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Coloured Ties Capital Inc. (TSXV: TIE) (the "Company") is very pleased to announce its subsidiary, Quebec Pegmatite Corp. ("QPC") has entered into an option agreement with Superior Mining International Corporation ("Superior"), whereby Superior has the option to earn a 100% interest in the Vieux Comptoir Lithium Property (the "Property") in certain circumstances. The Vieux Comptoir Lithium Property was acquired to explore for lithium and is located in the James Bay Region, Quebec, over rocks of the prospective Vieux Comptoir Granitic Suite, along the strike from Winsome Resources, Adina Project and Patriot Battery Metals Corvette Project. The Property is an early-stage exploration opportunity, comprising of a total of 333 Quebec mineral exploration claims, which amount to a total of 17,079.2 hectares or 170 square kilometers.
Vieux Comptoir Lithium Property Highlights:
The Vieux Comptoir Property is located in the James Bay region on Quebec, in the La Grande sub-province of the Superior Province. The Property encompasses lithium pegmatite prospective source rocks of the Vieux Comptoir Granitic Suite which have been identified on the Property. Regionally, the Vieux Comptoir Granitic Suite is known to host K-feldspar granite phases in pegmatite form which may host an abundance of spodumene.
The Property is located along the La Grande Greenstone Belt trend. The Corvette Shear Zone passes through the Property and such regional structures are known to focus pegmatite emplacement in the surrounding district.
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 Property is adjacent to established lithium pegmatite occurrences and active successful projects:
- Approximately 45 km east of Patriot Battery Metals Corvette Project 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/)
- Approximately 45km west of Winsome Resources, Adina Project where early-stage explorations have identified outcropping pegmatites across the property returned results up to 4.89% Li2O.
The Vieux Comptoir Ltihium Property is located approximately 35 km from the nearest road and airstrip, with property access by float plane or helicopter.
Pursuant to the terms of the Option Agreement, upon execution of the Option Agreement, Superior shall pay QPC a cash payment of $7,500 and Superior shall have a right to conduct due diligence on the Property until January 15, 2023. In the event Superior wishes to proceed with the Option Agreement following the completion of the due diligence period, Superior shall notify QPC of its intention no later than January 15, 2023. In the event notice is not provided by January 15, 2023, then the Option Agreement shall be deemed to be terminated.
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.
Pursuant to the terms of the Option Agreement, in the event Superior exercises its option in full and acquires the Property, Superior shall grant QPC a 3.0% net smelter return royalty (the "NSR Royalty") and the NSR Royalty may be reduced to 1.5% upon Superior making a cash payment of $3,000,000 to QPC.
Appointment of Advisory Board
In addition Quebec Pegmatite is pleased to announced the formation of an Advisory Board and to name the following advisors:
Dr. David Lentz, Phd, PGeo- Geological Advisor
David R. Lentz (PhD, PGeo) currently holds a Research Chair in Economic Geology in the Department of Earth Sciences, University of New Brunswick (UNB). Dr. Lentz has ben awarded the Bailey Geoscience Award from the Association of Professional Engineers and Geoscientists of New Brunswick, as well as the Abraham Gesner Distinguished Scientist Award from the Atlantic Geoscience Society. He is a Fellow of Geoscientists Canada.
In early 2000, Dr. Lentz joined the UNB as the Economic Geology Chair, where he has remained ever since. During the last 15 years at UNB, he has authored or co‐authored over 100 publications and supervised or co‐supervised numerous student theses. He was Co‐editor of the MDD newsletter (The Gangue) from 1999‐2003, was on the editorial boards of Mineralium Deposita (2003‐2006), Canadian Mineralogist (2004‐2007), and was guest editor of two special volumes of Exploration and Mining Geology: one in 2006 entitled: "Volcanic‐hosted massive sulfide deposits and their geological settings in the Bathurst Mining Camp, New Brunswick", and a second in 2008 entitled: "Metallogeny and setting of gold systems in southern New Brunswick: Implications for exploration in the northern Appalachians". He was very active in the CIM Geological Society for nine years, served on Executive from 2002‐2005, and was a booster for the Society's journal, Exploration and Mining Geology. For his efforts, CIM awarded him the Distinguished Lecturer Award in 2007, the Julian Boldy Memorial Award for exceptional service to the CIM Geological Society in 2009, and the Barlow Medal twice, in 2008 and 2010, for best paper in Exploration and Mining Geology. He also received the Distinguished Service Award from GAC in 2007. Dr Lentz has experience in overseeing exploration programs for public and private companies and academia and will provide oversight on QPC exploration projects.
