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Aben Minerals Ltd. (TSX-V: ABM ) (OTCQB: ABNAF ) (Frankfurt: R26 ) ("Aben" or "the Company") announces that it is proceeding with a name change from Aben Minerals Ltd. to Aben Gold Corp.
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International Graphite
Investor Insight
International Graphite’s mine-to-market strategy, leveraging its compelling graphite resource, places the company in a strategic position to become an important player in the development and expansion of Western Australia’s battery supply chain.
Overview
International Graphite (ASX:IG6) is a front-runner in the global graphite industry and is aiming to be one of the first new graphite producers.
The company’s vision for a complete mine-to-market supply chain in Western Australia leverages the state’s global reputation as a secure, reliable and technically advanced resource jurisdiction.
Primary focus is the production of active anode materials for lithium-ion batteries to address growing global demand and the forecast shortage looming for allied markets, particularly the US, Europe, Korea and Japan.
Since listing on the ASX in 2022, the company has made rapid headway in the development of two major assets – a planned graphite mine at Springdale and downstream processing facilities at Collie.
The company has been awarded AU$13.2 million in grants from Australian state and commonwealth governments in recognition of its significance to the development of Australia’s sovereign battery minerals capability.
International Graphite also secured a $4.5 million grant funding from the Western Australian Government to construct the first purpose-built commercial graphite micronising plant. About $2 million will be applied towards the ~3,000 tpa micronising facility to be built in Collie at an estimated capital cost of $4 million and the remaining $2.5 million will be applied to expand the facility and at least double capacity (Stage 2).
In addition, the Western Australian government has further earmarked AU$4 million from the Investment Attraction Fund's New Energies Industries Funding Stream to support the progression of the Springdale graphite project and the development of the Collie Processing Facility.
Market demand
Market attention worldwide is swinging to graphite which is essential for global decarbonization and fast becoming one of the most politically contested of all the critical battery minerals. The graphite market is projected to reach US$24.21 billion by 2031 driven by a CAGR of 5.20 percent.
Graphite is flexible, conductive, heat and corrosion resistant. For decades it has been used to manufacture everything from ceramics and lubricants to plastics and steel.
It is also a major ingredient in batteries of all kinds, making up 95 percent of the active anode in lithium-ion batteries which are the gold standard for electric vehicles, renewable energy storage and advanced medical, defense and aerospace devices.
Of all the components in a lithium-ion battery, the biggest volume is in graphite. It can take 50 to 100 kilograms of graphite to make a single EV battery – up to 10 times more graphite than lithium.
Currently, China supplies over 80 percent of the world’s processed graphite, so its decision to restrict exports to western customers came as a shock in late 2023.
Western nations are scrambling to find alternative supplies to meet existing commitments – and new supplies to meet the shortage of battery materials forecast in the next five years.
With limited graphite sources of its own, and limited prospects in the near term, the US is leading the way, closely followed by Europe, offering unprecedented incentives to fast-track graphite supply from reliable domestic and allied sources.
Company Highlights
- International Graphite (ASX:IG6) is developing a sovereign mine-to-market graphite supply chain in Western Australia, incorporating a graphite mine at Springdale, near Ravensthorpe on the south-coast, and downstream processing facilities in Collie, 200 km south of Perth.
- Primary focus is the production of active anode materials for lithium-ion batteries to address growing demand and a forecast shortage in allied markets, particularly the US, Europe, Korea and Japan.
- The 100 percent owned Springdale Graphite Project is one of the largest in Australia, with a current mineral resource estimate of 49.3 Mt @ 6.5 percent total graphitic content (TGC).
- Now in the final stages of feasibility and permitting, Springdale will host a multi-decade mine and concentrator operation ensuring a secure, reliable feed of graphite concentrates for value-added processing.
- Less than 10 percent of the tenement area and 20 percent of initial geological targets have been drilled indicating enormous potential for future resource expansion.
