| To: LoneClone who wrote (22663) | 6/13/2024 1:51:52 PM | | From: LoneClone | | | | Sayona Mining: Moblan drilling reveals further high-grade lithium intersections
ca.finance.yahoo.com
Sayona Mining
Thu, June 13, 2024 at 7:44 a.m. PDT·5 min read
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- Latest results for 34 new drillholes totalling 7,853m for Sayona’s Moblan Lithium Project, Québec, Canada with highlights including:
- New South Pegmatites (East):
- 41.80m @ 1.44% Li2O from 206.20m in drillhole 1331-23-515
- 40.00m @ 1.37% Li2O from 253.00m in drillhole 1331-23-516
- New South Pegmatites (West):
- 39.55m @ 1.63% Li2O from 38.00m in drillhole 1331-23-678
- Moleon Pegmatites:
- 44.95m @ 1.56% Li2O from 81.05m in drillhole 1331-23-689
- 46.75m @ 1.49% Li2O from 197.35m in drillhole 1331-23-689
- All assay results of the 2023 drilling campaign are now complete, validated and released.
- New drilling results illustrate the potential connection between the Main, South, New South, Inter and Moleon sectors within a single extensive lithium mineralised system.
- New 3D geological modelling is underway to consider all 2023 drilling results as part of an updated Mineral Resource Estimate (MRE).
- Further drilling program of 70,000m to be completed throughout 2024.
MONTREAL, June 13, 2024 (GLOBE NEWSWIRE) -- North American lithium producer Sayona Mining Limited (“Sayona”) (ASX:SYA; OTCQB:SYAXF) announced today the results from 34 new drillholes totalling 7,853 metres at its Moblan Lithium Project (Sayona 60%; Investissement Quebec 40%), demonstrating the potential of a single, large continuous orebody.
All the drilling results from the latest exploration program are now complete, validated and released. The 2023 drill program has been successful in demonstrating the potential to increase the mineral resource base at Moblan. The drilling program was designed to test extensions to mineralisation and provide in-fill data for the upgrade of Mineral Resource categories from the 2023 MRE. Individual dykes have been documented and modelled comprising the Main Zone, South Zone, Inter Zone and Moleon domain. The latest drilling results include the identification of high-grade lithium mineralisation outside the MRE pit shells, particularly in the Inter Zone Area, and support potential conversion of some of the Inferred resources to the Indicated category within the MRE pit shells.
The new drillhole results reinforce the project’s status as the centrepiece of Sayona’s Eeyou-Istchee James Bay hub in northern Quebec, and highlights its potential to expand the existing mineral resource base at Moblan.
Sayona’s Interim CEO, James Brown, commented: “Moblan continues to present outstanding high-grade drilling results over wide intersections. The deposit now extends over ~2.3km E-W, ~1.2km N-S and to depth of ~450m.
"Today's announcement emphasises the continuation of known mineralisation and areas of in-fill between zones, suggesting considerable potential for uncovering additional extensions to this premium lithium deposit.
“Recent results from both Moblan and NAL reinforce the quality and potential of both the Abitibi-Temiscamingue and Eeyou Istchee James Bay hubs which provides Sayona an abundance of options and potential flexibility for development of an integrated lithium business in Quebec.”
For more information, please contact:
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| Bianca Galimi
| Investor Relations
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| Ph: +1 819 856-3288
| Email: ir@sayonamining.com.au
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| Email: bianca.galimi@sayona.ca
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About Sayona Mining
Sayona Mining Limited is a North American lithium producer (ASX:SYA; OTCQB:SYAXF), with projects in Québec, Canada and Western Australia.
In Québec, Sayona’s assets comprise North American Lithium together with the Authier Lithium Project and the Tansim Lithium Project, supported by a strategic partnership with American lithium developer Piedmont Lithium Inc. (Nasdaq:PLL; ASX:PLL). Sayona also holds a 60% stake in the Moblan Lithium Project in northern Québec.
In Western Australia, the Company holds a large tenement portfolio in the Pilbara region prospective for gold and lithium. Sayona is exploring for Hemi style gold targets in the world class Pilbara region, while its lithium projects include Company-owned leases and those subject to a joint venture with Morella Corporation (ASX:1MC).
For more information, please visit us at sayonamining.com.au
About Investissement Québec
Investissement Québec’s mission is to play an active role in Québec’s economic development by stimulating business innovation, entrepreneurship and business acquisitions, as well as growth in investment and exports. Operating in all of the province’s administrative regions, the Corporation supports the creation and growth of businesses of all sizes with investments and customised financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec Innovation. In addition, through Investissement Québec International, the Corporation prospects for talent and foreign investment, and assists Québec businesses with export activities.
Competent and Qualified Person Statement
The information in this announcement relating to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Mr. Carl Corriveau, PGeo, VP Exploration of Sayona, Mr Alain Carrier, PGeo, independent consultant (InnovExplo) and Mr Ehouman N’Dah, PGeo, Exploration Manager of Sayona who are all members of the Quebec Order of Geologists, a Registered Overseas Professional Organisation as defined in the ASX Listing Rules, and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and are Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr Carrier, Corriveau and N’Dah consent to the inclusion in this release of the matters based on the information in the form and context in which they appear.
Forward Looking Statements
This press release contains certain forward-looking statements. Such statements include, but are not limited to, statements relating to "reserves" or "resources". Forward-looking statements are based on certain assumptions and involve known and unknown risks, uncertainties and other factors, many of which are beyond Sayona’s control. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement. 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 forward-looking statements. |
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| To: LoneClone who wrote (22664) | 6/13/2024 2:11:52 PM | | From: LoneClone | | | | FE Battery Metals Announces Positive Laboratory Results Producing Lithium Carbonate Grades Exceeding 99% Purity
accesswire.com
Thursday, 13 June 2024 12:35 AM
VANCOUVER, BC / ACCESSWIRE / June 13, 2024 / FE Battery Metals Corp (CSE:FE)(OTCQB:FEMFF)(WKN: A2JC89) ("FE" or the "Company") is pleased to announce the positive results of hydrometallurgical testwork that was able to produce battery grade lithium carbonate from pegmatite samples from its Augustus Lithium Project.
For the study, FE contracted SGS Canada Inc. ("SGS"). The testwork was conducted at SGS' Metallurgical Centre of Excellence testing facility located in Lakefield, Ontario with the objectives of evaluating, establishing, and confirming the optimal hydrometallurgical process flowsheet required to successfully extract high purity lithium carbonate from previously developed spodumene concentrate, produced from FE's flagship Augustus Lithium Project. The Augustus Lithium Project sits adjacent to the North American Lithium mine in Quebec.
The resultant successful hydrometallurgical process involved eight steps that covered phase transformation, roasting, isolation and purification of the original concentrate to precipitate lithium carbonate with a very high purity. Phase transformation of the spodumene was achieved by a process known as calcination, which roasted the concentrate for 60 minutes at 1050°C in a rotary kiln with the resultant calcine ground and acid roasted with sulphuric acid in a rotary kiln at 250°C for 60 minutes.
Impurities such as Al, Fe, Mg, Mn, and Ca were removed during the process by selective precipitation by ion exchange with a LANXESS MDS TP260 resin. With impurities removed, the resultant lithium sulphate solution was subjected to direct lithium carbonate precipitation at 95°C by the addition of sodium carbonate at a specific ratio. Later, this first precipitate was put into a slurry where it was eventually re-precipitated with a resultant purity of 99.95% at a 74% lithium recovery.
"SGS was pleased to support our client, FE Battery Metals Corp, in developing a hydrometallurgical flowsheet for extracting high purity lithium carbonate, a crucial chemical in the battery supply chain. Our Lakefield team is committed to delivering innovation in extractive metallurgy while upholding our company's strong commitment to sustainability," said Carlos Cordoba, VP of Natural Resources at SGS North America.
About SGS Canada Inc. (SGS)
We are SGS - the world's leading testing, inspection and certification company. We are recognized as the global benchmark for sustainability, quality and integrity. Our 99,600 employees operate a network of 2,600 offices and laboratories around the world. Visit sgs.ca.
Lastly, the Company is pleased to announce the acquisition of 47 mineral claims in two claim blocks covering approximately 2,759.80 hectares of land, located 40 km northeast of Mont Laurier in Québec. Infrastructure support, availability of water and power locally, and historically successful results make it a promising exploration target for rare earth metals and uranium.
Transaction Details:
The Company acquired the mining claims comprising the Property from an arm's length seller pursuant to an option agreement dated March June 10th, 2024 (the "Effective Date"). Under the agreement, the Optionor will sell, transfer, and assign to the Company all their interest for and in consideration of (i) issuing an aggregate of 1,000,000 Shares, common shares of FE Battery Metals Corp over two years, (ii) incurring exploration expenditures of $ 1,000,000 over two years. There is a 1.0% of Gross Metal Royalty (GMR) over the Property payable upon the commencement of commercial production on these claims.
