alx resources corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce the execution of a definitive agreement (the "Definitive Agreement") for an option earn-in transaction (the "Transaction") on its 100%-owned Gibbons Creek Uranium Project ("Gibbons Creek", or the "Project") located in the northern Athabasca Basin near Stony Rapids, Saskatchewan. ALX has executed the Definitive Agreement with Trinex Lithium Ltd. ("Trinex Canada"), a wholly-owned subsidiary of Trinex Minerals Limited, which is a publicly-traded mineral exploration company listed on the Australian Securities Exchange. Under the terms of the Definitive Agreement, Trinex Canada can earn an initial 51% interest and up to a 75% participating interest in the Project in two stages over a period of five years by making cash payments and common shares payments to ALX, and by incurring exploration expenditures as shown in the table below.
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PEA Delivers Outstanding Project Economics for Battery-grade Lithium Carbonate Operation at Rincon Salar
Lithium exploration and development company Power Minerals Limited (ASX: PNN) (Power or the Company) is pleased to announce positive results from a Preliminary Economic Assessment( PEA) completed for the Rincon salar, a key part of its Salta Lithium Project in the lithium triangle of Argentina.
- Preliminary Economic Assessment (PEA) confirms the Rincon salar’s potential to produce high-purity, battery-grade lithium carbonate
- PEA completed to Scoping Study-level delivers a robust, low�cost operation with US$194.8m annual revenue forecast over an initial 14-year operation
- Annual production of 7,061 tonnes high purity lithium carbonate based on existing JORC Mineral Resource of 292,564 tonne LCE. Strong expansion potential for future Mineral Resource upgrades
- Pre-tax NPV of US$501.82m with strong forecast margins, payback period of 3 years and pre-tax IRR of 42%
- Estimated capital expenditure of US$216.55 million, based on lithium carbonate plant utilising Direct Lithium Extraction (DLE) technology
- Power will now move into feasibility study phase for Rincon.
The PEA results provide initial formal confirmation of the Rincon salar’s excellent potential to become a significant long-life supplier of high purity, battery-grade lithium carbonate equivalent (LCE), producing 7,061 tonnes of LCE per annum over an initial project life of 14 years.
The PEA forecasts a pre-tax NPV of US$501.85 million, with payback period of 3 years, and pre-tax IRR of 42%.
The PEA is based on the recently reported JORC 2012 Mineral Resource at the Rincon salar, of 292,564 tonnes LCE (ASX announcements, 1 and 2 November 2023). Potential to further increase the production profile contemplated in the PEA may exist based on future Mineral Resource upgrades at Rincon.
The PEA was conducted to Scoping Study level by global engineering and mining consultant Golder Associates (Golder), a division of WSP Global. Golder worked in conjunction with Power’s Direct Lithium Extraction (DLE) partner Sunresin New Materials Co. Ltd (Sunresin) to deliver the PEA at Rincon. Golder has current, relevant experience working with tier-1 lithium-brine companies, including Ganfeng and Tibet Summit Resources, which are using Sunresin DLE technology.
The PEA assessed production and life-of-mine profile, along with engineering and process costs, plus capital costs and operating costs for a potential high-quality LCE producing operation at Rincon.
A detailed summary of the Rincon Salar PEA is appended to this announcement.
Key outcomes and parameters of the PEA are presented in Table 1 below.
Table 1: Rincon salar PEA key parameters and outcomes
See Figure 1 for conceptual location Plan for proposed Rincon DLE development and Figure 2 for Salta Lithium Project location map.
“We are extremely encouraged by the outcomes of this Preliminary Economic Assessment (PEA) for the Rincon salar, a priority development asset within our Salta Lithium Project in Argentina. The PEA provides initial formal confirmation of the technical and financial viability of the potential to develop Rincon into a new, long-life source of high purity lithium carbonate. The outcome of the PEA is outstanding validation of our demonstrated commitment to the rapid development of the Salta Lithium Project. Having commenced a major Resource expansion drilling campaign at Salta late last year, Power has delivered a substantial JORC Mineral Resource upgrade, and is now engaged in development-phase programs at its priority Rincon and Incahuasi salares.”
