment plant at South Crofty
Construction progress of the WTP at South Crofty has included various enabling works and the placing of orders for a number of long lead items, all of which have been delivered to site. The preparation work for the laying of the concrete foundation slab for the WTP has also been completed.
Detailed design work for the WTP is continuing with Galliford Try Construction Limited (“GT”). The procurement process is also underway, with GT specifying the major mechanical equipment and identifying suitable sub-contractors for construction activities.
Sand Separation Systems, an industry leader in the treatment of mine water, have supported the running of a pilot plant to optimise the water treatment process flowsheet.
Commencement of metallurgical study drill program at South Crofty
A drill program as part of the South Crofty Feasibility Study was started in July 2022. The drill program is anticipated to require approximately 8,000 and 12,000 meters of drilling.
Three drill rigs have been contracted from Priority Drilling Limited, under the supervision of the Company’s geological team. Two rigs are drilling from surface and one rig is drilling from underground, collecting samples from the North Pool Zone (eastern section of Mineral Resource), the #4 and #8 Lodes (central part of the Mineral Resource), and Roskear / Dolcoath South (western part of the Mineral Resource).
The program is designed to collect samples for various metallurgical studies, including XRT ore sorting, flowsheet optimisation and paste backfill studies, as well as collecting assay data to complement the current Mineral Resource Estimate. This testwork should allow the acceleration of the Feasibility Study in advance of dewatering the mine and will provide key information for the mineral processing flowsheet, especially the amenability of the mineralized zones to ore sorting which, if successful, will present an opportunity to deliver higher grade feed and reduce the size of the processing plant.
Appointment of new director
On June 6, 2022, Mr. Tony Trahar was nominated by VBR to serve as its representative on the Board. Mr. Trahar is currently a special adviser to VBR.
Mr. Trahar has had a 40 year career in the mining, natural resources and industrial sectors. From 2000 to 2007 he was Chief Executive of Anglo American Plc, one of the world’s largest mining groups, and was also a director of Anglo Gold, Anglo Platinum and De Beers.
From 1985 to 2000, Mr. Trahar was Chief Executive, and then Chairman of Mondi Ltd (now listed in London as Mondi Plc), a multinational forestry, pulp, paper and packaging group. Since leaving Anglo American, Mr. Trahar has also held a number of senior advisory roles for Barclays Natural Resource Investments (2007 to 2013) and Macquarie Bank (2014 to 2016).
Financial highlights for the six months ended July 31, 2022
|
| Six months ended (unaudited)
|
| (Expressed in Canadian dollars)
| July 31, 2022
|
| July 31, 2021
|
|
|
|
|
|
|
|
| Total operating expenses
| 1,888,943
|
| 1,625,462
|
|
| Loss for the period
| 3,250,557
|
| 1,097,062
|
|
| Net cash (used in) operating activities
| (1,836,464)
|
| (1,710,060)
|
|
| Net cash (used in) investing activities
| (2,552,626)
|
| (1,383,840)
|
|
| Net cash provided by financing activities
| 61,256,694
|
| 13,065,594
|
|
| Cash at end of the period
| 61,629,169
|
| 10,138,512
|
|
Higher promotional and corporate expenses relating to increased media/investor activities following last year’s AIM listing, preparatory work for the successful fundraise cornerstoned by Vision Blue Resources and progression of the South Crofty tin project;
Unrealized gain of $542,204 arising from increased valuation of holding in Cornish Lithium following its most recent fundraising completed in June 2022;
Costs of $687,603 and $226,884 capitalized in connection with the exploration program at United Downs and Carn Brea, respectively (excluding capitalized depreciation and other non-cash items);
Project related costs of $732,538 incurred since the closing of the Offering relating to the advancement of the South Crofty tin project, primarily for the metallurgical drill program, planning activities and new or replacement equipment;
Gross proceeds raised from the Offering of £40.5 million ($65.1 million), following gross proceeds raised from the AIM listing in comparative period of £8.2 million ($14.4 million); and
Recognition of foreign currency translation loss of $2,098,402 for those assets located in the UK when translated into Canadian dollars for presentational purposes.
