ACME Lithium Acquires 41,694 Hectare Bailey Lake Pegmatite Discovery Area in Saskatchewan, Canada

ACME Lithium Acquires 41,694 Hectare Bailey Lake Pegmatite Discovery Area in Saskatchewan, Canada

ACME Lithium Inc. (CSE: ACME) (OTCQX: ACLHF) (the "Company", or "ACME") is pleased to announce that it has entered into option and purchase agreements with Saskatchewan-based Gem Oil Inc. ("Gem Oil") to acquire the Bailey Lake Pegmatite Discovery Area (the "Project Claims"), located in the northeastern region of Saskatchewan, Canada.

ACME has entered into two agreements, an option ("Option") to purchase a 100% interest in a core block of 13 contiguous mineral claims encompassing 25,900 hectares (or 100 square miles) and a purchase ("Purchase") of five additional contiguous claims comprised of 15,794 hectares (61 square miles). Together, the Project Claims comprise 41,694 hectares (or 161 square miles).

Highlights:

  • The large Project Claims area contains multiple indications of spodumene-bearing pegmatites with potentially economic grade lithium

  • Spodumene-bearing pegmatites with evolved mineralogy are found on surface in outcrop and boulder trains.

  • Historical reported sampling by Gem Oil includes up to 3950 ppm Li in the Bailey Lake region

  • Historical reported sampling by the Saskatchewan Geological Survey includes results up to 3470 ppm Li at Misaw Lake region to the east of Bailey Lake

  • Till sampling in the region by the Saskatchewan Geological Survey reported numerous sites with elevated lithium and lithium pegmatite associated elements.

  • The geological setting, granitic suite characteristics, evolved pegmatite characteristics, occurrence of float with potentially economic lithium grades, and absence of extensive historical exploration in the region is strongly encouraging for exploration expansion in this discovery area.

The Project Claims cover lithium occurrences in glacial float boulder trains near Bailey and Misaw Lakes underlain by granitic rocks of the Hudson suite that were emplaced from 1840-1818 Ma and the Nueltin suite dated at 1770-1730 Ma.

  • An initial interpretation for the Bailey Lake region is an albite spodumene or rare element spodumene type pegmatite in outcrop and boulder trains, and,

  • The Misaw Lake region contains a rare element complex lepidolite type pegmatite boulder train.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/7776/147599_d701767dd4a1c8b9_002.jpg
 
Figure 1: Banded pegmatite Boulder- Spodumene bearing, Gem Oil
 
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/7776/147599_d701767dd4a1c8b9_002full.jpg

Bailey Lake Region

A boulder train in the Bailey Lake region is characterized by glacial erratics that are locally spodumene-bearing. A rounded boulder of coarse-grained porphyritic leucocratic granite has large alkali-feldspar in a medium-grained groundmass of quartz, plagioclase and spodumene with minor muscovite and lepidolite. The boulder assayed 3320 ppm Li, 2060 ppm Rb, 113 ppm Be. The highest value reported from limited sampling by Gem Oil in the Bailey Lake boulder train was 3950 ppm Li based on samples from the boulder train plot in the lithium-cesium-tantalum (LCT) pegmatite field.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/7776/147599_d701767dd4a1c8b9_003.jpg
 
Figure 2: Spodumene bearing pegmatite in outcrop, GEM Oil
 
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/7776/147599_d701767dd4a1c8b9_003full.jpg

Misaw Lake Region

A boulder train has been identified in the Misaw Lake region consisting of pegmatitic K-rich granitic rocks enriched in Rb (2130 ppm), Ta (120 ppm), Nb (51 ppm) and Cs (71 ppm). The boulder train is up-ice from the apparent location of a lepidolite-bearing glacial erratic located by the Saskatchewan Geological Survey in NTS 64M/15 and reported in 2004. The highest value reported from limited sampling by Gem Oil in the Misaw Lake boulder train was 3470 ppm Li from a lepidolite boulder.

Steve Hanson, President and CEO of ACME, states, "ACME has established an aggressive strategy in identifying, acquiring, and exploring high quality lithium properties in both Canada and the United States. The Bailey Lake Pegmatite Discovery area is an underexplored region with great potential and provides an important entry for ACME into the Province of Saskatchewan."