The issuance of the common shares is subject to obtaining all required regulatory approvals, including that of the CSE. The common shares will be subject to a "hold" period of four months and one date for their date of issuance.
ON BEHALF OF THE BOARD OF
FE BATTERY METALS CORP.
"Gurminder Sangha"
Gurminder Sangha
CEO & Director
For further information, please contact the Company at: info@febatterymetals.com
Neither the Canadian Securities Exchange (CSE) nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release and has neither approved nor disapproved the contents of this news release.
Forward-Looking Information
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes information about the Company's intentions, plans and future actions described herein and the terms thereon.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to obtain required approvals. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
SOURCE: FE Battery Metals Corp. |
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| To: LoneClone who wrote (22665) | 6/13/2024 2:33:28 PM | | From: LoneClone | | | | Foremost Lithium Provides Update on its Peg North Property in Manitoba, Canada
ca.finance.yahoo.com
Foremost Lithium Resource & Technology Ltd.
Thu, June 13, 2024 at 5:31 a.m. PDT·7 min read
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-10.94%
Highlights:
- The Peg North Property straddles the northeastern extension of the Crowduck Bay Fault which is a focal point for the development of lithium-enriched pegmatite dyke clusters
- The Peg North Property is the largest of the Company’s Lithium Lane Properties consisting of 28 claims covering 16,697 acres/6,757 hectares or approximately 26.4 square miles
VANCOUVER, British Columbia, June 13, 2024 (GLOBE NEWSWIRE) -- Foremost Lithium Resource & Technology Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost Lithium”, “Foremost” or the “Company”), a North American hard-rock lithium exploration company, confirms further to its news release on June 29, 2022 in respect of the Company's option ("the Option") to acquire a 100% interest in the Peg North Claims located in the historic Snow Lake Mining District in Manitoba, that the Company has completed its third installment of the Option payment due on or before June 28, 2024. In accordance with the terms of the Option agreement, the third installment payment consisted of a cash payment of $100,000 and the issuance of 28,818 common shares at a deemed price of $3.47 per share, being the 30-day weighted volume average price of the Company’s shares on the Canadian Securities Exchange. The shares are subject to a hold period of four months and one day expiring on October 13, 2024.
Peg North Property Map
Fig 1. Peg North Property Map
The Peg North Property
The Peg North Claim block is the largest of the Company’s Lithium Lane properties and consists of 16,697 acres/6,757 hectares or approximately, 26.4 square miles. It contains many historically documented pegmatite outcrops, and high volume of pegmatite dykes were discovered during the Summer 2023 exploration field program that Dahrouge Geological Consulting undertook. The focus was on the historically mapped pegmatites to assess the degree of pegmatite fractionation and to determine LCT mineralization potential. Dense cover, difficult terrain, and forest fires hindered exploration progress and a large area of Peg North remains to be prospected. The Crowduck Bay Fault extends into the Peg North Property which is known for its lithium-enriched pegmatite dyke clusters; significant numbers of pegmatites seem to be within unexplored territory highlighting the prominence of the Crowduck Bay Fault.
“We are delighted to complete the third installment of the option payment to acquire 100% interest of the Peg North Claims, which we believe is a significant prospective property for our Company, and believe it brings inherent value for our shareholders,” states Jason Barnard, President and CEO of Foremost Lithium. “While lithium pricing has experienced transitory challenges, we feel market conditions are starting to change and reflective of positive sentiment. We remain highly confident in our Lithium Lane projects, and their potential. We are well positioned within the industry and remain committed on the path towards future value creation for our stakeholders.”
Foremost announced on October 08, 2023, that LiDAR survey on the Peg North claim block would be completed in the fall last year to add to the collection of high-resolution magnetics aerial drone surveys on the property to better understand the structural details of the property and its topographic expressions. High-resolution LiDAR models of ground elevation or relief on other of Foremost’s Lithium Lane properties have also defined many areas with comparable orientations as known spodumene-bearing pegmatite, suggesting that LiDAR and magnetic could also be an effective tool for future drill targeting on Peg North.
Future Plans
Foremost’s plans include extensive exploration as the summer 2023 was limited due to the forest fires inhibiting access to a large portion of the property. Additional lithium-bearing pegmatites occur northeast, east and southeast of the Peg North property which underscore the highly prospective nature for repetitions of lithium-bearing pegmatite dykes, making this property potential extremely favourable. Both magnetic survey and LiDAR images, with appropriate orientations, coupled with mapping, and geochemical survey, will provide a base to follow-up exploration and drill targeting.
About Foremost Lithium
Foremost Lithium (NASDAQ: FMST) (CSE: FAT) (FSE: F0R0) (WKN: A3DCC8) is a hard-rock lithium exploration company focused on empowering the North American clean energy economy. Foremost’s strategically located lithium properties extend over 43,000 acres in Snow Lake, Manitoba, and hosts a property in a known active lithium camp situated on over 11,400 acres in Quebec called Lac Simard South.
Foremost’s four flagship Lithium Lane Projects as well as its Lac Simard South project are located at the tip of the NAFTA superhighway to capitalize on the world’s growing EV appetite, strongly positioning the Company to become a premier supplier of North America’s lithium feedstock. As the world transitions towards decarbonization, the Company’s objective is the extraction of lithium oxide (Li2O), and to subsequently play a role in the production of high-quality lithium hydroxide (LiOH), to help power lithium-based batteries, critical in developing a clean-energy economy. Foremost Lithium also has the Winston Gold/Silver Property in New Mexico USA. Learn More at www.foremostlithium.com.
Contact and Information
Company
Jason Barnard, President and CEO
+1 (604) 330-8067
info@foremostlithium.com
Investor Relations
Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
(949) 259-4987
FMST@mzgroup.us
www.mzgroup.us
Follow us or contact us on social media:
Twitter: @foremostlithium
Linkedin: https://www.linkedin.com/company/foremost-lithium-resource-technology/
Facebook: https://www.facebook.com/ForemostLithium
Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented in this news release and oral statements made from time to time by representatives of the Company are or may constitute “forward-looking statements” as such term is used in applicable United States and Canadian laws and including, without limitation, within the meaning of the Private Securities Litigation Reform Act of 1995, for which the Company claims the protection of the safe harbor for forward-looking statements. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect,” “is expected,” “anticipates” or “does not anticipate,” “plans,” “estimates” or “intends,” or stating that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. Forward-looking statements in this news release include, among others, statements relating to: the timing, structure and completion of the Spin-Out; the formation of RGR; the transfer of the Winston Group of Properties from Foremost to RGR; the timing and receipt of required shareholder, court, stock exchange and regulatory approvals for the Spin-Out; the retained ownership interest of Foremost in RGR; the terms of the Spin-Out; the completion of the Financing and the amount of proceeds to be received therefrom; and the listing of RGR on the CSE. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the automotive industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities or claims limitations on insurance coverage. 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 statements, 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 statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities. and information. Please refer to the Company’s most recent filings under its profile at www.sedarplus.ca for further information respecting the risks affecting the Company and its business.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
A photo accompanying this announcement is available at globenewswire.com |
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| To: LoneClone who wrote (22666) | 6/13/2024 2:37:59 PM | | From: LoneClone | | | | American Rare Earths: Halleck Creek Project Update
ca.finance.yahoo.com
American Rare Earths
Thu, June 13, 2024 at 5:03 a.m. PDT·5 min read
AMRRY
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Drilling Program, R&D, Environmental Permitting, Processing and Metallurgical Testwork
Highlights
- 2,470 m drilling program to commence in July 2024 in the Cowboy State Mine area to upgrade resources and advance mine planning work for prefeasibility analysis.
- New Research and Development partnership funding1 approved by Defense Advanced Research Projects Agency (DARPA), with Lawrence Livermore National Laboratory being awarded $US 4.6 million – part of these funds will be used by Lawrence Livermore National Laboratory to continue work to support flowsheet design at Halleck Creek.
- Permitting activities have been initiated at the Cowboy State Mine, beginning with baseline environmental data collection/analysis.
- Flowsheet Optimization:
- Advanced separation and concentration testwork continue to progress
- Detailed leach testing being planned with experts at SGS Canada
DENVER, June 13, 2024 (GLOBE NEWSWIRE) -- American Rare Earths Ltd. (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) (“ARR” or the “Company”) is pleased to provide a project update around previously announced project milestones and announce upcoming exploration drilling at the Halleck Creek Project. Under the DARPA Environmental Microbes as a BioEngineering Resource (EMBER) program, Phase II was recently awarded an additional US$4.6 million in R&D funding for continued studies. This is noteworthy as prior work from this research has been utilized in the current processing flowsheet, using gravity separation techniques developed in the research, and the R&D continues to utilise Halleck Creek ore2.
