| 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:
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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
|
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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| To: LoneClone who wrote (22673) | 6/17/2024 12:40:51 PM | | From: LoneClone | | | | Arbor Metals Completes Phase 2 Ground Program at Jarnet Lithium Project
thenewswire.com
Vancouver, Canada – June 16th, 2024 – TheNewswire – Arbor Metals Corp. (“Arbor” or the “Company”) (TSXV: ABR, FWB: 432) is pleased to announce the successful completion of the Phase 2 exploration program at its wholly owned Jarnet Lithium Project in the Corvette Lake Lithium Camp, central Quebec. This milestone represents a significant advancement in Arbor's efforts to delineate and develop its lithium resources in this highly prospective region.
The Phase 2 program encompassed extensive exploration activities across multiple blocks within the Jarnet Lithium Project, including Jarnet 1-3, Firebird, and Corvette Lake. A total of 302 soil samples were collected, predominantly at the C-horizon level, strategically positioned to test for the presence of lithium near interpreted pegmatite dykes. In addition, 128 rock samples were extracted from pegmatite outcrops at the Jarnet 2 block, leveraging advanced LIBS (laser-induced breakdown spectroscopy) technology to evaluate lithium potential.
"We are delighted with the outcomes of our Phase 2 exploration program at the Jarnet Lithium Project," commented Mark Ferguson, President and CEO of Arbor. "The discovery of new pegmatite swarms underscore the project's significant potential. These findings will guide our future exploration strategy as we advance towards defining drilling targets."
The Phase 2 program also included the discovery of a new pluri-metric pegmatite on the Firebird claims, located approximately 4 kilometers south-west of Patriot Battery Metal’s Corvette CV13 and CV14 zones. The identification of internal zonation and specific crystallization textures associated with LCT (lithium-cesium-tantalum) pegmatites further enhances the prospectivity of the area.
All rock samples collected during the program have been prepared and shipped to ALS Laboratories for analysis. Arbor is eagerly anticipating the assay results, which will provide further insights into the lithium content and mineralization characteristics across its project areas.
Arbor continues to uphold industry-leading environmental standards while fostering positive relationships with stakeholders. By integrating sustainability into its core practices, Arbor aims to create enduring value while minimizing its environmental footprint.
Martin Demers, P.Geo., registered in the Province of Québec (ogq No. 770), a consultant to Arbor and a qualified person under National Instrument 43 101 -- Standards of Disclosure for Mineral Projects, has reviewed the technical contents of this news release and has approved the disclosure of the technical information contained herein.
About Arbor Metals Corp.
Arbor Metals Corp. is a mining exploration company focused on developing high-value, geographically significant mineral projects worldwide. Arbor is paving the way for advanced mineral exploration as it oversees world-class mining projects. The Company is confident that combining quality projects with proven strategies and a dedicated team will yield exceptional outcomes.
The Jarnet, Corvette Lake and St. Pierre lithium projects, located in the James Bay region of Quebec, comprises 83 map-designated claims, covering an area of approximately 5,606 hectares. The projects are contiguous to the Corvette-FCI property, where diamond drilling has confirmed significant lithium mineralization representing one of the highest-profile lithium exploration projects in the sector.
Click Image To View Full Size
Kemlee Lake Lithium is strategically located three kilometers east of Rock Tech Lithium Inc.'s Aumacho claim blocks and twelve kilometers south of the Georgia Lake Project. The Project shares many geological similarities with the prolific Georgia Lake deposit, including bedrock geology and the presence of massive intrusive dykes. The primary target at the Project will be spodumene-bearing pegmatites hosted in metasediments.
For further information, contact Mark Ferguson, Chief Executive Officer, at info@arbormetalscorp.com, or 403.852.4869, or visit the Company’s website at www.arbormetalscorp.com.
On behalf of the Board,
Arbor Metals Corp.
Mark Ferguson, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the analysis of assay results from the Jarnet Lithium Project and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause 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. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
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| To: LoneClone who wrote (22674) | 6/17/2024 1:18:40 PM | | From: LoneClone | | | | [Vanadium] Anfield Receives Drill Program Permit Application Approval for Slick Rock
ca.finance.yahoo.com
Anfield Energy Inc.
Mon, June 17, 2024 at 4:00 a.m. PDT
ANLDF
0.00%
VANCOUVER, British Columbia, June 17, 2024 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) is pleased to announce that it has received final approvals for its drill permit application to commence a 20-hole, 20,000-foot rotary drill program at its Slick Rock uranium and vanadium project, located in San Miguel County, Colorado. Permits approvals included the Bureau of Land Management, the Colorado Division of Resources Mining and Safety, and a Special Use Permit from San Miguel County, Colorado to allow access via county roads for the drilling project. The permits allow drilling between the months of June and September. Anfield will use local contractors to complete the drilling.
Anfield expects to commence the drill program in the third quarter of 2024. This is a crucial step in Anfield’s plan to secure a large mine permit for Slick Rock as the Company looks towards future uranium and vanadium production.