Saskatchewan is a highly prospective region for critical mineral development. The Government of Saskatchewan recently announced an expansion to its existing investment and innovation incentive programs to include eligible lithium projects with the aim to become one of the best resource development jurisdictions in the world. The addition of the Bailey Lake Project Claims to ACME's extensive North American portfolio further positions the Company to advance its goal to provide a domestic supply of lithium to the Canadian and United States markets.

Agreement Terms

ACME may exercise the Option by paying a total of CAD$450,000, issuing a total of 450,000 common shares, and incurring a total of CAD$1,554,000 in exploration and development expenditures over a three-year period. The claims are shown as Bailey Lake group 1 on the following map.

Date for CompletionCash PaymentCommon SharesExploration and Development ExpendituresEarn In
Initial PaymentCAD$100,000100,000 --
First YearCAD$150,000150,000CAD$388,500-
Second YearCAD$200,000200,000CAD$518,00070%
Third Year--CAD$647,500100%

 

ACME may accelerate any or all the components comprising the Option Price, so as to exercise the Option at any time sooner than stated in the agreement.

Gem Oil will retain a 2% Net Smelter Returns Royalty ("NSR"), of which ACME may at any time and from time to time during the 24 months following the date of exercise of the Option buy-down or purchase up to one-half of the Royalty (1% NSR) by paying Gem Oil the sum of $2,000,000 for each one-half of one percent (0.5% NSR), for a maximum cost of $4,000,000, thereby reducing the Royalty in favor of the Holder to a minimum of one percent (1%) NSR.

ACME has also entered into a Purchase agreement with Gem Oil to acquire 5 additional Bailey Lake claims comprising of 15,794 hectares for the sum of $9,476.28 and the grant of a 1% NSR. These five claims are shown as Bailey Lake group 2 on the following map.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/7776/147599_d701767dd4a1c8b9_004.jpg
 
Figure 3: Core claim area red, with additional claim areas contiguous to the north and south in blue
 
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/7776/147599_d701767dd4a1c8b9_004full.jpg

Qualified Person

Mr. Dane A. Bridge, P.Geol., a "Qualified Person" (as defined in NI 43-101 -Standards for Disclosure for Mineral Projects) and a Senior Consultant to the Company, has reviewed and approved the technical disclosures in this news release.

About ACME Lithium Inc.

Led by an experienced team, ACME Lithium is a mineral exploration company focused on acquiring, exploring, and developing battery metal projects in partnership with leading technology and commodity companies. ACME has acquired or is under option to acquire a 100-per-cent interest in projects located in Clayton Valley and Fish Lake Valley, Esmeralda County Nevada, and at Shatford, Birse, and Cat-Euclid Lakes in southeastern Manitoba.

On behalf of the Board of Directors

Steve Hanson
Chief Executive Officer, President and Director

Telephone: (604) 564-9045
info@acmelithium.com

Neither the CSE nor its Regulations Service Providers accept responsibility for the adequacy or accuracy of this news release.

Forward-Looking Statement

This news release may contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur and in this news release include but are not limited to the attributes of, timing for and expected benefits to be derived from exploration, drilling or development at ACME's project properties. Information inferred from the interpretation of drilling, sampling and other technical results may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. ACME's project location adjacent to or nearby lithium projects does not guarantee exploration success or that mineral resources or reserves will be defined on ACME's properties. Exploration, development, and activities conducted by regional companies provide assistance and additional data for exploration work being completed by ACME. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from the Company's operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/147599

News Provided by Newsfile via QuoteMedia

ACME:CC
The Conversation (0)
ACME Lithium (CSE:ACME)

ACME Lithium


Keep reading...Show less

North American Lithium Development with Key Projects in Nevada, Manitoba and Saskatchewan

ACME Lithium Starts Exploration Program at Bailey Lake Pegmatite Discovery Area in Saskatchewan Canada

ACME Lithium Starts Exploration Program at Bailey Lake Pegmatite Discovery Area in Saskatchewan Canada

ACME Lithium Inc. (CSE: ACME) (OTCQX: ACLHF) (the "Company", or "ACME") is pleased to announce that it has commenced a summer exploration program at its Bailey Lake pegmatite discovery area in northeastern Saskatchewan.