- In Collie, the company has established Australia’s first graphite R&D and downstream processing facility comprising pilot scale graphite micronizing and spheroidizing and qualification-scale graphite micronizing equipment. The facility has achieved independent ISO 9001 quality assurance certification, the most globally recognized standard for quality management systems.
- Design is well advanced and funding is in place for a commercial-scale micronizing plant due to be constructed at Collie in 2025. It will supply graphite products for traditional manufacturing and industrial applications, including lubricants, plastics and polymers.
- Australian state and commonwealth governments have awarded grants totalling AU$13.2 million, to fast-track the business in recognition of its importance to the nation’s critical minerals capability.
- Purification test work done on Springdale concentrates achieved 99.99 percent purity - well above highest purity anode material product specification of 99.97 percent.
- The company has an expert management team, with proven technical credentials, is committed to rigorous environmental, social and quality standards, and has strong government and community support.
Key Projects
Springdale Graphite Project
International Graphite owns 100 percent of the Springdale graphite project in the established mining centre of Hopetoun/Ravensthorpe, on the south coast of Western Australia.
Springdale is one of the largest graphite deposits in Australia and was named Discovery of the Year in the respected 2023 Prospect Awards.
Following an extensive drilling campaign in 2022-23, the resource estimate increased by more than 240 percent to 49.3 Mt @ 6.5 percent total graphitic content (TGC). This is expected to grow in the future as only 10 percent of the tenement area and 20 percent of initial geological targets have been drilled to date.
Springdale is the site of the company’s planned graphite mine which will provide a consistent and reliable feed of graphite concentrates for downstream processing and give the company full control of its supply chain. A scoping study, released in January 2024, showed the planned open pit operation would be globally cost competitive with a long, multi-decade mine life.
The planned mine is on cleared farmland, with easy access to established roads and infrastructure. Permitting activities are well underway and two mining leases have been granted. The regional community relies heavily on the mining sector and has applauded moves to establish a new operation in their area.
Metallurgical testwork on Springdale concentrates, completed by specialist testing laboratories in Australia and overseas, shows the high-grade, fine flake Springdale ore is ideally suited for the production of battery anode material. Bench scale micronising, spheroidising and purification testwork on graphite concentrates were undertaken by industry specialists ProGraphite GmbH and produced outstanding results. The tests produced two spherical graphite products – SpG11 and SpG18 – with a yield of up to 76 percent. Purification testwork reached 99.99 percent graphite purity – well above the usual specification for battery anode material at 99.97 percent.
International Graphite’s vision for a complete mine-to-market business is designed to achieve maximum value from its Springdale natural graphite resource and is closely aligned with the Australian government's critical minerals strategy and the Western Australian government's vision to establish new world-class industries in Collie.
Collie R&D and Processing Facility
International Graphite’s Collie R&D and Process Facility is a first for Australia and a key link in the company’s mine-to-market strategy.
Backed by an ISO 9001 quality assurance certificate, the Collie facility is home to pilot scale graphite micronizing and spheroidizing equipment, thermal purification equipment, and a qualification-scale micronizing plant that is currently producing sample products for assessment by potential customers in the industrial manufacturing and battery markets.
As well as being widely used in industrial products such as lubricants, plastics and polymers, micronized graphite is a critical conductive additive in battery cathodes. It is also the first stage in the production of active anode material for lithium-ion batteries.
International Graphite plans to expand micronizing at Collie to commercial scale with construction scheduled in 2025. At the same time, it is progressing plans for a separate advanced battery anode material manufacturing facility. The plant design will be tailored to process Springdale graphite concentrates.
Located 450 km by road from Springdale, and close to major export ports, the regional township of Collie is the centre of Western Australia’s electricity generating infrastructure.
Top left: Collie R&D and Process Facility. Top right: Micronizing qualification plant.
Bottom left: Qualification plant in operation. Bottom right: Australian Prime Minister Anthony Albanese inspects the Collie facility.
