Quebec Pegmatite Corporation ("QPC"), a subsidiary of the Company, currently holds Quebec MERN mineral claims prospective for lithium in Quebec at their Vieux Comptoir Lithium Project and the Mazerac Lithium Project.
Vieux Comptoir Lithium Project is located between the Corvette Property of Patriot Battery Metal Inc. ("Patriot Battery") and the Adina Project of Winsome Resources Ltd. ("Winsome Resources"). The project area was targeted by the Company and the claims were acquired to obtain a strategic land position within the lithium prospective James Bay region. The Vieux Comptoir Lithium Project is adjacent to established lithium pegmatite occurrences and active successful projects:
- Approximately 45 km east of Patriot Battery's Corvette Property where numerous Spodumene bearing pegmatites have been discovered, and recent drilling includes intersections up to 1.25% Li2O and 194 ppm Ta2O5 over 58.1 m. (https://patriotbatterymetals.com/portfolio/corvette/); and
- Approximately 45 km west of Winsome Resources's Adina Project where early-stage explorations have identified outcropping pegmatites across the property returned results up to 4.89% Li2O.
The Vieux Comptoir Lithium Project is located approximately 35 km from the nearest road and airstrip with property access by float plane or helicopter.
Corvette Property - Patriot Battery (TSXV: PMET)
Patriot Battery's Corvette Property is reported to be a large lithium discovery in James Bay region of Quebec.
On December 13, 2022, Patriot Battery reported an update on their Corvette Lithium Project:
Patriot Battery Metals Inc. (the "Company" or "Patriot") (TSXV: PMET) (ASX: PMT) (OTCQB: PMETF) (FSE: R9GA) is pleased to announce core assay results for twelve (12) additional drill holes (CV22-046, 055, and 057 through 066) from its 2022 drill campaign at its wholly owned Corvette Property (the "Property"), located in the James Bay Region of Quebec. The primary drill area is focused at the CV5 Pegmatite, located approximately 13.5 km south of the regional and all-weather Trans-Taiga Road and powerline infrastructure.
Blair Way, Company President, CEO and Director, comments:
"The Corvette Property continues to deliver with these latest assay results, which include some of our highest grades to date. In addition, the strike length of the CV5 Pegmatite system remains open in all directions with wide widths and strong grades encountered along its currently defined 2.2 km length. I am happy to be back on track with regular news releases of our assay results from the summer-fall drill program. With 38 holes yet to be received from the lab, and re-commencement of drilling in January, we will have continuous news flow on the Property for some time."
Adina Project -Winsome (ASX:WR1)
On January 6, 2023, Winsome provided an update on its Adina Project with respect to its initial assay results from its drill hole AD-22-005. The intial assay results confirm the following significant lithium intercepts in drill hole AD-22-005:
- 1.34% Li2O over 107.6m from 2.3m to 109.9m, including:
- 1.52% Li2O over 20.7m from 2.3m to 23.0m
- 2.21% Li2O over 30.0m from 41.0m to 71.0m
- 1.05% Li2O over 26.5m from 71.0m to 97.5m
- 0.96% Li2O over 6.9m from 103.0 m to 109.9m
- 0.70% Li2O over 52.1m from 124.9m to 177.0m, including:
- 1.08% Li2O over 30.0m from 147.0m to 177.0m
Winsome Resources Managing Director, Chris Evans said:
"It is fantastic to see these impressive levels of lithium mineralisation in drill hole AD-22-005 which provide proof of the Company's previous visual estimates of mineralisation. Having an average of 1.34% Li2O for over 100m of pegmatite from surface speaks of a world-class lithium project and paves the way for the much expanded drill program we now have planned at Adina. It is also very encouraging for the other impressive pegmatite intersections and visual estimates from drilling of subsequent holes up until the Christmas break. We look forward to releasing these assays to the market as soon as they become available."
Quebect Pegmatite Corporation Receives Conditional Approval for the Option of its Vieux Comptoir Lithium Project to Superior Mining International Inc.
On December 7, 2022, Quebec Pegmatite Corporation, a subsidiary of the Company announced that it entered into an option agreement (the "Option Agreement") with Superior Mining International Corporation ("Superior"), whereby Superior has the option (the "Option") to earn a 100% interest in the Vieux Comptoir Lithium Property in certain circumstances.