Outlook
The proceeds raised from the Offering completed in May 2022 are being used to advance the South Crofty tin project to a potential construction decision within 30 months from closing of the Offering. The planned use of the proceeds from the Offering is to complete the dewatering program and Feasibility Study at South Crofty, evaluate downstream beneficiation opportunities and commence potential on-site early works in advance of a potential construction decision.
Within 30 months from the closing of the Offering, the Company’s plans are as follows:
Construct and commission the WTP in the first half of 2023 and thereafter complete the dewatering of the mine within 18 months;
Complete drill programs for metallurgical studies and to produce an updated JORC compliant Mineral Resource estimate for a Feasibility Study;
Complete a Feasibility Study using all reasonable commercial efforts on or before 31 December 2024; and
Commence basic and detailed engineering studies, construction of the processing plant, refurbishment of underground facilities and other on-site early works.
Subject to the availability of financing, consideration will also be given to continuing with the Company’s exploration program at United Downs and evaluating other near-surface, high potential, exploration targets within transport distance of the planned processing plant site at South Crofty.
ABOUT CORNISH METALS
Cornish Metals completed the acquisition of the South Crofty tin and United Downs copper / tin projects, plus additional mineral rights located in Cornwall, UK, in July 2016 (see Company news release dated July 12, 2016). The additional mineral rights cover an area of approximately 15,000 hectares and are distributed throughout Cornwall. Some of these mineral rights cover old mines that were historically worked for copper, tin, zinc, and tungsten.
TECHNICAL INFORMATION
The technical information in this news release has been compiled by Mr. Owen Mihalop. Mr. Mihalop has reviewed and takes responsibility for the data and geological interpretation. Mr. Owen Mihalop (MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng) is Chief Operating Officer for Cornish Metals Inc. and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012) and as a Qualified Person under NI 43-101. Mr. Mihalop consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
For additional information please contact:
In North America:
Irene Dorsman at (604) 200 6664 or by e-mail at irene@cornishmetals.com
In the UK:
SP Angel Corporate Finance LLP
(Nominated Adviser & Joint Broker)
| Tel:
| +44 203 470 0470
|
| Richard Morrison
|
|
| Charlie Bouverat
|
|
| Grant Barker
|
|
|
|
|
ON BEHALF OF THE BOARD OF DIRECTORS
“Richard D. Williams”
Richard D. Williams, P.Geo
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.
Caution regarding forward looking statements
This news release contains "forward-looking statements" including, but not limited to, statements in connection with the expected use of proceeds of the Offering, including in respect of certain work programs, expected construction, including in respect of the WTP, and the potential completion of a Feasibility Study on the South Crofty mine and the timing thereof, the exploration program at United Downs and other exploration opportunities surrounding the South Crofty tin project, expected recruitment of various personnel, and expectations respecting tin pricing and other economic factors. Forward-looking statements, while based on management’s best estimates and assumptions at the time such statements are made, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to receipt of regulatory approvals, risks related to general economic and market conditions; risks related to the COVID-19 global pandemic and any variants of COVID-19 which may arise; risks related to the availability of financing when required and on terms acceptable to the Company and the potential consequences if the Company fails to obtain any such financing, such as a potential disruption of the Company’s exploration program(s); the timing and content of upcoming work programs; actual results of proposed exploration activities; possible variations in Mineral Resources or grade; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations.
Although Cornish Metals has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cornish Metals undertakes no obligation or responsibility to update forward-looking statements, except as required by law.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.