Management Team
Phil Hearse - Chairman
One of Australia’s leading metallurgists and an authority on graphite project development, Phil Hearse founded International Graphite in 2018 and continues to lead the company’s growth and development. An engineer with more than 40 years of experience in diverse and challenging projects around the world, his extensive career has taken him from operational and technical roles at Broken Hill, Bougainville Copper, Queensland Nickel (QNI) and Gove Alumina to senior executive and managerial positions in engineering and operating companies.
Hearse is the owner and managing director of Battery Limits, one of Australia’s leading graphite metallurgy and process engineering firms. The company has assisted many listed public companies to develop bankable feasibility studies for graphite mines and concentrators and has generated significant intellectual property in downstream processing and knowledge of the end use market. Hearse has an MBA from Hull University UK and a Bachelor of Applied Science in primary metallurgy from the University of SA. He is a fellow of the Australasian Institute of Mining and Metallurgy and a fellow of the Australasian Institute of Mining and Metallurgy.
Andrew Worland - Managing Director and Chief Executive Officer
Andrew Worland is a mining executive and experienced ASX/TSX director with over 25 years in senior finance, corporate, project management and marketing roles in the Western Australian mining sector.
Worland's commodity experience includes exploration, development and operations in lead, zinc, nickel, cobalt, gold, iron ore, molybdenum, copper and uranium. He has a Bachelor of Commerce with a major in finance and marketing from the University of Western Australia and is a qualified chartered company secretary and has achieved Fellow of the Governance Institute of Australia.
David Pass - Non-executive Director and Technical Director
David Pass has played a key role in the technical development of International Graphite since the company’s inception. A metallurgist with 30 years in the mining industry, he brings a mix of operational processing, process design, project, due diligence skills and management experience including mine operations experience with Barrick Gold.
Pass is chief executive officer of Battery Limits and an acknowledged expert in graphite primary and downstream processing and has led several studies in graphite project development to definitive feasibility level. He holds a Bachelor of Science in metallurgy from Murdoch University and is a member of the Australian Institute of Mining and Metallurgy.
Matthew O’Kane - Non-executive Director
Matthew O’Kane is a senior mineral industry executive and company director with 25 years’ experience in the mining, commodities, and automotive sectors. He has held senior leadership roles in Australia, the US and Asia, in both developed and emerging markets, from start-up companies through to MNC’s. He has served on the board of mining companies in Canada, Hong Kong and Australia, and is currently managing director of Comet Resources (ASX:CRL) and a non-executive director of Azarga Uranium (TSX:AZZ) and Pursuit Minerals (ASX:PUR). O’Kane has been a non-executive director of International Graphite since the company was listed in April 2022.
Robert Hodby – Chief Financial Officer and Company Secretary
Robert Hodby is a finance and accounting specialist with more than 20 years’ experience in the Australian resource and energy sector, including seven years as CFO and company secretary of Kibaran Resources(ASX:KNL), the predecessor to Australian graphite company EcoGraf (ASX:EGR). A member of CPA Australia and member of the Governance Institute of Australia, Hodby specializes in the financial management and administration of public and listed companies at both operational and corporate levels. During his career, he has held numerous executive and project management positions as well as CFO, board and company secretarial roles, with a strong track record in corporate finance, capital raising and international product marketing, particularly in the emerging graphite market.
Australian battery graphite from mine-to-market
Aben Minerals Ltd. to Change Name to Aben Gold Corp.
The Company's share capitalization and trading symbol will remain the same.
The name change is subject to the acceptance of the TSX Venture Exchange. The Company shall issue a subsequent news release confirming the effective date of the name change.
The Company purchased the domain rights to www.abengold.com and www.abengold.ca, the Company's website url will be www.abengold.com upon completion and approval.
About Aben Minerals:
Aben Minerals is a Canadian gold exploration company with exploration projects in the Yukon Territory and British Columbia. The Company's flagship, the 7,400-hectare, 100% owned Justin Gold Project is located in the southeast Yukon in the Tintina Gold Belt adjacent to Seabridge Gold's 3 Aces Project. Aben Minerals also owns 100% of the Forrest Kerr Gold Project located in the Golden Triangle of British Columbia and shares claims borders with Skeena's KSP Project, and Seabridge Gold's Iskut Project.