Under the terms of the Option Agreement, Superior may exercise the option to acquire 100% interest in the Property upon the issuance to QPC of the following share issuances:
- 7,000,000 common shares of Superior (the "Superior Shares") upon receipt of approval of the TSX Venture Exchange;
- 3,500,000 Superior Shares payable on the one year anniversary of the Option Agreement; and
- 3,500,000 Superior Shares payable on the eighteen month anniversary of the Option Agreement.
The Option Agreement remains subject to the approval of the TSX Venture Exchange.
On January 5, 2023, the Company received conditional approval from the TSX Venture Exchange (the "TSXV") with respect to the Option Agreement. Closing of the Option is subject to meeting all customary closing conditions, including final approval from the TSXV.
Summary of Mazerac Lithium Project
On July 25, 2022, Coloured Ties reported that the Company had acquired 108 mineral claims, covering 55 square kilometers in the Cadillac-Pontiac region, about 50 km southwest of Val-d'Or. The claims are immediately adjacent to claims currently held by Winsome Resources and Vision Lithium Inc., a TSXV listed Lithium explorer. The Mazérac claims are accessible by a dense network of trails and other logging roads. The area also accessible through boat or seaplane within watershed of Decelles water reservoir, hosting the Rapid-7 hydroelectric dam of Decelles.
The general area has recently attracted many lithium prospecting and exploration companies such as Brunswick Exploration Inc. (TSXV: BRW), High Tide Resources Corp. (CSE: HTRC), Medaro Mining Corp. (CSE: MEDA), NeoTerrex Corporation (private company), Renforth Resources Inc. (CSE: RFR), Sayona Mining Limited (ASX:SYA), Vision Lithium Inc. (TSXV: VLI), and Winsome Resources.
The Cadillac-Pontiac area has gained attention due to recent discoveries of several high-grade spodumene prospects. The latest discovery of high-grade lithium prospects by Vision Lithium Inc, spurred several other exploration and drill programs within the Cadillac area. Since December 2021, approximately 4000 new claims have been registered in the greater Mazerac area and the Pontiac Sub province region, south of Val-d'Or and Rouyn-Noranda.
Other Lithium Portfolio
CTI holds the following investments in the Company's lithium portfolio aside from its 10,000,000 shares of Quebec Pegmatite Corporation:
- Patriot Battery Metals Inc. (ASX: PMT) - The Company currently holds 1,951,200 common shares of Patriot Battery.
- Hertz Lithium Inc. ("Hertz Lithium") - The Company currently holds 3,000,000 common shares of Hertz Lithium. Hertz Lithium has filed a preliminary long form prospectus on November 22, 2022 to qualify its initial public offering ("IPO"). It intends to complete the IPO by the end of first quarter of 2023 and begin trading on the Canadian Securities Exchange under the symbol "HZ". Hertz Lithium owns the Lucky Mica Lithium project in Arizona Pegmatite Belt and also holds an option to develop lithium extraction patented technology in partnership with Penn State University.
- Power Metals Corp. ("Power Metals") (TSXV: PWM) - The Company currently owns 3,000,000 common shares of Power Metals. Power Metals owns a 100% interest in the Case Lake Property. The Case Lake Property is located 80 km east of Cochrane, northeastern Ontario close to the Ontario-Quebec border. The Case Lake Property consists of 585 cell claims in Steele, Case, Scapa, Pliny, Abbotsford and Challies townships, Larder Lake Mining Division. The property is 10 km x 9.5 km in size with 14 identified tonalite domes. The Case Lake pegmatite swarm consists of six spodumene dykes: North, Main, South, East and Northeast Dykes on the Henry Dome and the West Joe Dyke on a new tonalite dome.
Recently, Winsome Resources acquired 7,500,000 common shares of Power Metals and 7,500,000 common share purchase warrants of Power Metals from Sinomine Rare Metals Resources Co Ltd. ("Sinomine") for total cash consideration of $2,000,000. Each warrant entitles the holder thereof to acquire one share of Power Metals at CAD$0.40 per share, expiring on 17 March 2025. Winsome Resources has also agreed to assume all of Sinomine's rights and obligations under the offtake agreement that was entered into between Sinomine and Power Metals dated March 16, 2022.