Corey Dias, Anfield’s CEO commented: “We are very pleased to commence development at Slick Rock as this project is integral to our hub-and-spoke uranium and vanadium production strategy. The 20-hole drill program, which will start during the third quarter of 2024, will allow us to both verify and upgrade our known resource at site and meet the criteria to secure a large mine permit from the appropriate agency. Our aim is to have both the Slick Rock and Velvet-Wood mines ready for production ahead of the restart of the Shootaring Canyon mill, with initial feed ready for transport once the mill is ready to receive it.”
The drill program will be used to collect geological information related to uranium mineralization in the area. Activities include minor repairs to the access roads, preparation of drill sites, drilling with mud rotary drilling equipment, data collection and reclamation of drill sites. Three or four of the drill holes will be converted into groundwater monitoring and observation wells to establish baseline aquifer parameters.
Qualified Persons
Douglas L. Beahm, P.E., P.G., principal engineer at BRS Inc., is a Qualified Person as defined in NI 43-101 and has reviewed and approved the technical content of this news release.
About Anfield
Anfield is a uranium and vanadium development and near-term production company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its assets. Anfield is a publicly traded corporation listed on the TSX-Venture Exchange (AEC-V), the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on its conventional asset centre, as summarized below:
Arizona/Utah/Colorado – Shootaring Canyon Mill
A key asset in Anfield’s portfolio is the Shootaring Canyon Mill in Garfield County, Utah. The Shootaring Canyon Mill is strategically located within one of the historically most prolific uranium production areas in the United States, and is one of only three licensed uranium mills in the United States.
Anfield’s conventional uranium assets consist of mining claims and state leases in southeastern Utah, Colorado, and Arizona, targeting areas where past uranium mining or prospecting occurred. Anfield’s conventional uranium assets include the Velvet-Wood Project, the Frank M Uranium Project, the West Slope Project, as well as the Findlay Tank breccia pipe. A NI 43-101 PEA has been completed for the Velvet-Wood Project. The PEA is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and, resultantly, there is no certainty that the included preliminary economic assessment would be realized. All conventional uranium assets are situated within a 200-mile radius of the Shootaring Mill.
Technical Disclosure
Table 1. Anfield’s existing conventional uranium-vanadium project portfolio resources.
Project
| Location
| Classification
| Tons (kt)
| Uranium
Grade
(% U3O8)
| Contained
Uranium
(Mlbs U3O8)
| Vanadium
Grade
(% V2O5)
| Contained
Vanadium
(Mlbs V2O5)
| Velvet-Wood
| Utah
| M & I
| 811
| 0.29
| %
| 4.6
| -
|
| -
|
|
| Inferred
| 87
| 0.32
| %
| 0.6
| 0.404
| %
| 7.3
| West Slope
| Colorado
| Indicated
| 1,367
| 0.197
| %
| 5.4
| -
|
| -
|
|
| Inferred
| 1,367
| -
|
| -
| 0.984
| %
| 26.9
|
|
| Historic*
| 630
| 0.31
| %
| 3.9
| 1.59
| %
| 20.0
| Slick Rock
| Colorado
| Inferred
| 1,760
| 0.224
| %
| 7.9
| 1.35
| %
| 47.1
| Frank M
| Utah
| Historic*
| 1,137
| 0.101
| %
| 2.3
| -
|
| -
| Findlay Tank
| Arizona
| Historic*
| 211
| 0.226
| %
| 1.0
| -
|
| -
| Date Creek/Artillery Peak
| Arizona
| Historic*
| 2,602
| 0.054
| %
| 2.8
|
|
| Marquez-Juan Tafoya
| New Mexico
| Historic*
| 7,100
| 0.127
| %
| 18.1
|
|
|
* The Company’s Qualified Person has not done sufficient work to classify these historic estimates as current mineral resources and Anfield is not treating such historical resources as current mineral resources.
Velvet-Wood: The PEA for Velvet-Wood/Slick Rock was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc., Harold H. Hutson, P.E., P.G., Carl D. Warren, P.E., P.G., and Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and Associates Inc. (May 6, 2023). Mineral resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM standards. GT cut-off varies by locality from 0.25%-0.50%.
West Slope: NI 43-101 resource estimate for the JD-6, JD-7, JD-8 and JD-9 properties, completed by BRS Inc. (effective March 2022); Historic resource estimate for the SR-11, SR-13A, SM-18 N, SM-18 S, LP-21 and CM-25 properties, completed by Behre Dolbear for Cotter Corporation (August 2007). Indicated and Inferred resources using GT cut-off of 0.1 ft% eU3O8; historic resources using cut-off of 0.05% U3O8.
Slick Rock: The PEA for Velvet-Wood/Slick Rock was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc., Harold H. Hutson, P.E., P.G., Carl D. Warren, P.E., P.G., and Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and Associates Inc. (May 6, 2023). Mineral resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM standards. GT cut-off varies by locality from 0.25%-0.50%.
Frank M: Historic Technical Report for Frank M, prepared for Uranium One Americas, was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer of BRS Inc., and Andrew C. Anderson, P.E., P.G. Senior Engineer/Geologist of BRS Inc., dated June 10, 2008. Frank M historic resource used a GT cut-off of 0.25%.
Findlay Tank: Historic Technical Report for Findlay Tank, prepared for Uranium One Americas, was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer of BRS Inc., dated October 2, 2008. Findlay Tank historic resource used a grade cut-off of 0.05% eU3O8.