The Company's goal is to increase shareholder value through new discoveries and developing exploration projects in geopolitically favourable jurisdictions.
The Company has 23.2 million shares outstanding.
For further information on Aben Minerals Ltd. (TSX-V: ABM ), visit our Company's website at www.abenminerals.com .
ABEN MINERALS LTD.
"Riley Trimble"
______________________
Riley Trimble Â
President & CEO
For further information contact:
Aben Minerals Ltd.
Riley Trimble, President & CEO
Telephone: 604-639-3852
Facsimile: 604-687-3119
Email: info@abenminerals.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.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management 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. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedarplus.ca for further information.
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Progress update - Ambient Noise Tomography Survey - Lac Dore deposit
(TheNewswire)
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Vancouver, British Columbia TheNewswire - April 14, 2025, VanadiumCorp Resource Inc. (TSX-V: VRB) (FSE: NWNA) (OTC: VRBFF) VanadiumCorp (the "Company") engaged CAUR Technologies December 2024 to conduct an Ambient Noise Tomography (ANT) survey to characterize the Lac Doré deposit located on VanadiumCorp's property near Chibougamau, Quebec. Ambient Noise Tomography is a passive technique that records ambient vibrations using seismic sensors. This method allows for the modelling of underground structures and provides detailed information on S-wave velocities.
The scope of the project includes creating a synthetic velocity model, optimizing the sensor network design, and recording seismic noise using 104 triaxial sensors. Additionally, the project involves managing and archiving the seismic data collected. The final report will detail the survey design, field campaign, data collected, data analysis, the final S-wave velocity model, and geological interpretations.
ATN Progress Report
Initial planning focused on designing the sensor layout to optimize the imaging of the Lac Doré deposit. Fieldwork at the Lac Doré property started during the week of December 22, 2024. Initial activities included land surveying, reconnaissance, and the placement of sensor positions in preparation for deployment. Geophone deployment was completed in March, and data recording will conclude at the end of April. Following this, data processing will begin on the 3D geophysical interpretation model, which is expected to take approximately four to six weeks.
The goal of the Ambient Noise Tomography Survey is to develop an updated geological and structural model. This model will be used in the revision of the "NI 43-101" report which was including VTM Resource, which was released in 2020 and is classified as a historical estimate.
Financing
The Company has submitted documents to the TSX Venture Exchange (the "Exchange") to seek conditional approval for the announced financing, which includes the closing of a second tranche that will generate gross proceeds of $50,000.00. This tranche involves the issuance of 454,545 Units to arm's-length subscribers. Additionally, the Company may pay finders' fees in cash and warrants, which will have the same terms as the Unit Warrants. Furthermore, in order to accommodate changes in the Quebec flow-through tax regulations announced March 25, 2025 the Company has received approval to extend the announced financing to May 14, 2025.
All shares issued as part of this financing, as well as any shares resulting from the exercise of warrants, will be subject to a four-month hold period from the closing date. The financing is contingent upon approval from the TSXV Exchange.
Net proceeds from the financing will be used for exploration and metallurgical testing of the Company's wholly-owned mineral properties, electrolyte plant, and general corporate purposes.
Director of VanadiumCorp Andre Gauthier, P. Eng., P.GEO is the qualified person (as defined in NI 43-101) who has reviewed this news release.
Additional information about Vanadiumcorp can be found on its website, and you can review its profile on SEDAR+ at www.sedarplus.ca .
About VanadiumCorp Resource Inc.