Power Minerals Managing Director Mena Habib
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ALX Resources Corp. Announces Definitive Option Agreement with Trinex Minerals for the Gibbons Creek Uranium Project, Athabasca Basin, Saskatchewan
Details of the Option Earn-In Transaction
Trinex Canada can earn an initial 51% participating interest1, and up to a 75% participating interest2 in the Project according to the schedule of cash and common shares payments and exploration expenditures, as follows:
Option Stages | Cash Payments (CAD) | Value of Share Payments (CAD) | Annual Exploration Expenditures (CAD) | Participating Interest Earned by Trinex |
Upon signing the Letter Agreement (Feb/2024) | $50,000 (paid) | - | - | - |
Upon signing the Definitive Agreement (the "Effective Date", May 7/2024) | $50,000 (paid) | $250,000 (paid) | - | - |
On or before 1st Anniversary of the Effective date | $150,000 | $300,000 | $1,000,000 | - |
On or before 2nd Anniversary of the Effective date | $200,000 | $350,000 | $1,000,000 | - |
On or before 3rd Anniversary of the Effective date | $250,000 | $400,000 | $1,000,000 | 51% |
On or before 4th Anniversary of the Effective date | $300,000 | $450,000 | $1,250,000 | - |
On or before 5th Anniversary of the Effective date | $350,000 | $500,000 | $1,250,000 | 75% |
TOTALS | $1,350,000 | $2,250,000 | $5,500,000 | 75% |
1,2 Star Minerals Group Ltd. ("SMG") has underlying rights under a Mineral Property Option Agreement dated November 5, 2013 (the "SMG Agreement") to buy-back a 25% interest in dispositions S-107355 and S-108135 (the "Legacy Claims") in accordance with the terms of the SMG Agreement. The Definitive Agreement contains terms dealing with SMG's right to buy-back a 25% interest in the Legacy Claims, including that Trinex Canada and ALX will each transfer its proportionate share (based on its respective interest in the Legacy Claims at the time) of the 25% interest in the Legacy Claims that is required to be transferred to SMG in accordance with the SMG Agreement if SMG exercises that buy-back right.
To satisfy the initial payment terms of the Definitive Agreement, Trinex Canada has paid ALX a total of CAD$100,000 cash, which includes $50,000 in cash paid upon execution of the letter agreement in February 2024 and an additional $50,000 in cash paid upon the execution of the Definitive Agreement. In addition, Trinex Minerals Limited, the parent company of Trinex Canada, has issued 68,743,011 fully paid ordinary shares to ALX representing a value of CAD$250,000 (the "Shares"). The Shares will be held in voluntary escrow for 12 months.
If Trinex Canada meets its payment and expenditure obligations in relation to the initial option interest, it may elect by written notice to receive a 51% interest in the Project (the "Initial Option Interest"), (subject to the provisions of the Definitive Agreement dealing with the SMG's buy-back rights in respect of the Legacy Claims as stated in the footnote above) transferred to it from ALX for no further consideration, and at its option the parties would form an unincorporated joint venture in respect of the Project pursuant to a joint venture agreement to be agreed between the parties or, if not agreed, joint venture terms described in the Definitive Agreement.
Trinex also holds the right to elect to earn an additional 24% interest in the Project (the "Second Option Interest") following completion of the Initial Option Interest (to take its total interest to 75%) by making additional cash and share payments to ALX and meeting minimum aggregate expenditures each as described in the table above.
Where payments are to be made in shares, the number of shares will be determined by reference to the 10-trading day volume weighted average price (or "VWAP") of Trinex Minerals Limited ordinary shares up to the end of the business day before the date of issue.
The timing by which Trinex Canada must incur the minimum exploration expenditures will be extended in circumstances where Trinex Canada is prevented from undertaking work and activities on the Project due to encountering any force majeure events.
Trinex Canada may withdraw from the Initial Option Interest or Second Option Interest at any time. If Trinex Canada withdraws after earning a 51% interest in the Project or a 75% interest in the Project (as the case may be), then it will retain its 51% Project interest or its 75% Project interest, as applicable, notwithstanding the withdrawal. If Trinex Canada withdraws prior to earning the 51% Project interest, then it will not acquire any interest in the Project.
2024 Exploration Program
In March 2024, ALX initiated a diamond drilling program at the Project and completed five holes totaling 905.4 metres (see Figure 1). Under the terms of the Definitive Agreement, Trinex Canada will assume operatorship of exploration at Gibbons Creek and will reimburse ALX for the costs of the 2024 program, which totalled approximately CAD$500,000. The costs incurred by ALX will be applicable towards Trinex Canada's first year's minimum expenditure obligations.
Four of the five 2024 drill holes intersected uranium mineralization at or near the unconformity, based upon hand-held scintillometer readings on drill core, downhole gamma probe results, and visual observation of uranium minerals by ALX's geological team (see ALX's news release dated April 25, 2024). Core samples were shipped to Saskatchewan Research Council Geoanalytical Laboratories in Saskatoon, SK for geochemical analysis. Results will be released after their receipt, compilation and interpretation.
Figure 1. Gibbons Creek Uranium Project: 2024 Drilling Plan
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3046/208342_7d4d3e7b547b8ba6_001full.jpg
About Gibbons Creek
Gibbons Creek consists of eight mineral claims comprising 13,864 hectares (34,259 acres) located along the northern margin of the Athabasca Basin.