Artillery Peak: Artillery Peak Exploration Project, Mohave County, Arizona, 43-101 Technical Report, authored by Dr. Karen Wenrich, October 12, 2010. GT cut-off varies by locality from 0.01%-0.05%.
Marquez-Juan Tafoya: The Historical Technical Report, Preliminary Economic Assessment, for Marquez-Juan Tafoya, prepared for Uranium Energy Corporation, was authored by Douglas L. Beahm, P.E., P.G., Principal Engineer of BRS Inc., and Terence P. McNulty, P.E., PhD, McNulty & Associates, dated June 9, 2021. The mineral resources are reported at a 0.60 GT cut-off.
On behalf of the Board of Directors
ANFIELD ENERGY INC.
Corey Dias, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Anfield Energy, Inc.
Clive Mostert
Corporate Communications
780-920-5044
contact@anfieldenergy.com
www.anfieldenergy.com
Safe Harbor Statement
THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING STATEMENTS”. STATEMENTS IN THIS NEWS RELEASE THAT ARE NOT PURELY HISTORICAL ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” “PLAN” OR “EXPECT” OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT ANNUAL AND QUARTERLY REPORTS AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED FUTURE CAPITAL REQUIREMENTS AND THE COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY’S EXPLORATION EFFORTS WILL SUCCEED OR THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY’S PERIODIC REPORTS FILED FROM TIME-TO-TIME.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. |
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| To: LoneClone who wrote (22675) | 6/17/2024 1:41:09 PM | | From: LoneClone | | | | AMERICAN SALARS ACQUIRES POCITOS LITHIUM SALAR PROJECT WITH INFERRED LITHIUM CARBONATE MINERAL RESOURCE
ca.finance.yahoo.com
American Salars Lithium Inc.
Mon, June 17, 2024 at 12:01 a.m. PDT·7 min read
ASALF
0.00%
VANCOUVER, BC, June 17, 2024 (GLOBE NEWSWIRE) -- AMERICAN SALARS LITHIUM INC. ("AMERICAN SALARS" OR THE "COMPANY") (CSE: USLI, OTC: ASALF, FWB: Z3P, WKN: A3E2NY) announces it entered into an agreement with Recharge Resources Ltd. (“Recharge” or “the Vendor”) (CSE: RR) to acquire a 100% interest in the Pocitos 1 Lithium Salar Project (“Pocitos 1”) consisting of 800 Hectares (“Ha”) near the town of Pocitos in Salta, Argentina. Terms of the (“Transaction”) are outlined below.
The project has an NI 43-101 Mineral Resource Estimate (“MRE”) prepared in December 2023, consisting of an inferred 760,000 tonne lithium carbonate equivalent (“LCE”). The MRE is contained on the Pocitos 1 block (800 Ha) in combination with the neighbouring Pocitos 2 block (532 Ha). All of the drilling that makes up the basis of the MRE, on the combined Pocitos 1 and Pocitos 2 blocks, occurred on the Pocitos 1 block that is being acquired by American Salars.
The MRE was prepared by WSP Australia Pty Ltd. (“WSP”) that has extensive lithium resource experience working on many of the major lithium resources globally. The MRE will be updated to reflect the proportional lithium resource on the Pocitos 1 block and additional upcoming work on porosity and permeability will also enhance the updated MRE.
R. Nick Horsley, CEO & Director states, “We are excited to add the Pocitos 1 lithium salar project to our Argentina lithium portfolio. We now control both the Candela II lithium salar project with an inferred LCE of 457,000 tonnes and the Pocitos 1 project, which in combination with its neighbouring Pocitos 2 block, hosts 760,000 tonnes LCE. We look forward to working with our technical team to update the NI 43-101 mineral resource estimate to reflect our Pocitos 1 concession which represents approximately 60% of the combined ground used in the existing mineral resource estimate and hosts all of the drilling to date.”
NI 43-101 Mineral Resource Estimate Highlights:
- Highest Lithium value tested using packer sampling system was 169ppm Lithium at a depth 363m.
- The MT geophysics survey has discovered a large area to the west with a resistivity of 0.4O.m and a depth of more than 1km.
- Ekosolve™
DLE technology pilot plant test work at University of Melbourne achieved 94.9% extraction efficiency with brines at an average lithium concentration of 86 ppm lithium of which 80.76 ppm was recovered.
- Significant brine flow was recorded in 2018 wells PO1 and PO2 and brine and gas in PO3 drilled in November 2022.
- The company will start a new drill/production well program when the permits are issued by the Salta Mines Department.
Furthermore, the Vendor announced on May 28th, 2024, that it had completed its environmental baseline assessment report that will be used for a production environmental impact assessment (“EIA”). This is a key step towards the development and potential production at Pocitos 1. The report is titled "Environmental and Social Baseline report for the Pocitos 1 and 2 concessions on the Pocitos Salt Flats." The report was the culmination of four months work by E & C Asociados, a specialist environmental consulting group.
Qualified Person
Phillip Thomas, BSc Geol, MBusM, FAusIMM, MAIG, MAIMVA, (CMV), a Qualified Person as defined under NI 43-101 regulations, has reviewed the technical information that forms the basis for portions of this news release, and has approved the disclosure herein.