________________________
1 globenewswire.com
2 ASX Announcement, “American Rare Earths Announces Breakthrough Metallurgical Results”, 22 January 2024.
Donald Swartz, CEO of American Rare Earths, commented:
“I am pleased to announce our continued project execution to de-risk the project. At the time of our institutional placement in February, we outlined the use of proceeds to accelerate development to include additional drilling, metallurgical testwork, project studies, and permitting. As we enter the 2025 fiscal year, we do so ahead of schedule. Through the Company’s involvement in the DARPA initiative, our flowsheet has improved, and I’m excited about the future. The planned drilling will allow ARR to upgrade our resource estimates and provide data for advancing studies in FY2025. The mineral processing and leaching testwork is designed to refine our current flowsheets. The preliminary baseline environmental studies are the first steps towards responsible mine development at the Cowboy State Mine.”
Project Update
- The Company is mobilizing drillers so drilling can commence in July 2024. The plans for the Cowboy State Mine area consist of drilling approximately 23 holes (12 RC holes and 11 HQ core holes) for a total of 2,470 meters (8,100 feet) (Figure 1).
- ARR has engaged WWC Engineering (WWC), from Sheridan, Wyoming, to oversee and conduct baseline environmental data collection activities at the Cowboy State Mine area. These baseline studies include commencing detailed vegetation and animal monitoring surveys. Additional baseline environmental studies will commence after consultation with the Wyoming Department of Environmental Quality – Land Quality Division.
- ARR continues to refine mineral processing flowsheets with ongoing work at Mineral Technologies and SGS Canada. Mineral Technologies ran approximately 400 kg of Halleck Creek core across spiral separators showing distinct separation between the material (Figure 2 ). Mineral Technologies collected 53 samples and submitted them for assay with ALS Global, with results pending.
- SGS Canada is performing high-pressure grinding roll (HPGR), gravity separation, wet-high intensity magnetic separation, and electrostatic separation tests on approximately 75kg of Halleck Creek core. The SGS testwork is designed to build upon separation testing performed by Wood PLC in 2023, with a focus on gravity separation as the primary separation method with results expected in Q3 2024.
- ARR is developing processing and leaching test programs and will be using approximately 3 tonnes of available core samples from Halleck Creek and core samples collected during the July 2024 drilling at the Cowboy State Mine area. The processing and separation testwork will be based on the results of current Mineral Technologies and SGS Canada testing and is expected to commence in Q3 2024.
- SGS Canada have developed a comprehensive testwork plan focusing on leaching, impurity removal and preliminary rare earth oxide processing with work to commence in Q3/Q4 2024.
2024 Proposed Drill Hole Locations
Figure 1 – 2024 Proposed Drill Hole Locations
MG 12 Spiral from Mineral Technologies and Halleck Creek Feed in the Spiral
Figure 2 – MG 12 Spiral from Mineral Technologies and Halleck Creek Feed in the Spiral
This announcement is authorized for release by the CEO of American Rare Earths.
Competent Persons Statement:
The information in this document is based on company work performed in September and October 2023. This work was reviewed and approved for release by Mr. Dwight Kinnes (Society of Mining Engineers #4063295RM) who is employed by American Rare Earths and has sufficient experience which is 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 in the 2012 JORC Code. Mr. Kinnes consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.
This work was reviewed and approved for release by Mr. Kelton Smith (Society of Mining Engineers #4227309RM) who is employed by Tetra Tech and has sufficient experience which is relevant to the metallurgical testing and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 JORC Code. Mr. Smith consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.
About American Rare Earths Limited:
American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) owns the Halleck Creek, WY and La Paz, AZ rare earth deposits which have the potential to become the largest and most sustainable rare earth projects in North America. The Company is developing environmentally friendly and cost-effective extraction and processing methods to meet the rapidly increasing demand for resources essential to the clean energy transition and US national security. The Company continues to evaluate other exploration opportunities and is collaborating with US Government-supported R&D to develop efficient processing and separation techniques of (REEs) elements to help ensure a renewable future.
Further information
Contact:
Susan Assadi
Media Relations US
sassadi@americanree.com
347 977 7125
Beverly Jedynak
Investor Relations US
Beverly.jedynak@viriathus.com
312 943 1123
A photo accompanying this announcement is available at globenewswire.com
A photo accompanying this announcement is available at globenewswire.com |
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| To: LoneClone who wrote (22667) | 6/14/2024 12:44:40 PM | | From: LoneClone | | | | [Tin/Tantalum]
Strategic Minerals Europe and IberAmerican Lithium Announce Spanish Court Denies Appeal on Penouta Project Section C Permit
newsfilecorp.com
June 13, 2024 9:14 AM EDT | Source: IberAmerican Lithium Corp.
Toronto, Ontario--(Newsfile Corp. - June 13, 2024) - Strategic Minerals Europe Corp. (Cboe CA: SNTA) (FSE: 26K0) (OTCQB: SNTAF) ("Strategic Minerals") and IberAmerican Lithium Corp. (Cboe CA: IBER) (OTCQB: IBRLF) ("IberAmerican"), jointly announce that the Superior Court of Xustiza of Galicia (the "TSXG") has upheld on appeal its decision to suspend (the "Decision") the section C permit for Strategic Minerals' Penouta tin-tantalum mine in Spain (the "Penouta Project").
The Decision of the TSXG relates to a complaint filed by an environmentalist group known as "Ecoloxistas en Acción" against the local mining authority, Xunta de Galicia (the "Xunta"), requesting a revocation of the section C permit granted to Strategic Minerals in May 2022. Strategic Minerals and IberAmerican respectfully disagree with the Decision and are exploring all available legal avenues to reverse the Decision and to expedite the reinstatement of the section C permit, including a potential appeal to the Supreme Court of Spain (the "SCS"). The Decision does not impact the section B permit at the Penouta Project, which permits Strategic Minerals to exploit tailings and waste deposits. Upon completion of the Business Combination (as defined below), IberAmerican expects to promptly resume exploitation activities pursuant to the section B permit in an effort to generate immediate cash flow.
Furthermore, Strategic Minerals is firmly committed to the Penouta Project and is dedicated to social, economic, and environmental sustainability. This approach underscores Strategic Minerals' ongoing commitment to responsible and legally compliant operations. Upon completion of the previously announced business combination with IberAmerican (the "Business Combination"), IberAmerican will continue to uphold these principles, ensuring the shared alignment of values and regulatory standards. The Business Combination has been approved by an overwhelming majority of Strategic Minerals' shareholders.
Strategic Minerals wishes to express its gratitude to the local communities impacted negatively by the Decision for their strong support over the past eight months. This includes all those parties and partners involved in the Penouta Project, the mayors and municipal corporations of the region of Galicia, and all political and union organizations, as well as the neighbours who have publicly supported Strategic Minerals. As Strategic Minerals and IberAmerican move forward with Business Combination, both parties remain committed to upholding the principles of community engagement and support, ensuring that the future combined company continues to build on this foundation of mutual respect and collaboration.
Strategic Minerals and IberAmerican remain dedicated to revitalizing the region through the Penouta Project, promoting sustainable development, creating wealth in Galicia, and ensuring ongoing commitment to environmental stewardship and economic growth in the region.
About Strategic Minerals Europe Corp.
Strategic Minerals' wholly-owned subsidiary, Strategic Minerals Spain, S.L.U. ("SMS"), produces, identifies, explores, and develops mineral resource properties critical to the green economy, predominantly in Spain. SMS holds permits and a production license for the Penouta Project. SMS is the largest cassiterite concentrate and tantalite producer in the European Union and has been recognized within the EU as an exemplary company of good practices in the circular economy. Strategic Minerals is well-positioned as a major producer of sustainable and conflict-free tin, tantalum, and niobium. Strategic Minerals is a "reporting issuer" under applicable securities legislation in the provinces of British Columbia, Alberta, and Ontario.
Additional information on Strategic Minerals can be found by reviewing its profile on SEDAR+ at sedarplus.ca and its website at www.strategicminerals.com.
About IberAmerican Lithium Corp.
IberAmerican Lithium Corp. is a hard-rock lithium exploration company focused on advancing its 100% owned Alberta II & Carlota Properties located in the Galicia region of northwestern Spain. IberAmerican Lithium's properties are located in a favorable lithium district with world class infrastructure and a supportive and proactive mining jurisdiction.
Additional information on IberAmerican is available at www.iberamericanlithium.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca.
To learn more visit: api.newsfilecorp.com.
Cautionary Note Regarding Forward-Looking Information:
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, including statements with respect to resumption of exploitation at the Penouta Project and cashflow therefrom, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Strategic Minerals or IberAmerican to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results for Strategic Minerals to differ materially from those anticipated in these forward-looking statements are described under the caption "Risks Factors" in Strategic Minerals' Annual Information Form dated March 27, 2024 which is available for view on SEDAR+ at www.sedarplus.ca. Factors that could cause actual results for IberAmerican to differ materially from those anticipated in these forward-looking statements are described under the caption "Risks Factors" in IberAmerican's Annual Information Form dated March 26, 2024 which is available for view on SEDAR+ at www.sedarplus.ca. These risks include, but are not limited to, the risks associated with the mining and exploration industry, such as operational risks in development or capital expenditures, the uncertainty of projections relating to production, any appeal to the SCS and the success thereof and any delays or changes in plans with respect to the exploitation of the site. Each of Strategic Minerals and IberAmerican disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
SOURCE: Strategic Minerals Europe Corp. and IberAmerican Lithium Corp.