CONSOLIDATED CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION
(Unaudited)
(Expressed in Canadian dollars)
|
|
| July 31, 2022
|
|
|
| January 31, 2022
|
|
|
|
|
|
| ASSETS
|
|
|
|
|
|
|
|
| Current
|
|
|
|
|
|
|
|
| Cash
|
| $
| 61,629,169
|
|
| $
| 6,922,704
|
| Marketable securities
|
|
| 2,371,710
|
|
|
| 1,574,506
|
| Receivables
|
|
| 142,331
|
|
|
| 107,230
|
| Prepaid expenses
|
|
| 313,755
|
|
|
| 231,933
|
|
|
|
| 64,456,965
|
|
|
| 8,836,373
|
|
|
|
|
|
|
|
|
|
| Deposits
|
|
| 51,296
|
|
|
| 42,448
|
| Property, plant and equipment
|
|
| 6,324,225
|
|
|
| 6,437,175
|
| Exploration and evaluation assets
|
|
| 25,223,915
|
|
|
| 20,772,029
|
|
|
|
|
|
|
|
|
|
|
|
| $
| 96,056,401
|
|
| $
| 36,088,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current
|
|
|
|
|
|
|
|
| Accounts payable and accrued liabilities
|
| $
| 879,315
|
|
| $
| 613,178
|
| Lease liability
|
|
| 2,523
|
|
|
| 4,204
|
| Commitment to issue shares
|
|
| -
|
|
|
| 6,041,525
|
|
|
|
| 881,838
|
|
|
| 6,658,907
|
| Lease liability
|
|
| -
|
|
|
| 667
|
| NSR liability
|
|
| 8,789,295
|
|
|
| 8,717,330
|
|
|
|
| 9,671,133
|
|
|
| 15,376,904
|
|
|
|
|
|
|
|
|
|
| SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
| Capital stock
|
|
| 127,869,456
|
|
|
| 56,846,350
|
| Capital contribution
|
|
| 2,007,665
|
|
|
| 2,007,665
|
| Share-based payment reserve
|
|
| 630,265
|
|
|
| 630,265
|
| Foreign currency translation reserve
|
|
| (2,272,525
| )
|
|
| (174,123
| )
| Deficit
|
|
| (41,849,593
| )
|
|
| (38,599,036
| )
|
|
|
|
|
|
|
|
|
|
|
|
| 86,385,268
|
|
|
| 20,711,121
|
|
|
|
|
|
|
|
|
|
|
|
| $
| 96,056,401
|
|
| $
| 36,088,025
|
|
CONSOLIDATED CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Unaudited)
(Expressed in Canadian dollars)
|
| Six months ended
|
|
|
| July 31, 2022
|
|
|
| July 31, 2021
|
|
|
|
|
|
| EXPENSES
|
|
|
|
|
|
|
|
| Accretion
|
| $
| -
|
|
| $
| 15,764
|
| Advertising and promotion
|
|
| 269,075
|
|
|
| 166,026
|
| Depreciation
|
|
| 443
|
|
|
| 23,316
|
| Finance cost
|
|
| -
|
|
|
| 3,895
|
| Insurance
|
|
| 66,716
|
|
|
| 43,918
|
| Office, miscellaneous and rent
|
|
| 55,516
|
|
|
| 39,712
|
| Professional fees
|
|
| 359,845
|
|
|
| 704,810
|
| Generative exploration costs
|
|
| 56,081
|
|
|
| 4,376
|
| Regulatory and filing fees
|
|
| 98,718
|
|
|
| 91,704
|
| Share-based compensation
|
|
| -
|
|
|
| 76,548
|
| Salaries, directors’ fees and benefits
|
|
| 982,549
|
|
|
| 455,393
|
|
|
|
|
|
|
|
|
|
| Total operating expenses
|
|
| (1,888,943
| )
|
|
| (1,625,462
| )
|
|
|
|
|
|
|
|
|
| Interest income
|
|
| 15,223
|
|
|
| 497
|
| Foreign exchange loss
|
|
| (2,237,188
| )
|
|
| (203,001
| )
| Gain on the disposal of royalty
|
|
| 318,147
|
|
|
| -
|
| Realized loss on marketable securities
|
|
| -
|
|
|
| (237
| )
| Unrealized gain on marketable securities
|
|
| 542,204
|
|
|
| 733,120
|
| Loss on the disposal of property, plant and equipment
|
|
| -
|
|
|
| (1,979
| )
|
|
|
|
|
|
|
|
|