The Transaction
American Salars has entered into an agreement with Recharge Resources Ltd., whereby American Salars is acquiring a 100% interest in the Pocitos 1 lithium salar project by issuing to the Vendor 5,000,000 common shares subject to a 24-month escrow and assuming an outstanding tax liability of the Vendor estimated to be no more than USD $250,000 as well as a payable to WSP for the Mineral Resource Estimate at a cost of AUS $80,000.
The Vendor has agreed to a 24-month escrow with releases every six months. The vendor has agreed to a further voluntary escrow whereby they have agreed not to sell more then 10,000 shares per day in any given trading day and cumulatively no more than 50,000 shares in a normal business week. The Vendor has further agreed to proxy all votes to management of American Salars.
At closing, the Purchaser shall issue to the Vendor 2,500,000 bonus warrants (the “Bonus Warrants”), with each Bonus Warrant entitling the Vendor to acquire one common share of the Purchaser at an exercise price of CAD $0.75 for a period of five years. The Bonus Warrants will be exercisable by the Vendor only upon the Pocitos 1 property having a Measured and Indicated and Inferred combined (“M+I+I”) resource of 1,000,000 tonnes LCE, and subject to the receipt of a “technical report” (as that term is defined in section 1.1 of NI 43-101) confirming that the Property has the required M+I+I resources (as such terms are defined in section 1.2 of NI 43-101).
The Pocitos 1 property is subject to a 2.5% net smelter royalty (“NSR”) of the minerals produced on a FOB basis from the property, the Company can purchase 1.5% (60%) of the NSR for CAD $1,500,000.
The transaction is subject to a finder’s fee.
About the Pocitos 1 Lithium Salar Project
The Pocitos 1 project is located approximately 10km from the township of Pocitos where there is gas, electricity, and accommodation. Pocitos 1 is approximately 800 hectares (1,977 acres) and is accessible by road. Collective exploration since 2017 totals over US$2.0 million developing the project, including surface sampling, trenching, TEM and MT geophysics and drilling three wells that had outstanding brine flow results. Locations for immediate follow up drilling have already been designed and identified for upcoming exploration.
Lithium values of 169 ppm from drill hole PCT22-03 packer test assayed from laboratory analysis conducted by Alex Stewart were recorded during the project’s December 2022 drill campaigns. A double packer sampling system in HQ Diamond drill holes were drilled to a depth of up to 409 metres. The flow of brine was observed to continue for more than five hours. All holes had exceptional brine flow rates. A NI 43-101 report has been released on the Pocitos 1 project.
Ekosolve Ltd a DLE technology company was able to produce 99.8% purity lithium carbonate, where extraction was above 94% of the contained lithium in the brine i.e. 158.86ppm of lithium would have been recovered from 169ppm.
WSP Australia has completed an update of the NI 43-101 report initially written by Phillip Thomas QP in June 2023 and estimated on an inferred basis using a block model with 6% and 14% porosity for the clay and sand lithologies respectively and a MRE of 760,000 tonnes of LCE on the combined Pocitos 1 (800 Ha) and neighbouring Pocitos 2 block (532 Ha).
Figure 1. Pocitos 1 & Candella 2 Claim blocks and surrounding area
Click here to view image
About American Salars Lithium Inc.
About American Salars Lithium Inc. American Salars Lithium Inc. is an exploration company focused on exploring and developing high-value battery metals projects to meet the demands of the advancing electric vehicle market. Its flagship project is the Candela II Lithium Salar in Argentina which features a NI 43-101 inferred resource.
All Stakeholders are encouraged to follow the Company on its social media profiles on LinkedIn, Twitter, TikTok, Facebook and Instagram.
On Behalf of the Board of Directors,
“R. Nick Horsley”
R. Nick Horsley, CEO
For further information, please contact:
American Salars Lithium Inc.
Phone: 604.880.2189
E-Mail:info@americansalars.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding American Salar’s intention to continue to identify potential transactions and make certain corporate changes and applications. Forward looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits American Salars will obtain from them. These forward-looking statements reflect managements’ current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including American Salars results of exploration or review of properties that American Salars does acquire. These forward-looking statements are made as of the date of this news release and American Salars assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws. |
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| To: LoneClone who wrote (22676) | 6/17/2024 1:42:46 PM | | From: LoneClone | | | | [Lithium]
Q2 Metals Intercepts Multiple Wide Intervals Including a Cumulative of 194.8 Metres of Spodumene Pegmatite in Hole CS24-10 at the Cisco Lithium Property, James Bay, Quebec, Canada
newsfilecorp.com
June 17, 2024 3:05 AM EDT | Source: Q2 Metals Corp.
Highlights:
- A total of four (4) holes for approximately 1017.1 metres (m) have been drilled at the Cisco discovery zone (CO1) confirming and extending previously encountered mineralization.
- Drill hole CS24-007 intersected a total of eleven (11) individual spodumene pegmatite intervals, for a total cumulative width of 100.1 m.
- Drill hole CS24-009 encountered five (5) spodumene pegmatite intervals, for a cumulative width of 117.1 m.
- Drill hole CS24-010 encountered five (5) spodumene-mineralized intervals that were greater than 10 m wide. The sum of all intervals in the hole is 194.8 m, with the widest individual interval measuring 86.6 m.