Further Information
For further information regarding Strategic Minerals, please contact:
Elena Terrón, Corporate Secretary; HR and Legal Director in Spain
Strategic Minerals Europe Corp.
eterron@strategicminerals.com
For further information regarding IberAmerican, please contact:
Campbell Becher
inquiries@ialithium.com
647-404-9071
 SOURCE: IberAmerican Lithium Corp. |
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| To: LoneClone who wrote (22668) | 6/14/2024 12:52:23 PM | | From: LoneClone | | | | [Lithium]
Q2 Metals Completes Closing of Option Agreements for the Acquisition of the Large-Scale Cisco Lithium Property Located in James Bay, Quebec
newsfilecorp.com
June 13, 2024 8:45 PM EDT | Source: Q2 Metals Corp.
Vancouver, British Columbia--(Newsfile Corp. - June 13, 2024) - Q2 Metals Corp. (TSXV: QTWO) (OTCQB: QUEXF) (FSE: 458) ("Q2" or the "Company") announces that, further to its news release on February 29, 2024, the Company has completed the closing of three individual option agreements that were each entered into on February 28, 2024, as amended on June 12, 2024 (the "Option Agreements"). Under the terms of the Option Agreements, the Company was granted the exclusive right and option to acquire a 100% interest in three groups of mineral claims collectively known as the Cisco Property, located in the southern portion of Eeyou Istchee James Bay, Quebec, Canada.
About the Cisco Property
The Cisco Property is comprised of three groups of mineral claims, the Broadback claim block, the Cisco claim block and the Ouagama claim block, collectively consisting of 222 mineral claims and totaling 11,374 hectares ("ha") in size. It is located less than 10 kilometres ("km") east of the Billy Diamond Highway, and approximately 150km north of Matagami, a small town that contains the closest rail link to much of James Bay (Figure 1). The Cisco Property lies within the greater Nemaska Community lands of the Eeyou Istchee Territory, James Bay, Quebec.
Figure 1. Cisco Property Claim Block Map
To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com
The Cisco Property is situated along the Frotet Evans Greenstone Belt, comprised of a volcanic package dominated by mafic to felsic metavolcanic rocks, of the southern James Bay Lithium District, the same belt that hosts the Sirmac and Moblan lithium deposits, located 130km and 180km away, respectively.
Exploration work completed on the Cisco Property by the property vendors in 2022 and 2023 identified a mineralized zone and the Company's re-assay of the six drill holes completed by the property vendors confirmed a discovery drill result of 115.4 metres of 1.40 percent lithium oxide (hole CS-23-05), cumulatively in five separate pegmatites:
Table 1. Results of re-analysis for the 2023 Cisco drilling
To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com
Option Agreements
Under the terms of the three individual Option Agreements, the aggregate consideration payable for the Cisco Property is $2,400,000 cash, 60,000,000 common shares of Q2 and exploration expenditures of $12,000,000, broken down on a per Option Agreement basis as follows:
| Cash | Shares | Exploration Expenditures
(on Cisco Claims) | | Broadback | Ouagama | Cisco | Broadback | Ouagama | Cisco | | Closing of Agreements | $200,000 | $200,000 | $1,100,000 | 5,000,000 | 5,000,000 | 10,000,000 | - | | Year 1 anniversary | - | - | $500,000 | 5,000,000 | 5,000,000 | 10,000,000 | $1,000,000 | | Year 2 anniversary | - | - | $400,000 |
|
| 10,000,000 | $2,500,000 | | Year 3 anniversary | - | - | - |
|
| 10,000,000 | $3,500,000 | | Year 4 anniversary | - | - | - | - | - | - | $5,000,000 | | Total | $200,000 | $200,000 | $2,000,000 | 10,000,000 | 10,000,000 | 40,000,000 | $12,000,000 |
Upon satisfaction of the above payments and expenditures, the Company will earn a 100% interest in the Cisco Property.
The Option Agreements received the acceptance of the TSX Venture Exchange on March 8, 2024. All securities issued to the Cisco Vendors, the Broadback Vendors and the Ouagama Venders are subject to a hold period expiring four months and one day from their date of issuance.
Cisco Claim Group
Pursuant to the terms of an option agreement between the Company and 9490-1626 Quebec Inc. (the "Cisco Vendor") dated February 28, 2024, as amended on June 12, 2024 (the "Cisco Agreement"), in order for the Company to exercise the option to acquire a 100% interest in 121 mineral claims (the "Cisco Claims") from the Cisco Vendor, the Company must pay to the Cisco Vendor total consideration of an aggregate of 40,000,000 Common Shares, $2,000,000 cash and conduct $12,000,000 in exploration expenditures, over a four-year period. The Company has completed the closing of the Cisco Agreement and has made the first instalment of the cash & share consideration.
The Cisco Vendor will retain a 4% gross metals returns royalty ("GMR") on the Cisco Claims (the "Cisco GMR"), of which up to 3% of the Cisco GMR can be purchased by the Company. At any time after the option for the Cisco Claims is exercised and prior to commercial production, the Company may repurchase the first 1% for $1,500,000, the next 1% for $3,000,000 and the Company has a right of first refusal on the next 1%. The foregoing Cisco GMR purchase payments may be satisfied in either cash or Common Shares, at the election of the Company. The Cisco Vendor will also be paid a cash bonus of $2,500,000 on the completion and delivery of an initial mineral resource calculation report, prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects, on the Cisco Claims demonstrating an inferred resource (or higher category) of at least 25 million tonnes grading over 1% Li2O.
Broadback Claims
Pursuant to the terms of an option agreement between the Company, 9219-8845 Quebec Inc ("9219"), Steven Labranche and Anna-Rosa Giglio (the "Broadback Vendors") dated February 28, 2024, as amended on June 12, 2024 (the "Broadback Agreement"), in order for the Company to exercise the option to acquire a 100% interest in 24 mineral claims (the "Broadback Claims") from the Broadback Vendors, the Company must pay to the Broadback Vendors total consideration of an aggregate of 10,000,000 Common Shares and $200,000. The Company has completed the closing of the Broadback Agreement and has made the first instalment of the cash & share consideration.
9219 and Ressources Broadback Inc. have been granted a 3% GMR on the Broadback Claims (the "Broadback GMR"), of which up to 2% of the Broadback GMR can be repurchased by the Company at any time prior to commercial production for $1,000,000 for the first 1% and $2,000,000 for the next 1%. The foregoing Broadback GMR purchase payments may be satisfied in either cash or Common Shares, at the election of the Company.
Ouagama Claims
Pursuant to the terms of an option agreement between the Company, 9219, Steven Labranche, Anna-Rosa Giglio, Trent Potts and Potts of Gold Resources Pty Ltd. (the "Ouagama Vendors") dated February 28, 2024, as amended on June 12, 2024 (the "Ouagama Agreement"), in order for the Company to exercise the option to acquire a 100% interest in 77 mineral claims (the "Ouagama Claims") from the Ouagama Vendors, the Company must pay to the Ouagama Vendors total consideration of an aggregate of 10,000,000 Common Shares and $200,000. The Company has completed the closing of the Ouagama Agreement and has made the first instalment of the cash & share consideration.
The Ouagama Vendors have been granted a 3% GMR on the Ouagama Claims (the "Ouagama GMR") of which up to 2% of the Ouagama GMR can be repurchased by the Company at any time prior to commercial production for $1,000,000 for the first 1% and $2,000,000 for the second 1%. The foregoing Ouagama GMR purchase payments may be satisfied in either cash or Common Shares, at the election of the Company.
Qualified Person
Neil McCallum, B.Sc., P.Geol, is a registered permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and has reviewed the technical information in this news release. Mr. McCallum is a director and VP Exploration for Q2.
About Q2 Metals Corp
Q2 Metals is a Canadian mineral exploration company focused on unlocking its portfolio of lithium projects in the Eeyou Istchee James Bay region of Quebec, Canada, that includes both its 100-per-cent-owned Mia Lithium Property and the Cisco Lithium Property.
The Cisco Lithium Property is located approximately 150 km north of Matagami, Que., and comprises 222 mineral claims and is 11,374 ha in size. The property has district-scale potential with an already identified mineralized zone and a discovery drill result of 115.4 metres of 1.40 percent lithium oxide (hole CS-23-05), cumulatively in five separate pegmatites.