- Winsome Resources Inc. (ASX: WR1) - The Company owns 50,000 common shares of Winsome Resources. Winsome Resources recently reported drill intercepts at its Adina Project in James Region of Quebec as summarized above.
- Superior Mining International Inc. (TSXV: SUI) - The Company anticipates receiving 7,000,000 common shares of Superior (the "Superior Shares") upon closing of the Option. In addition, the Company anticipates receiving 3,500,000 Superior Shares payable on the one year anniversary of the Option Agreement and 3,500,000 Superior Shares payable on the 18 month anniversary of the Option Agreement, all subject to the approval of the TSXV.
- Manning Ventures Inc. ("Manning") (CSE: MANN) - the Company holds 7,767,000 common shares of Manning. Manning is conducting exploration at Bounty Lithium Project. Bounty Lithium Project is located within the Eastmain Greenstone Belt in the James Bay Pegmatite District of west-central Quebec. It is prospective for hosting hard-rock, pegmatite-hosted lithium mineralization. The project now contains 62 pegmatite target areas, many with previously defined indicator-mineralogy and indicator-chemistry for hosting Lithium-Cesium-Tantalum style, spodumene-bearing pegmatites. Manning also has a 100% interest in the Dipole lithium project. The Dipole lithium project is located approximately 50 kilometres along strike from the recent Kraken lithium zone discovery by of Sokoman Minerals Corp. and Benton Resources Inc. The Kraken discovery spurred an early 2022 regional metallogenic study of Southern Newfoundland by Dahrouge Geological Consulting which resulted in findings suggestive of hosting Lithium-Cesium-Tantalum type pegmatite and/or Tungsten mineralization and acquisition of the Dipole Lithium Project.
- Rockland Resources Ltd. ("Rockland") (CSE: RKL) - The Company currently owns 3,100,000 common shares of Rockland. Rockland carried out sampling at their Lithium Butte property in May 2022, comprising ten grab samples with a peak values of 4,080 parts per million lithium (ppm Li), with five grab samples of the tuff-breccia that had strongly developed clay alteration averaging 2,142 ppm Li. Additional sampling in July returned a continuous interval of 25.2 metres at 1,388 ppm Li, including 8.0 metres at 2,155 ppm Li and 0.7 metre at 3,540 ppm Li. Activities since July have included geological mapping, extensive.
- Other assets. Coloured Ties also holds other public and private company investments and those are detailed on the Company's Issuer Bid Circular Filed on Sedar.com on December 8, 2023
Substantial Issuer Bid Deadline is January 17, 2023
The Company reminds shareholders that the previously announced substantial issuer bid (the "Offer") under which the Company will offer to purchase for cancellation up to $3,375,000 of its outstanding common shares (the "Shares") will expire on January 17, 2023, unless extended, varied or withdrawn. Shareholders who wish to tender their shares are urged to tender their shares in advance of the deadline to ensure efficient processing time.
The Offer is being made by way of a "modified Dutch auction", which will allow shareholders who choose to participate in the Offer to individually select the price, with a range of not less than $0.55 per Share and not more than $0.65 per Share (in increments of $0.01 per Share), at which they are willing to sell their Shares. Upon expiry of the Offer, the Company will determine the lowest purchase price (which will not be more than $0.65 per Share and not less than $0.55 per Share) (the "Purchase Price") that will allow it to purchase the maximum number of Shares tendered to the Offer, and not withdrawn, having an aggregate purchase price not exceeding $3,375,000.
ABOUT Coloured Ties Capital Inc.
Coloured Ties Capital is a publicly traded Canadian-based venture capital firm focused on early stage investments in companies in the junior resources and break thru and disruptive technologies. Coloured Ties investment strategy is to invest early in multiple private and public companies across a variety of sectors that merit investments to advance promising ventures globally. Coloured Ties invests early stage, in promising projects where it can be the Founding or Early Stage investor and can additionally provide investees with advisory services and access to the company's ecosystem.
Entrepreneurs or prospectors or other listed companies seeking business partnership with Coloured Ties are invited to contact the Company for further information on our investment criteria and available opportunities.
For further info, please contact
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.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
The forward-looking statements contained in this news release present the expectations of the Company as of the date hereof and, accordingly, is subject to change after such date. Readers are cautioned not to place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/150814