- Mapping & sampling program has discovered eight (8) new spodumene pegmatite occurrences. Fifteen (15) individual outcropping zones have now been uncovered across an area spanning 1.1 by 1.7 kilometres (km).
Vancouver, British Columbia--(Newsfile Corp. - June 17, 2024) - Q2 Metals Corp. (TSXV: QTWO) (OTCQB: QUEXF) (FSE: 458) ("Q2" or the "Company") is pleased to announce an update from its 2024 exploration program at the Cisco Lithium Property (the "Property" or the "Cisco Property") located within the greater Nemaska traditional territory of the Eeyou Istchee James Bay region of Quebec, Canada.
The Company commenced its 2024 drill program at the Cisco Property (the "Spring 2024 Drill Campaign") in May, with the primary objective of confirming and expanding upon the mineralized zone where the Property vendors worked in 2023 (now referred to as the "CO1 Zone"). A total of four (4) drill holes have been completed at the CO1 Zone for approximately 1017.1 m, intersecting several wide pegmatite intervals as outlined below. All holes intercepted pegmatites with visual indications of spodumene mineralization identified.
"We added the Cisco Property to our portfolio because we believed it had district-scale potential," said Alicia Milne, Q2 Metals President, and CEO. "We are extremely pleased with the early results of our initial exploration work and the results have validated our belief."
The CO1 Zone has now been defined for a strike length of approximately 300 m both in outcrop and with drilling. Additional drilling will test the continuation of the mineralization at CO1 at depth to the CO3 Zone, which is located approximately 300 to 400 m to the southwest, suggesting that the mineralization could extend at least 750 m.
"The first few drill holes completed at Cisco in 2024 have far exceeded my expectations. The spodumene pegmatite intervals are continuing down dip around the previously drilled holes, and our most recent hole (CS24-010) testing the strike extension of the CO1 zone has encountered a very wide mineralized zone," said Neil McCallum, Q2 Metals VP of Exploration. "The outcrop mapping and sampling of the region has indicated that the Cisco Property has significant potential. The possibility that several of these occurrences are linked at depth is a very significant and very real possibility that we plan to test as the field season continues."
Figure 1 Q2 Metals VP Exploration Neil McCallum and CEO Alicia Milne on the main outcrop at CO1
To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com
Concurrent with the drill campaign, mapping and sampling field work is also underway to provide guidance on the extent of the lithium mineralization at Cisco.
Spring 2024 Drill Campaign
The four drill holes reported on herein were primarily focused on expanding the previously intersected mineralization and suggest that the pegmatite body is trending roughly 45 to 60 degrees (in a northeast-southwest) direction. The mineralized intervals in all the holes drilled thus far are not representative of the true width and the modelled pegmatite zone is being refined with every additional hole. Future drill holes will have a modified azimuth in order to optimize the definition of the mineralization.
The pegmatite intervals (greater than 2 metres) of the holes CS24-007 to 010 are reported in detail (Table 1) together with a summary map of the drilling (Figure 2). The summary of holes completed to date which includes basic location and dip/azimuth details is included below in Table 2.
Drilling is ongoing, with the next planned hole (CS24-011) to be approximately 90 m to the southwest of hole 010.
Figure 2. Map of Drilling at Cisco Property
To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com
Drill Hole CS24-007 (azimuth 000-north, dip -60°) collared approximately 65 m south of previously drilled holes CS23-05/06 and intersected a total of 11 individual spodumene pegmatite intervals, three of which were greater than 10 m wide, for a total cumulative width of 100.1 m. Drill hole CS23-06, drilled by the Property vendors in 2023, encountered 115.4 m at 1.40% Li2O within a cumulative width of five separate pegmatite intervals.
Drill hole CS24-008 (azimuth 000, dip -60°) collared approximately 110 m south of previously drilled CS24-04 and encountered a total of two (2) spodumene pegmatite intervals, for a cumulative width of 29.7 m.
Drill hole CS24-009 (azimuth 000, dip -50°) collared approximately 60 m west of hole 007 encountered a total of five (5) spodumene pegmatite intervals, for a cumulative width of 117.1 m.
Drill hole CS24-010 (azimuth 000, dip -88°) collared at the same location as hole 009 and encountered a total of 10 spodumene pegmatite intervals, for a cumulative width of 194.8 m. Five (5) of the spodumene pegmatite intervals were greater than 10 m wide with the widest individual interval measuring 86.6 m.
Figure 3. Spodumene pegmatite intercept from drill hole CS-24-010
To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com
Table 1. Summary of Spodumene Pegmatite intervals at CO1 Zone, Cisco Property
To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com
Cautionary Statement: The presence of pegmatites does not confirm the presence of lithium (spodumene or other lithium minerals). Pegmatites are fractionated coarse grained igneous rocks commonly associated with lithium mineralization; however, many pegmatites do not contain mineralization. The presence of any mineralization can only be confirmed with assaying.
The geological team has completed the core cutting and logging of hole CS24-007 to 010 and the samples have been dispatched to the SGS Canada preparation laboratory located in Val-d'Or, QC for mineral analysis to confirm the presence of lithium.