The Company's exploration advancement at its 8,668-hectare flagship Mia Lithium Property is focused on the more than 10-kilometre-long Mia trend which is host to both the Mia 1 and Mia 2 lithium occurrences and 11 other mineralized zones along trend.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Alicia Milne
President & CEO
Alicia@Q2metals.com
Jason McBride
Corporate Communications
Jason@Q2metals.com
Telephone: 1 (800) 482-7560
E-mail: info@Q2metals.com
Follow the Company: Twitter, LinkedIn, Facebook, and Instagram
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Accordingly, all statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, any statements or plans regard the geological prospects of the Company's properties and the future exploration endeavors of the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement. Forward looking statements in this news release include, but are not limited to the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, variations in ore grade or recovery rates, changes in project parameters as plans continue to be refined, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same. Readers are cautioned that mineral exploration and development of mines is an inherently risky business and accordingly, the actual events may differ materially from those projected in the forward-looking statements. Additional risk factors are discussed in the section entitled "Risk Factors" in the Company's Management Discussion and Analysis for its recently completed fiscal period, which is available under Company's SEDAR profile at www.sedarplus.ca.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
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.
 SOURCE: Q2 Metals Corp. |
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| To: LoneClone who wrote (22669) | 6/14/2024 12:53:38 PM | | From: LoneClone | | | | Bradda Head Lithium Announces Drilling Results for Basin Lithium-in-Clay Project
accesswire.com
Friday, 14 June 2024 02:00 AM
Drilling Results for Basin Lithium-in-Clay Project, Lithium Discovered in All Holes
BRITISH VIRGIN ISLANDS / ACCESSWIRE / June 14, 2024 / Bradda Head Lithium Ltd ("Bradda Head", "BHL" or the "Company") (AIM:BHL)(TSXV:BHLI), the North America-focused lithium development group, is pleased to provide drill hole geochemical results for its Basin Project in Arizona. The lithium-in-clay, resource-expansion drilling programme has concluded with the completion of eight drill holes on the Basin North target portion of the Basin project and all assays have been received. A resource expansion exceeding 2.5 MT of lithium carbonate equivalent (LCE) would generate a US$3 million royalty payment to Bradda Head from Lithium Royalty Company (LRC).
Basin North Drill Programme Highlights:
- Upper Clay unit thickness at 103m in the center of the drill pattern discovered in hole BND24-19, encountering nearly 100m (99.82m) at 839 ppm Li with a higher-grade interval of 32.52m at 1,030 ppm Li
- Five out of the eight holes contain abundant lithium in the Lower Clay, significant as we are now able to connect the Lower Clay in Basin North with holes drilled at Basin East, 2km to the south
- Drill hole BND24-22 encountered 24.05m at 845 ppm Li in the lower clay, ending in 822 ppm Li due to hole collapsing
- Additional surface geological mapping and surface sampling further predict the expansion of clays (Upper and Lower) towards the west onto Basin West, to the East onto a State of Arizona Mineral Exploration Permit (MEP), and well to the north where clays have been discovered 1.8km north of hole BND24-20
- New surface sampling detects up to 1,241 ppm Li in clays 1.8km to the north of hole BND24-20, interpreted to represent the Upper Clay
- Program completed without environmental or safety incidents
- MRE anticipated to be complete within the next few weeks, following which the resource will be announced
Results from all eight drill holes contain excellent lithium mineralization, with extensive amounts newly discovered in the Lower Clay. The highlight of this year's drilling is 99.82m containing 841 ppm Li with a higher-grade interval of 32.52m containing 1,030 ppm Li in drill hole BND24-19. Hole BND24-19 contains the thickest Upper Clay thickness of 103m. Drill hole BND24-23 has strong lithium mineralization in both the Upper Clay and Lower Clay, highlighted by 69.80m of 976 ppm Li in the Upper Clay with 11.74m at 1,583 ppm Li in the High-Grade zone within the Upper Clay and 11.43m of 864 ppm in the Lower Clay. See Table 1 for a full summary of drilling results and Figure 1 for drill hole locations.
All of the geochemical data, including a refined Leapfrog geologic 3-D model, are presently with the Qualified Person, who is generating the 2024 MRE (Mineral Resource Estimate). We anticipate the MRE will be completed within the next few weeks, following which the resource will be announced.
Rock chip samples were also collected in Basin North around the north margin of the sedimentary basin, detecting up to 1,241 ppm Li on the surface, proving the exceptional expansion opportunities towards the north, along with what the Company knows about the extensive potential at Basin West (See Figure 1).
Ian Stalker, Executive Chair, commented:
"This is a particularly exciting juncture in the Company's trajectory, as we await the updated resource which could unlock a significant royalty payment from the LRC. Now, with all the results received and the notable expansion into the Lower Clay, we await calculation by our QP on the MRE expansion, which we anticipate proving significant growth from 1.08 MT of LCE. Since last year's sonic drilling and expansion from 371KT to 1.08MT of LCE, we have remained steadfast in our prediction that we will achieve what is an important increase. We tripled the resource last year and are optimistic we may achieve something similar with the conclusion of this 2024 program. We look forward to providing an update on the Basin MRE for all our stakeholders in short order."
Figure 1. Basin drill hole distribution, land, surface geochemistry, 2023 resource boundaries (inferred and indicated).
Table 1 Below, 2024 Drill Hole Intercepts
Drill Hole
| From_m
| To_m
| Interval_m
| Li in ppm
| Clay Sequence
| Comments
| BND24-15
| 164.44
| 254.20
| 88.44
| 811
| Upper Clay
| 1.52m of cave material, not included | Inc.
| 221.89
| 234.70
| 12.81
| 1,250
| Upper Clay_High Grade
|
|
| 282.82
| 311.54
| *27.75
| 737
| Lower Clay
| * 0.97m Interval lost at 307.18 due to re-drill | Inc.
| 296.91
| 311.54
| *12.29
| 1,024
| Lower Clay_High Grade
| * 0.97m Interval lost at 307.18 due to re-drill |
|
|
|
|
|
|
| BND24-16
| 76.5
| 156.67
| 80.17
| 694
| Upper Clay
|
|
| 120.52
| 130
| 9.48
| 938
| Upper Clay
|
| BND24-17
|
|
|
|
|
| *Hole Lost at 76.2m |
|
|
|
|
|
|
| BND24-18
| 153.19
| 216.10
| 62.91
| 711
| Upper Clay
|
|
| 188.61
| 196.90
| 8.29
| 1,024
| Upper Clay
|
|
|
|
|
|
|
|
| BND24-19
| 213.21
| 313.03
| 99.82
| 841
| Upper Clay
|
| Inc.
| 251.46
| 283.98
| 32.52
| 1,030
| Upper Clay_High Grade
|
|
| 347.32
| 362.41
| 15.09
| 635
| Lower Clay
|
|
|
|
|
|
|
|
| BND24-20
| 198.39
| 275.2
| 76.81
| 749
| Upper Clay
|
|
| 244.24
| 257.83
| 13.59
| 946
| Upper Clay
|
|
|
|
|
|
|
|
| BND24-21
| 80.41
| 163.98
| 83.57
| 871
| Upper Clay
|
| Inc.
| 107.05
| 127.19
| 20.14
| 1,114
| Upper Clay_High Grade
|
|
| 173.31
| 213.57
| 40.26
| 695
| Lower Clay
|
|
| 206.36
| 211.53
| 4.88
| 1,123
| Lower Clay_High Grade
|
|
|
|
|
|
|
|
| BND24-22
| 217.81
| 241.86
| 24.05
| 845
| Lower Clay
| Upper Clay not analyzed, twin of BES23-11 |
|
|
|
|
|
|
| BND24-23
| 98.82
| 168.25
| 69.80
| 976
| Upper Clay
|
| Inc.
| 136.43
| 148.07
| 11.74
| 1,584
| Upper Clay_High Grade
|
|
| 197.51
| 208.94
| 11.43
| 864
| Lower Clay_High Grade
|
|
*Drill hole BND24-17 was lost at a depth of 76.2 meters. A new site was permitted 100m to the south as a replacement and drilled hole BND24-20. All holes were drilled vertical.
QAQC
Core samples were cut and sampled at the core shed under the supervision of Joey Wilkins, the Company's COO. The drill core was cut in half and one-half bagged, labelled, and tied-off. Samples were placed in a secure container until the hole was complete then shipped direct to SGS Laboratories in Burnaby, B.C., Canada where they prepped then analysed all samples using 4-acid digest with ICP-AES. Certified standards were inserted into the sample stream to ensure quality control at the laboratory. All standards passed QAQC metrics of less than 2 standard deviations and validate the geochemical data used in this PR. Mr. Wilkins consents to the inclusion of the technical information in this release and context in which it appears.
Qualified Person (BHL)
Joey Wilkins, B.Sc., P.Geo., is Chief Operating Officer at BHL and the Qualified Person who reviewed and approved the technical disclosures in this news release. Mr. Wilkins is a graduate of the University of Arizona with a B.Sc. in Geology with more than 38 years of experience in mineral exploration and is a qualified person under the AIM Rules and a Qualified Person as defined under NI-43-101. Mr. Wilkins consents to the inclusion of the technical information in this release and context in which it appears.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.