| Loss for the period
|
|
| (3,250,557
| )
|
|
| (1,097,062
| )
|
|
|
|
|
|
|
|
|
| Foreign currency translation
|
|
| (2,098,402
| )
|
|
| (29,841
| )
| Total comprehensive loss for the period
|
| $
| (5,348,959
| )
|
| $
| (1,126,903
| )
|
|
|
|
|
|
|
|
|
| Basic and diluted loss per share
|
| $
| (0.01
| )
|
| $
| (0.01
| )
|
|
|
|
|
|
|
|
|
| Weighted average number of common shares outstanding:
|
|
| 378,614,227
|
|
|
| 259,248,342
|
|
CONSOLIDATED CONDENSED INTERIM STATEMENTS OF CASH FLOWS
(Unaudited)
(Expressed in Canadian dollars)
|
| Six months ended
|
|
|
| July 31, 2022
|
|
|
| July 31, 2021
|
|
|
|
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
| Loss for the period
|
| $
| (3,250,557
| )
|
| $
| (1,097,062
| )
| Items not involving cash:
|
|
|
|
|
|
|
|
| Accretion
|
|
| -
|
|
|
| 15,764
|
| Depreciation
|
|
| 443
|
|
|
| 23,316
|
| Share-based compensation
|
|
| -
|
|
|
| 76,548
|
| Finance cost
|
|
| -
|
|
|
| 3,895
|
| Gain on the disposal of royalty
|
|
| (318,147
| )
|
|
| -
|
| Realized loss on marketable securities
|
|
| -
|
|
|
| 237
|
| Unrealized gain on marketable securities
|
|
| (542,204
| )
|
|
| (733,120
| )
| Loss on the disposal of property, plant and equipment
|
|
| -
|
|
|
| 1,979
|
| Foreign exchange loss
|
|
| 2,237,188
|
|
|
| 203,001
|
|
|
|
|
|
|
|
|
|
| Changes in non-cash working capital items:
|
|
|
|
|
|
|
|
| Increase in receivables
|
|
| (35,101
| )
|
|
| (92,177
| )
| Increase in prepaid expenses
|
|
| (2,185
| )
|
|
| (76,990
| )
| Increase (decrease) in accounts payable and accrued liabilities
|
|
| 74,099
|
|
|
| (35,451
| )
|
|
|
|
|
|
|
|
|
| Net cash used in operating activities
|
|
| (1,836,464
| )
|
|
| (1,710,060
| )
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
| Acquisition of property, plant and equipment
|
|
| (388,283
| )
|
|
| (81,890
| )
| Acquisition of exploration and evaluation assets
|
|
| (2,155,493
| )
|
|
| (1,287,953
| )
| Proceeds from the sale of marketable securities, net
|
|
| -
|
|
|
| 3,063
|
| Increase in deposits
|
|
| (8,850
| )
|
|
| (17,060
| )
|
|
|
|
|
|
|
|
|
| Net cash used in investing activities
|
|
| (2,552,626
| )
|
|
| (1,383,840
| )
|
|
|
|
|
|
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
| Proceeds from AIM listing
|
|
| -
|
|
|
| 14,244,206
|
| Proceeds from the Offering
|
|
| 65,135,746
|
|
|
| -
|
| Proceeds from option and warrant exercises
|
|
| 7,000
|
|
|
| 235,750
|
| Share issue costs
|
|
| (3,947,087
| )
|
|
| (1,162,613
| )
| Proceeds from the disposal of royalty
|
|
| 63,147
|
|
|
| -
|
| Conversion of Royalty Option costs
|
|
| -
|
|
|
| (226,290
| )
| Lease payments
|
|
| (2,112
| )
|
|
| (25,459
| )
|
|
|
|
|
|
|
|
|
| Net cash provided by financing activities
|
|
| 61,256,694
|
|
|
| 13,065,594
|
|
|
|
|
|
|
|
|
|
| Impact of foreign exchange on cash
|
|
| (2,161,139
| )
|
|
| (186,783
| )
|
|
|
|
|
|
|
|
|
| Change in cash during the period
|
|
| 54,706,465
|
|
|
| 9,784,911
|