Table 2. Summary of Drill Hole Collar Information, Cisco Property
To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com
Mapping & Sampling Field Program
Initial field work, including mapping and rock sampling, has been undertaken by the Company to provide guidance on the extent of the lithium mineralization at Cisco. The field crews started at the CO1 Zone where the vendors of the Cisco Property had undertaken sampling and drilling in 2022/2023 and have expanded throughout the Property.
In addition to the CO1 Zone, eight (8) new spodumene occurrences have been discovered for a total of 15 spodumene pegmatite zones.
To date, a total of 76 pegmatite rock samples have been collected and have been sent to SGS. The results will be reported as they are received by the Company.
Figure 4. Extent of spodumene pegmatite mineralized zones at Cisco Property
To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com
Youdin-Rouillier Drilling of the Eeyou Istchee Territory, James Bay, Quebec is contracted to complete the diamond drilling with Dahrouge Geological Consulting Ltd. of Edmonton, Alberta managing the drill program and property-wide geological exploration.
About the Cisco Property
The Cisco Property is comprised of 222 mineral claims and is 11,374 hectares in size. It is located less than 10 km east of the Billy Diamond Highway, and is approximately 150 km north of Matagami, a small town that contains the closest rail link to much of James Bay. The Property lies within the greater Nemaska Community lands of the Eeyou Istchee Territory, James Bay, Quebec.
The 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 130 km and 180 km away, respectively.
Sampling, Analytical Methods and QA/QC Protocols
All rock samples collected and drill core samples were shipped to SGS Canada's preparation facility in Val D'Or, Quebec, for standard sample preparation (code PRP92) which includes drying at 105°C, crush to 90% passing 2 mm, riffle split 500 g, and pulverize 85% passing 75 microns. The pulps will be shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples will be homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (code GE_ICM91A50).
A Quality Assurance / Quality Control protocol following industry best practices was incorporated into the sampling program.
Management cautions that prospecting surface rock samples and associated results, as discussed herein, are selective by nature and therefore may not necessarily be fully representative of the mineralized horizon sampled.
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
WWW.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, drilling results on the Cisco Property and inferences made therefrom,the belief that the Cisco Property has district-scale potential, that the outcrop mapping and sampling of the region indicates the Cisco Property has significant potential and the possibility that several of these occurrences are linked at depth is a very significant and very real possibility that the Company plans to test, the possibility that mineralization at the CO1 Zone could extend at least 750 m, the focus of the Company's current and future exploration and drill programs, the scale, scope and location of future exploration and drilling activities, the Company's expectations in connection with the projects and exploration programs being met, 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 (22677) | 6/17/2024 1:44:14 PM | | From: LoneClone | | | | Atlas Lithium Doubles the Size of Its Lithium Exploration Footprint in Brazil; Provides Exploration Update
newsfilecorp.com
June 17, 2024 8:00 AM EDT | Source: Atlas Lithium Corporation
HIGHLIGHTS
- Atlas Lithium has more than doubled its lithium exploration portfolio in Brazil to approximately 539 km² (approximately 133,294 acres). Most of the new claims are in the promising Doce River and Mucuri Valleys, an exciting new lithium jurisdiction in Brazil that has been relatively underexplored for lithium.
- Atlas Lithium's dense media separation plant to produce lithium concentrate has finished trial assembly and is being prepared for shipment to site in Q3 2024, with the goal of commissioning and commencing production at the flagship Neves Project in Q4 2024.
- The Company is progressing on a Definitive Feasibility Study (DFS) for the Neves Project, which is expected to be completed and released prior to commencing initial production. The DFS will incorporate an updated Mineral Resource Estimate (MRE) encompassing the Anitta 1, Anitta 2, and Anitta 3 deposits.
Boca Raton, Florida--(Newsfile Corp. - June 17, 2024) - Atlas Lithium Corporation (NASDAQ: ATLX) ("Atlas Lithium" or "Company"), a leading lithium exploration and development company, is excited to announce significant progress towards production of lithium concentrate in Q4 2024 as well as a substantial expansion of its lithium mineral rights footprint in Brazil. The Company is moving rapidly towards commencing production at its flagship Neves project in Q4, 2024. In addition, Atlas Lithium has more than doubled its lithium exploration portfolio in Brazil to approximately 539 km² with the addition of multiple promising mineral rights in the Doce River and Mucuri Valleys, new frontiers for lithium in Brazil. The Company's initial exploration campaign within these new districts is located near Governador Valadares, a city with approximately 280,000 inhabitants and an important regional center in the state of Minas Gerais, with favorable infrastructure and access roads, and ~ 350 km (~ 217 miles) from the Port of Vitoria, making it highly attractive for lithium exploration and development. Atlas Lithium believes that it has the largest claim ownership position of any listed company in this new lithium frontier providing the Company with a highly strategic first-mover advantage.
With these additions, Atlas Lithium believes that it has the largest lithium exploration footprint in Brazil now totaling 53,942 hectares (approximately 539 km2 or 133,294 acres). To put it into perspective, such an area is greater than 9 times that of Manhattan Island in New York.
"Our new mineral rights near Governador Valadares provide access to an exciting new lithium frontier in Brazil that has been relatively untapped beyond gemstone mining," commented James Abson, Chief Geology Officer at the Company. "This region of Minas Gerais state hosts dozens of documented lithium-rich pegmatites, presenting an opportunity for us."