For further information please visit the Company's website: www.braddaheadltd.com.
ENDS
Contact:
| Bradda Head Lithium Limited | +44 (0) 1624 639 396 | Ian Stalker, Executive Chairman
Denham Eke, Finance Director
|
|
|
| | Beaumont Cornish (Nomad) | +44 (0) 2076 283 396 | | James Biddle / Roland Cornish |
|
|
| | Panmure Gordon (Joint Broker) | +44 (0) 2078 862 500 | | Hugh Rich |
|
|
| | Shard Capital (Joint Broker) | +44 (0) 2071 869 927 | | Damon Heath / Isabella Pierre |
|
|
| | Red Cloud (North American Broker) | +1 416 803 3562 | | Joe Fars |
|
|
| | Tavistock (Financial PR) | + 44 20 7920 3150 | | Nick Elwes / Josephine Clerkin | braddahead@tavistock.co.uk |
About Bradda Head Lithium Ltd.
Bradda Head Lithium Ltd. is a North America-focused lithium development group. The Company currently has interests in a variety of projects, the most advanced of which are in Central and Western Arizona: The Basin Project (Basin East Project, and the Basin West Project) and the Wikieup Project.
The Basin East Project has an Indicated Mineral Resource of 17 Mt at an average grade of 940 ppm Li and 3.4% K for a total of 85 kt LCE and an Inferred Mineral Resource of 210 Mt at an average grade of 900 ppm Li and 2.8% K (potassium) for a total of 1.09 Mt LCE. In the rest of the Basin Project SRK has determined an Exploration Target of 250 to 830 Mt of material grading between 750 to 900 ppm Li, which is equivalent to a range of between 1 to 4 Mt contained LCE. The Group intends to continue to develop its three phase one projects in Arizona, whilst endeavouring to unlock value at its other prospective pegmatite and brine assets in Arizona, Nevada, and Pennsylvania. All of Bradda Head's licences are held on a 100% equity basis and are in close proximity to the required infrastructure. Bradda Head is quoted on the AIM of the London Stock Exchange with the ticker of BHL and on the TSX Venture Exchange with a ticker of BHLI.
Technical Glossary
Kt
| Thousand tonnes
| Ppm
| Parts per million
| Exploration Target
| An estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource.
| Inferred Mineral Resource
| That part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings, and drill holes. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to an Ore Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
| Indicated Mineral Resource
| That part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings, and drill holes, and is sufficient to assume geological and grade (or quality) continuity between points of observation where data and samples are gathered.
| Sn
| Tin
| Ta2O5
| Tantalum pentoxide
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Forward-Looking Statements
Neither 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. This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "intends to", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, following: The Company's objectives, goals, or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; delays in obtaining or failures to obtain required regulatory, governmental, environmental or other project approvals; political risks; future operating and capital costs, timelines, permit timelines, the market and future price of and demand for lithium, and the ongoing ability to work cooperatively with stakeholders, including the local levels of government; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices; delays in the development of projects, capital and operating costs varying significantly from estimates; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains; and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDARplus. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. 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, other than as required by law.
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Bradda Head Lithium Limited |
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| To: LoneClone who wrote (22670) | 6/14/2024 1:01:23 PM | | From: LoneClone | | | | Graphano Announces Positive Preliminary Graphite Metallurgical Work Results
newsfilecorp.com
June 13, 2024 2:00 AM EDT | Source: Graphano Energy Ltd.
Vancouver, British Columbia--(Newsfile Corp. - June 13, 2024) - Graphano Energy Ltd. (TSXV: GEL) (OTCQB: GELEF) (FSE: 97G0) ("Graphano" or the "Company") is pleased to announce results of the initial metallurgical work performed by SGS Canada Inc. ("SGS") of Quebec City. Tests were performed on composite samples of drill core from the Company's 100% owned graphite properties, Lac-Aux Bouleaux ("LAB") and Standard Mine, both located in Quebec.
Luisa Moreno, Chief Executive Officer of the Company, commented: "We are extremely pleased with the preliminary metallurgical results for our LAB and Standard Mine proprieties, having achieved commercial quality products using standard processing methods. Our technical team expects results to improve further by optimizing and by customizing the flowsheet to our feed materials."
SGS conducted mineralogy analysis followed by bench-scale flotation tests using different flotation circuit configurations for LAB and Standard Mine; however, as more fully explained below, it is anticipated that a single flowsheet will be developed to beneficiate both feedstocks.
LAB Project Results:
Initial tests for the LAB project faced challenges due to overgrinding, which compromised cleaner stage recoveries. However, subsequent tests on Sample 2 (LAB Zone 3 - LB22-32, LB22-46, LB22-48), with reduced grinding time, yielded a concentrate grade of 95% Cg in several particle-size fractions, achieving an open circuit graphite recovery of 70%. It is anticipated that more than 20% of the graphite losses associated with intermediate streams will report to the final concentrate during closed circuit operation, leading to recoveries of 90% or higher.
Based on flotation results from comparable graphite projects, the SGS team believes that by adding another regrind/cleaner stage, a final grade of more than 96% Cg could potentially be achieved, with graphite recovery of at least 90% under closed-loop conditions. Further testing and process optimization will be conducted to confirm these projected results.
Standard Mine Results:
For the Standard Mine project, excellent metallurgical results were obtained immediately. Sample 4 (Standard - ST23-08, ST23-09, ST23-10) produced a graphite concentrate grading 94% Cg at 93% recovery. Optimization tests are expected to lead to even higher grades and recoveries.
Future Plans:
Despite the different flowsheets used in these tests, the technical team at Graphano is confident that both LAB and Standard materials can be treated in the same beneficiation plant. Whether processed separately or by combining the materials, appropriate plant design will ensure efficient processing. The next phase of metallurgical testing will focus on improving recovery and grades, as well as studying flake size distribution. The encouraging results obtained so far support Graphano's plan to develop a large-scale beneficiation plant.
About Graphano Energy
Graphano Energy Ltd. is an exploration and development company that is focused on evaluating, acquiring and developing energy metals resources from exploration to production.
Graphite is one of the most in-demand technology minerals that is required for a green and sustainable world. The Company's Lac Aux Bouleaux property, situated adjacent to Canada's only producing graphite mine, in Quebec, Canada, Northern Graphite Corporation's Lac des Iles Mine has historically been an active area for natural graphite. With the demand for graphite growing in some of the most prominent and cutting-edge industries, such as lithium batteries in electric cars and other energy storage technologies, the Company is developing its project to meet the demands of the future.
ON BEHALF OF THE BOARD OF DIRECTORS
Luisa Moreno
Chief Executive Officer and Director
E: info@graphano.com
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 release.
Cautionary Note Regarding Forward-Looking Statements:
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, relating to future operations, including exploration, drilling, metallurgical testing, and other activities of Graphano, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this news release relate to, among other things, optimizing and customizing the flowsheet with respect to feed materials, the next phase of metallurgical testing, and results therefrom, and plant design and development. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Graphano, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete metallurgical testing, the results of metallurgical testing, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Graphano does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
 SOURCE: Graphano Energy Ltd. |
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| To: LoneClone who wrote (22671) | 6/14/2024 1:05:06 PM | | From: LoneClone | | | | [Lithium]
Champion Electric Encounters Spodumene Boulder Field during Ongoing Field Program at its Lithium Property in James Bay, Quebec
newsfilecorp.com
June 14, 2024 7:00 AM EDT | Source: Champion Electric Metals Inc.
Toronto, Ontario--(Newsfile Corp. - June 14, 2024) - Champion Electric Metals Inc. (CSE: LTHM) (OTCQB: CHELF) (FSE: 1QB0) ("Champion Electric" or the "Company") is pleased to provide an update on its spring field program following up from a successful winter drilling program at its Lithium Property in James Bay, Quebec.
The spring field program commenced with prospecting and till sampling to the southwest and northeast from the recently drilled pegmatites (see Figure 1). The first phase of work will include till sampling on tighter spacing, boulder prospecting, mapping, and trenching with channel sampling. The team is employing multiple techniques to explore beneath the thin glacial sediments. Once outcrop or large boulders are located, excavators are deployed to test for overburden depth and, in some cases, clear the overburden for channel sampling of pegmatites. The Company obtained the permit to conduct trenching under the Autorisation pour Travaux d'Exploration à Impact ("ATI") regulation. The search has already discovered a boulder field (including boulders up to 5m X 4m X 2m) stretching at least 600 metres up ice and up to 50m wide. A high percentage of these boulders contains large spodumene crystals (up to 30cm long) that were visually identified (see Images 1 and 2). Samples of these spodumene boulders have been sent to the lab, and the technical team has begun trenching and channel sampling in the area.
