Equitorial Exploration Corp. (TSX-V: EXX, Frankfurt: EE1, OTCQB: EQTXF) (“Equitorial” or “Company”) is pleased to report that the Company has been granted an exclusive option to acquire a 100% recorded and beneficial interest in 3 claims (Catail Claims) directly adjacent to the Cat Lake Mineral Project owned by Quantum Minerals Corp.
Equitorial Exploration Corp. (TSXV:EXX, Frankfurt: EE1, OTCQB: EQTXF) (“Equitorial” or “Company”) is pleased to report that the Company has been granted an exclusive option to acquire a 100% recorded and beneficial interest in 3 claims (Catail Claims) directly adjacent to the Cat Lake Mineral Project owned by Quantum Minerals Corp.
Catail Claims Summary
- – 3 Claims, 99 hectares
– Adjacent to Cat Lake Mineral Project (previously Irgon Lithium Mine)
– Lithium Corp Cat Lake mine situated on south end of Catail claim block
– Irgon Lithium Mine shaft 150 m from south end of Catail claim block
– 48 feet of spodumene bearing quartz drilled in 1948 (Manitoba Assessment File 98073)
– Approximately 150 km northeast of Winnipeg
– Manitoba Provincial Highway 314 in passes through the claim block
– Please click to view a map of the claims: http://equitorialexploration.com/wp-content/uploads/2017/10/2017-10-26-Catail-Claims-fwe8mt.jpg
Cat Lake Mineral Project
QMC Quantum Minerals Corp News Release September 7, 2017 reported:
“Between 1953-1954, the Lithium Corporation of Canada Limited drilled 25 holes into the Irgon Dike and reported a historical resource estimate of 1.2 million tons grading 1.51% Li20 over a strike length of 365 meters and to a depth of 213 meters (Northern Miner, Vol. 41, no.19, Aug. 4, 1955, p.3). This historical resource is documented in a 1956 Assessment Report by Bruce Ballantyne for the Lithium Corporation of Canada Ltd. (Manitoba Assessment Report No. 94932). This historical estimate is believed to be based on reasonable assumptions and the company/QP has no reason to contest the document’s relevance and reliability.”
The property lies within the east-trending Mayville-Cat-Eculid Greenstone Belt (“MCEGB”) located along the northern contact of the Maskwa Lake Batholith. This northern greenstone belt has a similar structural geological setting as the Bird River Greenstone Belt (“BRGB”) which is located along the southern contact of the same batholith, and is parallel to and approximately18km to the south of the MCEGB. The property is located 20km north of the Tanco Mine Property. The BRGB hosts the world-class Tanco rare element-bearing pegmatite dike. The Tanco Mine went into production in 1969 and produced tantalum, cesium and lithium concentrate. It was previously North America’s largest and sole producer of spodumene (Li), tantalite (Ta) and pollucite (Cs).
W.S. Ferreira Ltd. (FERREIRA) hereby grants to Equitorial (OPTIONOR) an exclusive option to acquire a 100% beneficial interest in the Property, free and clear of all encumbrances, liens or royalties. In order to exercise the Option and earn a 100% undivided beneficial interest in and to the Property, OPTIONOR shall:
- – immediately upon execution of this Agreement make a cash payment of CDNS25,000.00 to FERREIRA;
– issue to William S. Ferreira within 5 business days from the date of TSX Venture approval, 500,000 non-assessable common shares of its capital
– on or before December 31,2018, make a cash payment of CDN$25,000 to FERREIRA;
– on or before December 31 ,2018, a work commitment of $5,000 to earn 100% interest in the PROPERTY;
A 2% Gross Overriding Royalty, “GOR” as defined in 2.3 shall be granted to FERREIRA. The OPTIONOR shall have the right to purchase a 1% GOR from FERREIRA at any time prior to production for CDNS1,000,000 leaving FERREIRA with a 1% retained GOR.
About Equitorial Exploration Corp
Equitorial is aggressively developing three 100%-owned, high-potential, lithium projects in North America. The Little Nahanni Pegmatite Group (LNPG) is a 43-101 compliant, hard rock, lithium property in the NWT. The Tule and Gerlach Lithium Brine Projects are located in lithium-rich Utah and Nevada within easy reach of the Tesla Gigafactory #1.
All three projects have demonstrated highly encouraging grades and Equitorial intends to actively explore these Lithium opportunities in the coming season.
For more information please visit: http://equitorialexploration.com/
On behalf of the Board of Directors
EQUITORIAL EXPLORATION CORP.
Jack Bal, CEO and Director
For further information, please contact Jack Bal at 604-306-5285
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws, including statements regarding the Tule, Gerlach and Little Nahanni Pegmatite Project: statements pertaining to the ability of Equitorial Exploration Corp.(“EXX”); the potential to develop resources and then further develop reserves; the anticipated economic potential of the property; the availability of capital and finance for EXX to execute its strategy going forward. Forward-looking statements are based on estimates and assumptions made by EXX in light of its experience and perception of current and expected future developments, as well as other factors that EXX believes are appropriate in the circumstances. Many factors could cause EXX’s results, performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: discrepancies between actual and estimated results from exploration and development and operating risks, dependence on early exploration stage concessions; uninsurable risks; competition; regulatory restrictions, including environmental regulatory restrictions and liability; currency fluctuations; defective title to mineral claims or property and dependence on key employees. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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.
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