| Cash, beginning of the period
|
|
| 6,922,704
|
|
|
| 353,601
|
|
|
|
|
|
|
|
|
|
| Cash, end of the period
|
| $
| 61,629,169
|
|
| $
| 10,138,512
|
|
CONSOLIDATED CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
(Expressed in Canadian dollars)
|
|
| Number of
shares
|
|
|
| Amount
|
|
|
| Share
subscriptions
received in
advance
|
|
|
| Capital
contribution
|
|
|
| Share-based
payment
reserve
|
|
|
| Foreign
currency
translation
reserve
|
|
|
| Deficit
|
|
|
| Total
|
| Balance at January 31, 2021
|
|
| 149,918,585
|
|
| $
| 40,737,065
|
|
| $
| 189,902
|
|
| $
| 2,007,665
|
|
| $
| 846,212
|
|
| $
| 239,028
|
|
| $
| (35,687,896
| )
|
| $
| 8,331,976
|
| Share issuance pursuant to AIM listing
|
|
| 117,226,572
|
|
|
| 14,434,108
|
|
|
| (189,902
| )
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| 14,244,206
|
| Share issue costs
|
|
| -
|
|
|
| (1,506,824
| )
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| (1,506,824
| )
| Warrant exercises
|
|
| 2,575,000
|
|
|
| 205,750
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| 205,750
|
| Option exercises
|
|
| 200,000
|
|
|
| 30,000
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| 30,000
|
| Share-based compensation
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| 76,548
|
|
|
| -
|
|
|
| -
|
|
|
| 76,548
|
| Foreign currency translation
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| (29,841
| )
|
|
| -
|
|
|
| (29,841
| )
| Loss for the period
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| (1,097,062
| )
|
|
| (1,097,062
| )
| Balance at July 31, 2021
|
|
| 269,920,157
|
|
| $
| 53,900,099
|
|
| $
| -
|
|
| $
| 2,007,665
|
|
| $
| 922,760
|
|
| $
| 209,187
|
|
| $
| (36,784,958
| )
|
| $
| 20,254,753
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at January 31, 2022
|
|
| 285,850,157
|
|
| $
| 56,846,350
|
|
| $
| -
|
|
| $
| 2,007,665
|
|
| $
| 630,265
|
|
| $
| (174,123
| )
|
| $
| (38,599,036
| )
|
| $
| 20,711,121
|
| Share issuance pursuant to the Offering
|
|
| 225,000,000
|
|
|
| 65,135,746
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| 65,135,746
|
| Share issue costs
|
|
| -
|
|
|
| (3,964,332
| )
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| (3,964,332
| )
| Warrant exercises
|
|
| 100,000
|
|
|
| 7,000
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| 7,000
|
| Shares issued pursuant to property option agreement
|
|
| 20,298,333
|
|
|
| 9,844,692
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| 9,844,692
|
| Foreign currency translation
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| (2,098,402
| )
|
|
| -
|
|
|
| (2,098,402
| )
| Loss for the period
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| (3,250,557
| )
|
|
| (3,250,557
| )
| Balance at July 31, 2022
|
|
| 531,248,490
|
|
| $
| 127,869,456
|
|
| $
| -
|
|
| $
| 2,007,665
|
|
| $
| 630,265
|
|
| $
| (2,272,525
| )
|
| $
| (41,849,593
| )
|
| $
| 86,385,268
|
|
|
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