Image 1: Champion geologist with boulder containing coarse
To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com
Image 2: Close up of boulder with coarse spodumene crystals (light green)
To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com
Jonathan Buick, President and CEO, commented: "Our geologists quickly encountered spodumene-bearing boulders while prospecting to the northeast from the mineralized pegmatite discovery. The follow-up continues to define the scale of the boulder field, and the excavator is on the way to the target area. We also continue to test other favorable trends farther east on the huge property for lithium mineralization. Our plan is to conduct excavation and channel sampling in the highest priority areas as we prepare for drilling later this summer."
Champion Electric invites shareholders, potential investors, and stakeholders to follow the Company's social media pages for ongoing photo updates of the spring field program.
Facebook: ChampionLTHM
Twitter/X: @Championlthm
LinkedIn: championelectricmetals
Image 3: Champion's technical team and geologists commencing spring field program
To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com
Figure 1: Location map of the 2024 drill holes (EIQ24-007/008 highlighted)
To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com
About the Project
The Champion Electric Lithium Property is close to the Trans-Taiga Road and covers the northern extension of the Lac Guyer Greenstone Belt, which hosts neighbouring Patriot Battery Metals' Corvette and Winsome Resources' Cancet advanced projects in the prolific James Bay region of Quebec (Figure 2).
Figure 2: Champion Electric Lithium Project location map
To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com
Qualified Person
Dr. Eric Hebert, P.Geo., Senior Geological consultant, is a member (#0842) of the Ordre des Géologues du Québec (OGQ) and a qualified person within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained in this press release. All aspects of the drilling program were supervised by the Qualified Person.
About Champion Electric Metals Inc.
Champion Electric is a discovery-focused exploration company that is committed to advancing its highly prospective lithium properties in Quebec, Canada and cobalt properties in Idaho, United States. In addition, the Company owns the Baner gold project in Idaho County (optioned to Prestwick Capital Corporation) and the Champagne polymetallic project in Butte County near Arco.The Company's shares trade on the CSE under the trading symbol "LTHM", on the OTCQB under the trading symbol "CHELF", and on the Frankfurt Stock Exchange under the symbol "1QB0". Champion Electric strives to be a responsible environmental steward, stakeholder, and contributing citizen to the local communities where it operates, taking its social license seriously, employing local community members and service providers at its operations whenever possible.
ON BEHALF OF THE BOARD OF CHAMPION ELECTRIC
"Jonathan Buick"
Jonathan Buick, President, and CEO
To learn more, please visit the Company's SEDAR profile at www.sedarplus.ca or the Company's corporate website at www.champem.com.
For further information, please contact:
Investor Relations and Communications
Phone: (+1) 416-567-9087
Email: nkonkin@champem.com
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.
Cautionary Statements
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release. This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by management of the Company, including closing of the Transactions and the prospectivity of the Projects for lithium. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Projects are at an early stage of exploration, and the Company cautions that the qualified persons who have reviewed and approved this news release have not verified scientific or technical information produced by third parties.
 SOURCE: Champion Electric Metals Inc. |
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| To: LoneClone who wrote (22672) | 6/17/2024 12:39:33 PM | | From: LoneClone | | | | [Tungsten]
Deeprock Minerals Signs Letter Agreement for Spin-Off and Reverse Takeover with Allied Critical Metals
thenewswire.com
Vancouver, British Columbia – June 14, 2024 – TheNewswire – Deeprock Minerals Inc. (the "Company" or "Deep")(CSE Symbol: “DEEP”), is pleased to announce that it has signed a letter agreement (the "Letter Agreement") dated June 14, 2024 with Allied Critical Metals Corp. ("ACM" or "Allied Critical Metals"), which provides the general terms and conditions of the spin-out transaction of Deep and subsequent reverse takeover of the Company by Allied Critical Metals (the "Transaction"), pursuant to the policies of the Canadian Securities Exchange (the "Exchange") and applicable securities laws.
Allied Critical Metals is a private company incorporated under the laws of Ontario, Canada, having a registered office in Toronto, Ontario, which is engaged in the acquisition, exploration, and potential development of tungsten projects in Portugal. ACM owns, through its wholly owned Portuguese subsidiary, ACM Tungsten Unipessoal Lda. (“PortCo”), a Portuguese company named Pan Metals Unipessoal Lda. (“Pan Metals”), which beneficially owns 90% of the two historical and established Portuguese tungsten projects (the "Tungsten Projects"): the Borralha Tungsten Project ("Borralha"); and the Vila Verde Tungsten Project ("Vila Verde"), and ACM has the right to purchase the remaining 10% of the Tungsten Properties at a discount. Borralha is comprised of a Mining License that allows for production of up to 150,000 tonnes per year of mineralized material covering an area of 382.5 hectares (3.8 sq. km). Vila Verde is comprised of an Experimental Exploration License area covering 1,400 hectares (14 sq. km). Both properties were past producing mines which have excellent infrastructure including paved and gravel roads, electricity, water, nearby skilled labour and the ability to use existing waste dumps.
The Company and ACM are presently preparing the required technical reports (the "Technical Reports") in accordance with National Instrument 43-101—Standards for Disclosure of Mineral Projects ("NI 43-101") for each of the Tungsten Projects, which will be filed under the Company's profile on SEDAR+ as a condition to closing the Transaction. Further details of the Tungsten Projects will be provided in the Technical Reports and a subsequent news release to be disseminated prior to the closing of the Transaction.
ACM has raised approximately $2.15 million in equity financing over the past 12 months of which over $1.8 million has been spent on drilling over 3,680m and other exploration and development the Tungsten Projects, which includes a recent $250,000 strategic investment by Majestic Gold Corp. (TSXV: MJS) (“Majestic”) (see majesticgold.com. Majestic has over 13 years’ experience itself in building and operating underground and open pit mines. ACM believes its relationship with Majestic will be helpful as ACM progresses its projects through exploration and development towards the goal of eventual production.
In addition, ACM and the Company are pleased to announce that ACM has entered into an agency engagement with Fund Box Sociedade de Capital de Risco, S.A. (“FundBox”) (see www.fundbox.pt), an international fund management and investment firm based in Lisbon, Portugal to arrange for initial long-term debt financing on a best efforts basis of up to €11,000,000 (the “Debt Financing”) for ACM and its wholly-owned Portuguese subsidiary, Pan Metals. The Debt Financing is comprised of convertible debentures (the “Debentures”) to be subscribed for and purchased by a fund (“Fund”) established by FundBox closing in one or more tranches over a period of 24 months from May 31, 2024. The Debentures will have a terms of 5 years and bear interest at a rate of 5% per year, payable semi-annually. The principal and any unpaid interest of the Debentures may be converted at the end of the term, at the election of the Fund, into RI Shares (as defined below) at the conversion price equal to the then applicable 20-day volume weighted average price, subject to the policies of the Exchange. Since 2004, FundBox has raised more than €550 million. ACM believes its long-term Debt Financing will be key in providing funding for both exploration and development expenses as well as capital costs such as its intended Q4 2024 pilot plant (the “Pilot Plant”) at Vila Verde that is capable of processing up to 150,000 tonnes per year of mineralized material.
Roy Bonnell, CEO of Allied Critical Metals commented, "We are very excited to be accelerating the advancement of these near-term, low-cost Portuguese Tungsten Projects in the heart of the European Union where demand is sharply increasing as a strategic military metal and critical mineral. The Tungsten Projects are brownfield historical production sites located in northern Portugal with excellent infrastructure and access to inexpensive water, power and skilled labour and an existing road network. The projects are located approximately 100 km northeast of the ocean port city of Porto for excellent access to EU and North American markets. Borralha presently has a 25-year mining license and Vila Verde has an experimental mining license that provide a clear path for further development."
The Letter Agreement for the Transaction is in addition and further to the Vila Verde net profits stream in respect of ACM’s intended Pilot Plant pursuant to a letter agreement between ACM and Deep dated March 19, 2024 (the “NPS Agreement”) announced by the Company in its news release dated March 20, 2024.
Independent director of Deep, Tom Christoff added, "We are excited to expand the potential of the NPS Agreement and unlock shareholder value in our proposed spin-out with the additional opportunity presented by ACM for near-term commercialization of its tungsten properties, where tungsten has been declared a "critical mineral" by Canada, the USA, and the EU facing significant supply chain shortages as a strategic military metal with almost 90% of world supply dominated by China and Russia."