Nick Rowley, Vice President of Business Development at Atlas Lithium, added, "Pushing towards becoming a producer of lithium concentrate is our top focus in the short term. We have been also working on significantly increasing our overall mineral rights holdings to solidify our leading position in Brazil, which is attracting increasing interest globally as a hub for hard-rock lithium production."
Valadares Project
Current exploration campaign at the Valadares Project is focused on initial areas situated approximately 50 km from the city of Governor Valadares City, being strategically located within the renowned Eastern Brazilian Pegmatite Province (EBPP), one of the largest pegmatite provinces in the world.
The EBPP is home to some world-class, economically significant lithium-bearing LCT pegmatites. The newly acquired Atlas Lithium permits lie within the highly prospective Joao Pinto schist units, which have been intruded by the Galiléia tonalites and other granitic bodies, including numerous LCT ("lithium-cesium-tantalum") pegmatites.
According to the CPRM (the Brazilian Geological Survey), four lithium mineralized pegmatite occurrences have been identified within the Company's permits, two of which have been confirmed to contain spodumene. Other reported lithium minerals include lepidolite and amblygonite, along with accessory minerals such as colombo-tantalite. During initial reconnaissance mapping and sampling, the Company's exploration team discovered an additional six spodumene-bearing pegmatites, further highlighting the potential of these new claims.
One particularly promising spodumene-bearing pegmatite, estimated to be at least 20m wide and flat-lying, has been extensively mined by artisanal miners for tourmalines using underground galleries (Figure 1). First-pass samples of spodumene crystals, taken from within these galleries, returned Li2O grades greater than 3.23% Li2O, which is the upper limit of such assay method. Subsequently, the galleries were laser scanned in 3D to provide a map of the pegmatite dimensions (Figure 2), aiding in the planning of the future scout drill collar locations. Currently, a detailed map is being compiled, highlighting the positions of spodumene crystals and spodumene-enriched zones that will further guide an upcoming drilling campaign.
Figure 1: Atlas Lithium exploration geologist inside the prior underground artisanal mining gallery at the Valadares Project
To view an enhanced version of this graphic, please visit:
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Figure 2: LiDAR DTM topography map (terrestrial laser scan) showing prior artisanal mining pegmatite galleries in relation to 1st-pass spodumene sampling results as well as detailed spodumene mapping points.
To view an enhanced version of this graphic, please visit:
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Within these galleries, numerous zones of large spodumene crystals, some exceeding 20cm in width and 70cm in length, were discovered by the Company's geologists (Figures 3, 4, 5). The presence of lithium has been confirmed by UV fluorescence and by the SciAps LIBS Analyzer.
Figure 3: Spodumene zone visible within the prior artisanal mining gallery at the Valadares Project.
To view an enhanced version of this graphic, please visit:
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Figure 4: Spodumene zone visible within the prior artisanal mining gallery at the Valadares Project.
To view an enhanced version of this graphic, please visit:
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Figure 5: Spodumene zone (in pink) within the prior artisanal mining gallery at the Valadares Project under UV light fluorescence.
To view an enhanced version of this graphic, please visit:
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High-resolution drone Orthomosaic imagery and LiDAR topography data has been acquired and is being analyzed. Additionally, drone magnetics and radiometric geophysics surveys have been commissioned to assist with drill targeting.
Coronel Murta Project
The Company's Coronel Murta Project is situated approximately 50 km northwest of the Neves Project and contains numerous pegmatite swarms of the Eastern Brazilian Pegmatite Province (EBP). The current priority target area is in the general area where at least two spodumene-bearing pegmatite occurrences have been reported by CPRM, the Brazilian Geological Service. One of these, the Barro do Salinas pegmatite, lies within the Company's tenement.
Atlas Lithium has commissioned a study to identify potential pegmatite targets (outcrop and workings) using Sentinel-2 multi-band spectral imagery and other high-resolution satellite imagery. The study identified several north-west to south-east trending targets, which align with the trends of the known spodumene-bearing pegmatites in the area. The Company's exploration team has completed the initial geological mapping of this permit and has started a detailed soil sampling campaign designed to highlight any lithium or LCT-pegmatite pathfinder element trends cutting across the permit. Preliminary XRF element analysis has already identified anomalous concentrations of cesium in certain of these soil samples, indicating the likely presence of other LCT pegmatites on the property.
Furthermore, Atlas Lithium has commissioned a comprehensive suite of high-resolution drone surveys over the permit area, including LiDAR, RGB, and multi-spectral imaging. These surveys will provide valuable data to support detailed mapping efforts and aid in the identification and delineation of pegmatite bodies. Upon completion of such studies, the Company will conduct a high-resolution drone magnetics geophysics survey utilizing its in-house equipment. Building on the insights gained from these initial exploration activities, Atlas Lithium intends to expand its scout drilling campaign to this high-priority area.