VanadiumCorp is a Canadian critical metals exploration company owning 100% of two strategic properties in Quebec: The Iron T and the flagship Lac Doré property. The company is advancing innovative technologies to extract vanadium-titanium and potentially high-grade iron from its vanadiferous titanomagnetite projects. The successful implementation of these technologies is expected to ensure a stable, long-term supply of the company's critical metal deposits, which includes vanadium feedstock for its inaugural electrolyte production facility situated in Val-des-Sources, Quebec. This electrolyte plant will serve a dual purpose: evaluating the quality of outputs from the Lac Doré pilot plant and facilitating the recycling of electrolyte. Furthermore, the company intends to expand its production of electrolytes for the international market, specifically for long-duration Vanadium Flow Batteries (VRBs).
On behalf of the Board of VanadiumCorp Resource Inc.
"Kristien Davenport"
President and Director
VANADIUMCORP RESOURCES INC.
Company contact information: For more information , please visit the company website
Email: info@vanadiumcorp.com  www.vanadiumcorp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This document may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) regarding, among other things, VanadiumCorp's business. and the environment in which it operates. In general, forward-looking statements can be identified by the use of words such as "anticipates", "expects" or "does not expect", "is expected", "budget", "forecast", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "could" or "will be taken", "occur" or "will be achieved". VanadiumCorp relies on a number of assumptions and estimates to make these forward-looking statements, including, without limitation, the ability to acquire the necessary permits and authorizations to advance the Lac Doré property to the production stage, the ability to add to existing resources at Lac Doré through drilling, the costs associated with the development and operation of its properties. These assumptions and estimates are made in light of forecasts and conditions that are considered relevant and reasonable based on available information and current circumstances. A number of risk factors may cause actual results, level of activity, performance or results of such exploration and/or mine development to differ materially from those expressed or implied by such forward-looking statements, including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the ability to modify project parameters as plans continue to be refined, the ability to execute planned future exploration and drilling programs, the need for additional financing to continue exploration and development efforts, changes in general economic, market and business conditions, and other risks outlined in VanadiumCorp's latest Annual Information Form under the heading "Risk Factors" and in its other public documents. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and that may be beyond VanadiumCorp's control. Although VanadiumCorp has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, undue reliance should not be placed on these forward-looking statements. In addition, all forward-looking statements in this press release are made as of the date of this press release. VanadiumCorp disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
The forward-looking statements contained herein are expressly qualified by this disclaimer.
Copyright (c) 2025 TheNewswire - All rights reserved.
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ACME Lithium to Acquire 90% interest in Cimarron Gold Project in Nye County, Nevada and Provides Corporate Update
ACME Lithium Inc. (CSE: ACME) (OTCQB: ACLHF) (the "Company", or "ACME") is pleased to announce that it has signed a purchase agreement for a 90% interest in 31 unpatented lode mining claims comprising the Cimarron Gold Project ("Project") in Nye County, Nevada from Crestview Exploration Inc. (CSE: CRS) ("CRS"). The Project is a high grade, highly prospective exploration opportunity with a drill-indicated historic gold resource, and a second target area with mineralized drill intercepts that remain open in several directions.
ACME's 90% interest in the Project will be acquired for aggregate consideration of US$149,000 in cash and 1,000,000 Shares (collectively the "Purchase Price"), delivered as follows:
- ACME has paid CRS the sum of US$124,000 and will issue 500,000 Shares on closing; and
- ACME will pay to CRS an additional US$25,000 and deliver an additional 500,000 Shares within six months of closing.
Upon payment of the Purchase Price in full, ACME will own a 90% interest in the Project, and CRS will own a 10% interest in the Project. Thereafter, ACME will be responsible for all exploration and development costs of the Project up to and until such time as it has received a Preliminary Economic Assessment pertaining to all or any part of the Project (the "Trigger Date"). Until the Trigger Date, ACME will have full discretion as to operations involving the Project, including any disposition thereof.