The Transaction
The Company intends to complete the Transaction pursuant to a plan of arrangement (the “Arrangement”), which will include the following steps:
- the Company will incorporate a wholly-owned subsidiary (Sub1”) and transfer all of its assets to Sub1 and then transfer all of its common shares of Sub 1 to the Deep shareholders pro rata in proportion to their ownership of Deep (the “Spin-Out”);
- the Company will consolidate all of its issued and outstanding common shares on a 40-to-1 basis (the Consolidation”) and change its name to “Allied Critical Metals Corp. or such other name as may be determined by ACM which is acceptable to the Exchange (the Name Change”);
- ACM shall complete a concurrent private placement equity financing of units (the Units”) at a price of $0.60 per Unit to raise gross proceeds of up to $7,500,000 (the “Concurrent Financing”), and each Unit will be comprised of one common share of ACM and one common share purchase warrant of ACM (each whole warrant a “Warrant”) wherein each Warrant will be exercisable for a period of 24 months from the date of issuance at a price of $1.00 per share; and
- ACM will amalgamate (the Amalgamation”) as a three-cornered amalgamation with a second newly incorporated wholly-owned subsidiary of the Company (“Sub2”) to form an amalgamated company (“Amalco”) as a wholly-owned subsidiary of the Company, named “ACM Holdings Ltd.” Or such other name as determined by ACM, and the shareholders of ACM will transfer all of their common shares of ACM (the ACM Shares”) to the Company in consideration for post-Consolidation common shares of the Company as the resulting issuer (the “Resulting Issuer”) on a 1-for-1 basis (the Share Exchange Ratio”), and the business of ACM shall become the business of the Resulting Issuer, and the common shares of the Resulting Issuer (the RI Shares”) will be listed and posted for trading on the Exchange as a mining issuer.
Resulting Issuer Capital Structure
Assuming completion of the Transaction with a minimum concurrent Financing of $2,000,000 at $0.60 per Unit, the Resulting Issuer will have approximately 74,230,000 common shares issued and outstanding, as well as 1,666,667 Warrants exercisable at $1.00 per share, 927,500 warrants exercisable at $2.40 to $2.80, 266,666 brokers warrants exercisable at $0.60, and no options.
Escrow Conditions
RI Shares issued pursuant to the Amalgamation shall be subject to resale restrictions pursuant to the policies of the Exchange, and RI Shares issued to insiders of the Resulting Issuer shall be subject to escrow in accordance with the policies of the Exchange. However, RI Shares issued in exchange for ACM Shares issued under the Concurrent Financing shall be free trading and not be subject to resale restrictions, escrow or hold periods.
Subject to the policies of the Exchange and applicable securities laws, upon closing of the Transaction (the “Closing”):
(a) 19,600,000 common shares of the Resulting Issuer held by principals of the Resulting Issuer will be subject to escrow wherein 10% of the shares will be released on Closing and 15% will be released every 6 months thereafter over 36 months; and
(b) 6,332,084 common shares of the Resulting Issuer held by prior owners of the Tungsten Properties will be subject to escrow wherein 10% of the shares will be released on Closing and 15% will be released every 6 months thereafter over 36 months.
Concurrent Financing
Prior to completion of the Transaction and as a condition precedent to the obligations of the Company, ACM intends to complete a concurrent financing (the "Concurrent Financing") to raise aggregate gross proceeds of up to $7,500,000 CAD by way of a private placement of units (the "Units") of ACM at a price of $0.60 per Unit (the "Listing Price"). Each Unit will be comprised of one common share of ACM (each an "ACM Share") and one-half common share purchase warrant of ACM (each a "Warrant") and each Warrant will entitle the holder to acquire an ACM Share at a price per ACM Share of $1.00 for a period of 24 months from the date of issuance. On closing of the Transaction (the "Closing"). RI Shares issued in exchange for ACM Shares issued under the Concurrent Financing shall be free trading and not be subject to resale restrictions, escrow or hold periods.
ACM and the Company intend to use the net proceeds of the Concurrent Financing to fund the costs of the Transaction, the recommended work programs described in the Technical Reports, and for general working capital expenses of the Resulting Issuer.
Finders Fees
In conjunction with the Concurrent Financing, ACM intends to pay a finder's fee on Closing, subject to the policies of the Exchange, of up to a cash commission equal to up to 8% of the gross proceeds of from purchasers under the Concurrent Financing introduced by the finder and a number of common share purchase warrants (the “Brokers Warrants”) equal to up to 8% of the number of Units issued to purchasers under the Concurrent Financing introduced by the finder. Each Brokers Warrant will be exercisable into a RI Share for two years from the date of issuance at the Listing Price.
Related Party Transaction
The Transaction is a related party transaction under Multilateral Instrument 61-101—Protection of Minority Shareholders in Special Transactions (“MI 61-101”) because each of the Company and ACM share a same director and officer. However, the Company is exempt under section 5.5(b) of MI 61-101 from the requirement to obtain formal valuation because the Company is not listed on a “specified market". However, the Company does intend to seek majority of the minority shareholder approval and general corporate shareholder approval for the Transaction and will prepare a management information circular (the “Information Circular”) in respect of the Transaction in accordance with the policies of the Exchange and applicable securities laws.
Exchange Listing
Upon completion of the Transaction, the Resulting Issuer will own 100% of Amalco, which will own 100% of PortCo, which owns 100% of PanMetals, and PanMetals owns 90% of the Tungsten Properties with the right to acquire the remaining 10%. Upon Closing, the Resulting Issuer expects to list on the Exchange as a mining issuer, subject to Exchange approval.
Conditions
Completion of the Transaction is subject to customary conditions precedent, including:
- ACM and Deep shall have executed a definitive agreement for the Arrangement (the "Definitive Agreement"), which will contain the applicable terms and conditions set forth therein and the representations, warranties, covenants, and terms and conditions customarily found in such agreements;
- satisfactory completion of due diligence by each of ACM and Deep and their respective counsel of each other and their respective subsidiaries, business and assets;
- absence of any material adverse effect on the financial or operational condition of the assets or business of each of the parties to the Definitive Agreement;
- completion of the Technical Report for Borralha in accordance with NI 43-101 and filing thereof under Deep's profile on SEDAR+;
- completion and delivery to Deep of the title opinion in respect of the Tungsten Projects;
- representations and warranties of each of the ACM and Deep contained in the Definitive Agreement being true and correct as of the Closing Date, and there being no material breach of ACM or Deep of the representations, warranties and covenants in the Letter Agreement or Definitive Agreement;
- Deep shall have advanced at least $200,000 to $1,000,000 to ACM under the NPS Agreement, and Deep shall have working capital of at least $100,000 as at Closing Date, excluding liabilities of up to $50,000 for reasonable costs and expenses incurred in the ordinary course of business;
- ACM and Deep shall be satisfied, acting reasonably, that the Tungsten Projects and ACM’s interests therein satisfies the Exchange’s initial listing requirements;
- receipt of all required regulatory, corporate and third party approvals, including Deep shareholder approval, Exchange approval, and compliance with all applicable regulatory requirements and conditions necessary to complete the Transaction;
- delivery of standard completion documentation, including but not limited to, legal opinions, officers' certificates, and certificates of good standing or compliance; and
- other mutual conditions precedent customary for a transaction such as the Transaction.
Directors, Officers and Other Insiders
On completion of the Transaction, it is anticipated that the board of the Resulting Issuer will consist of five members, with ACM nominating four members and Deep nominating one member. On Closing, all of the directors of Deep will resign other than Andrew Lee, and Roy Bonnell, Sean O'Neill (as Non-Executive Chairman), Joao Barros, and Colin Padget will be appointed as directors of the Resulting Issuer. Roy Bonnell will be appointed as President and Chief Executive Officer, Keith Margetson as Chief Financial Officer, and Andrew Lee as Corporate Secretary. The Company will provide additional information about its proposed new directors, officers and insiders in a subsequent news release and an Information Circular and a Listing Statement that will be prepared and filed under the Company's profile on SEDAR+ as the principal disclosure documents in respect of the Transaction.
Qualified Person
Douglas Blanchflower, B.Sc. (Hons.), P.Geo., is an independent Qualified Person for the purposes of NI 43-101 and has reviewed and approved the scientific and technical information in this news release.
Further Information
More details will follow in the Company’s Information Circular and the Resulting Issuer’s Listing Statement to be prepared in accordance with the listing requirements of the CSE Policies.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities to be issued in connection with the Transaction have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United Staters or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Completion of the Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
There can be no assurance that the Transaction will be completed as proposed, or at all. Investors are cautioned that, except as disclosed in the Listing Statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
For further information concerning this press release, please contact the respective representatives of Solid and ACM as follows:
The Canadian Securities Exchange has in no way passed on the merits of the Transaction and has neither approved nor disapproved the contents of this news release.
Cautionary Statement and Forward-Looking Information
All information contained in this news release with respect to the Company and ACM was supplied by the parties, respectively, for inclusion herein, and each such party has relied on the other party for any information concerning such party.
Certain statements contained in this press release constitute forward-looking information, including statements regarding the expected issuance of approval of the Company’s shareholders and the Exchange and the expected commencement of trading of the common shares of the Resulting Issuer on the Exchange. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The business of the Company is subject to a number of material risks and uncertainties. Please refer to SEDAR+ filings for further details. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include the parties being able to obtain the necessary corporate, regulatory and other third parties approvals. The forward looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward looking information contained herein.
Not for dissemination in the United States of America.
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