Neves Project
The Company's geological team continues to actively drill within the Neves Project area. Previously discovered mineralized pegmatites in the Neves Project were initially located with the help of historic artisanal mines, outcroppings of pegmatite, or shallow sub-crop unearthed by trenching Li in soil anomalies. To date, Atlas Lithium has mapped and sampled over 84 pegmatite outcrops within the Neves. In an effort to expedite the exploration of the sizeable Neves claims, in late 2023, the Company embarked on a systematic exploration campaign designed by James Abson, the Atlas Lithium's Chief Geology Officer.
The Project area has now been covered by:
- Detailed hyperspectral satellite and drone LiDAR mapping to aid in faster pegmatite discovery;
- Geological mapping and rock sampling to improve target prioritization;
- Closely spaced soil sampling grids, with 4,599 samples taken to date, to highlight Li (>100ppm threshold) and LCT pegmatite pathfinder anomalies for drill testing;
- High-resolution drone geophysics surveys, including magnetics and radiometrics, to assist with mapping and drill targeting.
The comprehensive data sets have generated several highly promising coincident and parallel targets (Figure 6). One notable example is a linear lithium anomaly with a strike length of 1.2 km, which coincides with the Anitta 2 mineralized pegmatite. While some of these targets may represent extensions of the known mineralized Anitta trends, others could potentially indicate entirely new, untested pegmatite discoveries, particularly in the southern region of Neves.
The practical application of this new lithium soil anomaly information is exemplified at Anitta 1. Previously, an unexplained anomaly existed to the east of the drilled orebody. Guided by this anomaly, recent additional drilling has now uncovered the up-dip extension of Anitta 1 and a parallel orebody immediately to the east. These discoveries are expected to contribute to the project's overall mineralized pegmatite tonnage, demonstrating the effectiveness of the exploration approach in identifying and delineating high-quality lithium mineralization.
Figure 6: Soil sampling lithium anomaly map in relation to mapped pegmatites (in pink), the mineralized Anitta pegmatites, topography, and structural geophysics data.
To view an enhanced version of this graphic, please visit:
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It is important to recognize that drilled lithium-mineralized sections of pegmatites can extend up to 150m along strike beyond the termination of the surface lithium anomaly, as observed in the case of Anitta 2. In certain areas, it is probable that these pegmatites continue undetected from the surface along the same strike direction, particularly beneath higher hills where the cover and weathering profiles may be thicker. The Company's exploration team is currently evaluating the potential use of other less mobile LCT markers, such as Cs, Sn, and Ta, to identify new anomalous trends or extensions that warrant further investigation.
Furthermore, the majority of the Anitta pegmatites exhibit a close association with magnetic lows and NNE-SSW structural lineaments. This valuable information will enable the Atlas Lithium team to refine its approach to future exploration targeting activities. These studies will include more detailed follow-up work, such as infill soil grids, trenching, and drilling, to better delineate and characterize the identified targets.
James Abson, Chief Geology Officer at Atlas Lithium, commented, "Armed with this large and significant new set of systematic exploration data, varying from anomalous soil geochemistry to geophysical anomalies to geophysical structures and signatures structures related to known mineralized pegmatites, we are advancing our knowledge of the Neves Project. In fact, Atlas Lithium's exploration team has begun a scout drilling program to drill out the newly identified targets using the quicker and more cost-effective RC drilling method to test any new high-interest coincident anomalies previously untested."
"In parallel with the geological efforts, and to better align this work with the Company's objective of production in Q4 2024, the decision has been made to upgrade the PEA to a Definitive Feasibility Study, and to release it prior to production," stated Brian Talbot, Chief Operating Officer and director at Atlas Lithium. "Our goal remains to transform Atlas Lithium into a low-cost lithium producer in Brazil, leveraging our extensive tenement portfolio to develop multiple projects across the country."
About Atlas Lithium Corporation
Atlas Lithium Corporation (NASDAQ: ATLX) is focused on advancing and developing its 100%-owned hard-rock lithium project in Brazil's Lithium Valley, a well-known lithium district in the state of Minas Gerais. In addition, Atlas Lithium has 100% ownership of mineral rights for other battery and critical metals including nickel, rare earths, titanium, graphite, and copper. The Company also owns equity stakes in Apollo Resources Corp. (private company; iron) and Jupiter Gold Corp. (OTCQB: JUPGF) (gold and quartzite).
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward looking statements are based upon the current plans, estimates and projections of Atlas Lithium and its subsidiaries and are subject to inherent risks and uncertainties which could cause actual results to differ from the forward- looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of production, reserves, sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Brazil, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: results from ongoing geotechnical analysis of projects; business conditions in Brazil; general economic conditions, geopolitical events, and regulatory changes; availability of capital; Atlas Lithium's ability to maintain its competitive position; manipulative attempts by short sellers to drive down our stock price; and dependence on key management.
Additional risks related to the Company and its subsidiaries are more fully discussed in the section entitled "Risk Factors" in the Company's Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 27, 2024. Please also refer to the Company's other filings with the SEC, all of which are available at www.sec.gov. In addition, any forward-looking statements represent the Company's views only as of today and should not be relied upon as representing its views as of any subsequent date. The Company explicitly disclaims any obligation to update any forward-looking statements.
Investor Relations:
Brian Bernier
Vice President, Investor Relations
+1 (833) 661-7900
bwb@atlas-lithium.com
api.newsfilecorp.com
@Atlas_Lithium
 SOURCE: Atlas Lithium Corporation |
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