After the Trigger Date a joint venture will then be formed between ACME and CRS and an accompanying definitive agreement governing the same will be entered into by the Parties for further ownership and development of the Project (the "Joint Venture"), which agreement will include the following basic terms:
- Initial ownership will be held 90% by ACME and 10% by CRS;
- Each party will be responsible for its pro-rata share of expenses from and after the Trigger Date;
- ACME's deemed capital contributions to the Joint Venture as of the Trigger Date ("ACME's Contributions") will be the aggregate amount it has paid toward the Purchase Price hereunder together with all costs and expenditures subsequently incurred toward exploration and development of the Project (with an amount equal to 10% thereof as administrative costs); and CRS's deemed capital contributions as of the Trigger Date will be an amount calculated as: ACME's Contributions / 0.9 - ACME's Contributions;
- ACME will be the operator of the Project; and will be solely responsible for determining work programs and budgets, and will continue to have full discretion as to operations involving the Project, including any disposition thereof;
- Following the Trigger Date, any failure of a party to contribute its pro-rata share of expenses will result in dilution of such party's interest; and
- At any time, ACME may acquire one-half of CRS's interest, being 5% in the Joint Venture (to hold a 95% interest) for USD $500,000.
- The 31 claims are subject to a 2.5% net smelter royalty (NSR) being retained by Nevada Select Royalty Inc. on production from (i) 13 claims and any property within a one mile area of interest; and (ii) 18 claims staked by Crestview.
THE PROJECT
Located at the north end of the San Antonio Mountains in the historic San Antonio (Cimarron) Mining District, the Project is approximately eighteen miles north of Tonopah in Nye County, Nevada. It comprises 31 unpatented lode mining claims near the historic San Antonio Mine workings and immediately adjacent ground. The prospect has drill ready targets, subject to permitting, and offers a significant opportunity to establish a NI43-101 compliant gold resource.
Regionally, the Project is at the intersection of two prominent gold trends: the Walker-Lane trend which runs approximately NW and hosts a number of mines including Bullfrog, Goldfield, and Rawhide; and an approximately NNE trend of gold mines including Manhattan, Gold Hill, and Kinross's "world-class" Round Mountain, which is located 28 miles away, and recorded over 15 million ounces of gold as of 2021.
Project Highlights:
- The Project includes an extensive historic record of drill results (190 holes), with high grade intercepts which included 11 meters of 4.46 g/t, 23 meters of 4.49 g/t and 46 meters of 3.94 g/t
- Past drilling outlined a historic gold resource starting at surface of approximately 50,000 ounces (1987 non NI43-101 compliant)
- The Project has good access near infrastructure and has a number of drill sites already built
- Mineral intercepts remain open in several directions
- The target is a shallow, low sulfidation oxide gold system with strong structural control.
Figure 1: Location Map
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Exploration by both major and junior mining companies from 1980 through 2004, including Newmont and Echo Bay, identified gold mineralization in three discrete areas in the immediate Cimarron Mine area.
Sampling of surface outcrops and underground adits by previous explorers reported gold assays from quartz-adularia-quartz veining as high as 107 g/t and 30.2 g/t (3.12 and 0.88 oz/ton, respectively). Table 1 lists examples of high-grade assays collected by the various mining groups (Bullion River Gold Corp., Feb. 2004).
Table 1: Historic High Grade Rock Chip Samples
(Bullion River Gold Corp. Fact Sheet, 2004)
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Drill testing by Newmont, Budge Mining Ltd, Echo Bay, and Romarco demonstrated continuity of lower grade gold mineralization in three discrete mineralized areas at Cimarron, as shown in Table 1 and tabulated in Table 2 (resources non-compliant NI43-101). Higher grade gold intercepts were not uncommon or restricted to any particular explorer.
Table 2: Selected Drill Intercepts in Resource and Target Areas
(Bullion River Gold Corp. Fact Sheet, 2004)
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Echo Bay estimated a total gold resource in 1987 of over 50,000 ounces of gold within a block of about 1,500,000 tons of material in the West, East and Central Zones combined.