Starting August 21st, 2023, ACME will be conducting a 3-in-1 Airborne Geophysical Survey on the Bailey Lake Property which will include Helicopter-borne Tri-axial Gradiometer Magnetics, Radiometrics, and LiDAR (Light Detection and Ranging) to identify regional structural trends and localized controls of pegmatite bodies and other key information to aid in future drill targeting.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
ACME Lithium Successfully Completes 10-Day Pumping Test at Clayton Valley Lithium Brine Project

ACME Lithium Successfully Completes 10-Day Pumping Test at Clayton Valley Lithium Brine Project

ACME Lithium Inc. (CSE: ACME) (OTCQX: ACLHF) (the "Company", or "ACME") is pleased to report that the Company has successfully completed a 10-day pumping test at test well TW-1 located in Clayton Valley, Nevada. The data generated during the test will be used to estimate the transmissivity and the storativity of the Lower Gravel Unit (LGU) at the TW-1 location. Preliminary Phase 1 and Phase 2 data suggest the perforated casing of TW-1 captures approximately 500 feet of potential lithium brine aquifer hosted in the LGU. The LGU is the basal gravel overlaying bedrock in Clayton Valley.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/7776/177491_a3fcc31ed4de6886_002.jpg

Figure 1: Lithium Brine Samples, Clayton Valley Nevada

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
ACME Lithium Clarifies Technical Report Disclosure

ACME Lithium Clarifies Technical Report Disclosure

ACME Lithium Inc. (CSE: ACME) (OTCQX: ACLHF) (the "Company", or "ACME"). As a result of a review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify its disclosure. By news release dated June 19, 2023, the Company announced it had filed a technical report titled "NI 43-101 Technical Report Update on the Fish Lake Valley Lithium Claystone Property, Esmeralda County, Nevada USA" (the "Technical Report"). Both the news release and the Technical Report stated that the author of the report, William Feyerabend, was an independent consultant.

Mr. Feyerabend is and was as of the date of the Technical Report, a paid consultant of the Company acting in the role of VP Exploration in the United States. As such, Mr. Feyerabend was not independent of the Company and the report should not have stated as such.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
ACME Lithium Commences TW-1 Pumping Test at Clayton Valley Nevada Lithium Brine Project

ACME Lithium Commences TW-1 Pumping Test at Clayton Valley Nevada Lithium Brine Project

ACME Lithium Inc. (CSE: ACME) (OTCQX: ACLHF) (the "Company", or "ACME") is pleased to report that the Company has commenced pumping test activities at test well TW-1 at its Clayton Valley Nevada lithium brine project. The well is the only permitted deep well known to currently exist in the northern portion of Clayton Valley.

Data generated from the pumping test will be used to assess hydraulic properties, brine chemistry of the Lower Gravel Unit (LGU) aquifer and to examine the potential concentration and extractability of economic lithium brine in the LGU.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
ACME Lithium Announces Results from Phase 1 Winter Drilling Program at Shatford Lake Manitoba

ACME Lithium Announces Results from Phase 1 Winter Drilling Program at Shatford Lake Manitoba

ACME Lithium Inc. (CSE: ACME) (OTCQX: ACLHF) (the "Company", or "ACME") announced today drill core sample results from its 2023 winter drill program at its 100% owned Shatford Lake and Birse Lake lithium projects in southeastern Manitoba, Canada. ACME's Shatford-Birse claim area are contiguous to the south of Sinomine's world-class Tanco Mine, a Lithium, Cesium and Tantalum producer (LCTs) since 1969.

Core drilling was based on geological prospecting/mapping with lithium determinations by LIBS and geophysical magnetic interpretation. Drilling and magnetic interpretation was successful in defining broad structural belts with multiple unexposed pegmatites and specific cross structural features in these broad belts that control pegmatite injection. Recent results from this maiden drilling program at Shatford Lake will help the Company vector in the fertile pegmatite zones. Twenty-six pegmatites were intersected in 6 of 8 drill holes.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
ION Announces US$13.5M Joint Venture on Urgakh Naran, Corporate Updates and Update on Rare Earths Transaction

ION Announces US$13.5M Joint Venture on Urgakh Naran, Corporate Updates and Update on Rare Earths Transaction

Lithium ION Energy Limited (TSXV: ION) (FSE: ZA4) ("ION" or the "Company") is pleased to share that it has entered into a binding Joint Venture Agreement with SureFQ Ltd. ("SureFQ") for the advancement of the Urgakh Naran project in Mongolia, in which ION will continue to hold a 20% free carried interest through to commercial production.