Caroline Richer, Msc, PGEO-Geological Advisor
Caroline Richer, MSc, PGeo is an exploration geologist and mining technology instructor with a comprehensive field, technical and academic background. She has vast knowledge in data management, GIS and project management. Ms. Richer has led successful geologic mapping, campaigns for government and mineral exploration projects in Quebec, Ontario, Newfoundland, Yukon, and Nunavut. She holds a M.Sc from New Brunswick University focused on the geochemistry of pegmatites in the Pontiac region, Quebec. She is a program coordinator for the Collège Communautaire du Nouveau-Brunswick (CCNB).
Ms. Richer is a registered professional geologist with the Association of Professional Engineers and Geoscientists of New Brunswick.
Lana Eagle -Lana Eagle Consulting-Vice President of Indigenous Affairs
Lana Eagle is an Indigenous relations strategist and a Social Innovator and will advise QPC on how to better engage and work with Indigenous communities. Her background is in banking, economic development, wealth management and mineral exploration. Ms. Eagle is a pioneer for Aboriginal women in being one of the first to chair a mineral exploration company in Canada, Electra Gold Ltd. In 2017, she was elected to the Board of the Association for Mineral Exploration (AME) BC, where she is the founder and co-chair of AME's Gathering Place. She is a Program Advisory Committee Member for Mining and Mineral Exploration at the BC Institute of Technology. Lana is an appointed member of BC's Indigenous Business and Investment Council. She is a Director on the Board of Geoscience BC and most recently has been elected to the board of Prospectors and Developers Association of Canada. Lana is a sought-after speaker and lecturer on the topic of Indigenous engagement and reconciliation in Canada, as well as diversity and inclusion. She is a member of the Whitecap Dakota First Nation in Saskatchewan.
PROPERTY LOCATIONS MAPS
Figure 1: Map of Quebec Pegmatite Mazerac Central Lithium Property
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8431/147102_7442442ac4f4e998_001full.jpg.
Figure 2: Map of Quebec Pegmatite Vieux Comptoir Lithium Property
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8431/147102_7442442ac4f4e998_002full.jpg.
Qualified Person: Luke van der Meer (P.Geo) is a consultant to the company, is a Qualified Person as defined by National Instrument 43-101 guidelines - Standards of Disclosure for Mineral Projects ("NI 43-101"), and has reviewed the technical information of this news release.
ABOUT QUEBEC PEGMATITE CORP.:
QPC is a subsidiary of Coloured Ties Capital and holds 100% interest the Vieux Comptoir Lithium Property is spans 170 square kilometers near Patriot Battery Metals, Corvette Lithium Discovery and Winsome Resources, Adina Lithium Discovery as well as several other public company early stage exploration projects. QPC also holds 100% interest in the Mazerac Lithium Property which spams 550 Hectares or 55 Square Kilometers and is surrounded by Winsome Resources Mazerac project and as well as several other public company exploration projects prospective for lithium.
About Coloured Ties Capital Inc.(TSXV: TIE):
Coloured Ties Capital is an investment issuer that invests in early stage opportunities across mineral exploration, technology, agriculture and other emerging economic opportunities. Coloured Ties currently holds 1,920,000 share of Patriot Battery Metals and other liquid investments in public and private enterprises.
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.
For further information please contact:
Kal Malhi- CEO
kal@bullruncapital.ca
Cell:604-805-4602
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/147102