Table 3 Historic Resource Estimate*
* (polygonal calculation - A.F. Budge (Mining) Ltd. - 1986)
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This resource is not considered to be compliant with NI 43-101 standards. Additional drilling with application of proper standards and check assays would be required to verify this historical estimate. A qualified person has not done sufficient work to classify the estimate as a current mineral resource or mineral reserve. ACME is not treating this historical estimate as a current mineral resource or mineral reserve.
In 2021, Crestview drilled 4 diamond core holes in the known resource area. All of the holes intercepted anomalous mineralization. SA-01 and SA-03 were drilled approximately 200 meters apart and each intercepted significant zones of gold mineralization which may represent a wide area of oxide, heap-leachable gold mineralization starting at or near surface.
Table 4: Summary of 2021 Drilling Results
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Cimarron represents a high quality early-stage exploration project with a drill-indicated historic resource and a target area with mineralized drill intercepts that remain open in several directions.
CORPORATE UPDATE
ACME intends to complete a consolidation of its authorized and issued common shares on the basis of one (1) post-consolidated common share for each three (3) pre-consolidation common shares (the "Consolidation").
On a pre-Consolidation basis, the Company currently has 77,972,727 common shares issued and outstanding. Following the Consolidation the Company expects to have approximately 25,990,909 post-Consolidation common shares issued and outstanding. No fractional common shares will be issued because of the Consolidation. Any fractional common share resulting from the Consolidation will be rounded up in the case of a fractional interest that is one-half (1/2) of a common share or greater, or rounded down in case of a fractional interest that is less than one half (1/2) of a common share, and no cash consideration will be paid in respect of any fractional common share rounded down to the nearest whole common share.
All outstanding stock options and share purchase warrants of the Company will also be adjusted by the Consolidation ratio and the respective exercise prices of outstanding options and share purchase warrants will be adjusted accordingly.
The Company believes that the Consolidation will provide the Company with greater flexibility for the development of its business and the growth of the Company, including financing arrangements.
In conjunction with the Consolidation, the Company will be adopting a new name subject to the approval of the CSE.
The Consolidation and name change are subject to the approval of the Canadian Securities Exchange (CSE). In accordance with the Company's Articles, neither the Consolidation nor the name change will require shareholder approval. The record date and effective date of the Consolidation and name change, and the new CUSIP and ISIN numbers, will be disclosed in a subsequent news release.
ACME Lithium intends to complete a private placement financing of up to CAD$800,000. The CEO of ACME has loaned the Company CAD$180,000 to complete the Cimarron transaction which will be repaid from the proceeds of the financing.
ACME will retain its current lithium property interests for future development, and will focus in the near term on the advancement of the Cimarron Gold Project.
Qualified Person
Scientific and technical information contained in this document has been reviewed and approved by Bill Feyerabend CPG who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
About ACME Lithium Inc.
ACME Lithium is a mineral exploration company focused on acquiring, exploring, and developing battery and precious metal projects in partnership with leading technology and commodity companies in North America. ACME is advancing and developing a lithium brine resource at Clayton and Fish Lake Valley, Nevada and has entered into a strategic exploration agreement with leading partner at a group of projects in the pegmatite region of 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. This news release contains certain statements which may constitute 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. There is no assurance that (i) the acquisition of the Cimarron Project will close on the terms outlined above, or at all; (ii) all of the conditions required to close the acquisition will be satisfied; (iii) the concurrent private placement will be completed; or (iv) that CSE approval to the acquisition will be received. 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. Unless otherwise indicated, the market and industry data contained herein is based upon information from industry and other publications and the knowledge and experience of management. While we believe that this data is reliable, market and industry data is subject to variations and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. We have not independently verified any of the data from third-party sources referred to in this news release or ascertained the underlying assumptions relied upon by such sources. All technical and scientific disclosure pertaining to our mineral property interests in this news release have been reviewed by a Qualified Person, meaning an individual who is an engineer or geoscientist with at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these; has experience relevant to the subject matter of the mineral project and the technical report; and is a member or licensee in good standing of a professional association.
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