Highlights:

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Altech Batteries Ltd  Agreement to Secure EUR2.5M in Funding

Altech Batteries Ltd Agreement to Secure EUR2.5M in Funding

Perth, Australia (ABN Newswire) - Altech Batteries Limited (ASX:ATC) (FRA:A3Y) (OTCMKTS:ALTHF) is pleased to advise that it is in the process of selling its land in Johor to help fund the ongoing development of the CERENERGY(R) battery project and the Silumina Anodes(TM) battery materials project, as well as to support general working capital requirements.

Highlights

- Altech, subject to receipt of shareholder approval, will have the ability to drawdown up to EUR2.5M in cash funding

- Agreement reached with major shareholder Deutsche Balaton AG to provide funding

- Funding to be provided as Bearer Bonds with interest payable at 7.0% per annum

- Bearer Bonds secured by Altech's Malaysian land

- Repayment of the Bearer Bonds anticipated to be from sale of Altech's Malaysian land

- Shareholder meeting to approve facility anticipated for late April 2025

The Company has also entered into a binding Bond Note Subscription Deed with its major shareholder Deutsche Balaton AG, under which Altech can drawdown up to EUR2.5M in cash in the form of interest-bearing Bearer Bonds.

This funding will allow Altech to progress with its projects without the dilutionary impact to shareholders of a capital raise via a share issue. The repayment of the Bearer Bonds is secured by Altech's Malaysian land and requires Altech shareholder approval, and a General Meeting is anticipated to be convened in late April 2025.

Key terms of the Subscription Agreement are as follows:

- Total Bearer Bond facility of up to EUR2.5M to be drawdown in EUR500K amounts with interest payable at 7.0% per annum.

- Altech shareholders approving the grant of security to Deutsche Balaton AG over its Malaysian land in accordance with any requirement of the ASX, or the ASX granting a waiver from any requirement of the listing rules to obtain shareholder approval.

- a Security and Security Trust Agreement has been entered into under which Altech's 100% owned subsidiary Altech Chemicals Sdn Bhd has pledged security over its Malaysian land as well as a guarantee of repayment of the Bearer Bonds.

- Repayment of Bearer Bonds by maturity date of 31 October 2026.

- Default clauses applicable standard for Subscription Deeds of this nature.

Altech has placed its Malaysian land in Johor on the market for sale. Proceeds from the sale of the land are expected to provide sufficient funds to enable the Bearer Bonds to be repaid in full.



About Altech Batteries Ltd:  

Altech Batteries Limited (ASX:ATC) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS ("Fraunhofer") to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.

The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech's land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market.

News Provided by ABN Newswire via QuoteMedia

Keep reading...Show less
SAGA Metals Extends Claims at the Radar Project by 26% to Cover 20km Inferred Oxide Zone

SAGA Metals Extends Claims at the Radar Project by 26% to Cover 20km Inferred Oxide Zone

Saga Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery, announces the addition of 180 claims spanning 4,500-hectares, increasing the total size of the Radar Titanium-Vanadium (Ti-V) project from 17,250-hecatres to 21,750-hectares. This addition now encompasses the 20km inferred oxide zone starting from the 2025 Hawkeye drill program area heading west towards the new claim boundary.

Michael Garagan, CGO & Director of SAGA comments: "Important information garnered from the combined field & drill programs suggests the oxide layer zone at Hawkeye may be contiguous to Trapper and possibly as far as SAGA's claim extension. These additional claims were strategic in an effort to ensure we've secured the full extent of mineralization. The team will look to apply magnetic geophysical continuity over the entire ‘inferred layering zone of the Dykes River' intrusion. The recently completed drill program over the prospective Hawkeye zone is our proof of concept to a much larger system."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×