The Project is located in a region that hosts numerous historical uranium occurrences, such as the Black Lake discoveries in several drill holes beginning in 2004, and the historical Nisto Mine, from which 500 tons of ore was shipped in 1950 to the historical Lorado Mill at Uranium City, SK, including 106 tons grading 1.6% U3O8 (Source: Saskatchewan Mineral Deposits Index, #1621). ALX holds an exploration permit for Gibbons Creek, good until October 2025, which allows for up to 20 diamond drill holes totaling approximately 5,000 metres, along with ground-based geophysics, prospecting, and geochemical sampling. Access to Gibbons Creek is via roads and trails that lead from the community of Stony Rapids, SK, which is connected to all-weather Highway 905, thereby creating flexibility for either summer or winter exploration programs. Stony Rapids has readily-available fuel, supplies and accommodations for field personnel, and an airport with daily flights to cities and towns in southern Saskatchewan.
ALX carried out a comprehensive review of Gibbons Creek historical exploration data and integrated that information with the high-resolution magnetic and Soil Gas Hydrocarbon (or "SGH") geochemical surveys completed in November 2023.
The historical data review by ALX included the results from the following survey methods:
- DC resistivity surveys;
- Ground gravity survey;
- Ground electromagnetic surveys;
- Radon in soil survey;
- Digitized drill traces and the radiometric and geochemical results of historical drill holes by Famok (1969), Eldorado Nuclear (1979,1980), and ALX (2015).
The historical data and the results of ALX's ground surveys on the 2023 exploration grid show important characteristics of the Project's potential to host uranium mineralization, which is demonstrated by the mineralization found in ALX's 2015 hole GC15-03 (0.13% U3O8 over 0.23 metres from 107.67 metres to 107.90 metres), in Eldorado Nuclear's 1979 hole GC-15 (0.179% U3O8 over 0.13 metres from 134.11 to 134.24 metres) (see Figure 1), and in the holes drilled in the 2024 program.
To view maps and photos of Gibbons Creekclick here
Statement of Qualified Person
Geochemical analyses on samples from ALX's 2015 drill hole described in this news release were carried out by Activation Laboratories in Ancaster, Ontario using Inductively-Coupled Plasma Mass Spectrometry ("ICP-MS") methods on both partial and total digestions. Eldorado's 1979 geochemical analyses were carried out by Bondar-Clegg & Company Ltd. Laboratories, Ottawa, Ontario using Atomic Absorption, Colormetric, Fluorometric and XRF methods, which were standard methods of that exploration era.
The technical information in this news release has been reviewed and approved by Robert Campbell, P.Geo., who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.
About ALX
ALX is based in Vancouver, BC, Canada and its common shares are listed on the TSX Venture Exchange under the symbol "AL", on the Frankfurt Stock Exchange under the symbol "6LLN" and in the United States OTC market under the symbol "ALXEF".
ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties in Canada, which include uranium, lithium, nickel-copper-cobalt and gold projects. The Company uses the latest exploration technologies and holds interests in over 240,000 hectares of prospective lands in Saskatchewan, a stable jurisdiction that hosts the highest-grade uranium mines in the world, a producing gold mine, diamond deposits, and historical production from base metals mines.
ALX's uranium holdings in northern Saskatchewan include 100% interests in the Gibbons Creek Uranium Project (currently the subject of an option earn-in agreement with Trinex Minerals Ltd.), the Sabre Uranium Project, the Bradley Uranium Project, and the Javelin and McKenzie Lake Uranium Projects, a 40% interest in the Black Lake Uranium Project (a joint venture with Uranium Energy Corporation and Orano Canada Inc.), and a 20% interest in the Hook-Carter Uranium Project, located within the uranium-rich Patterson Lake Corridor with Denison Mines Corp. (80% interest) as operator of exploration since 2016.
ALX also owns 100% interests in the Firebird Nickel Project, the Flying VeeNickel/Gold and Sceptre Gold projects, and can earn up to an 80% interest in the Alligator Lake Gold Project, all located in northern Saskatchewan, Canada. ALX owns, or can earn, up to 100% interests in the Electra Nickel Project and the Cannon Copper Project located in historic mining districts of Ontario, Canada, and in the Vixen Gold Project (now under option to First Mining Gold Corp., who can earn up to a 100% interest in two stages).
ALX owns a 50% interest in eight lithium exploration properties staked in 2022-2023 collectively known as the Hydra Lithium Project, located in the James Bay region of northern Quebec, Canada, a 100% interest in the Anchor Lithium Project in Nova Scotia, Canada, and 100% interests in the Crystal Lithium Project and the Reindeer Lithium Project, both located in northern Saskatchewan, Canada.
For more information about the Company, please visit the ALX corporate website at www.alxresources.com or contact Roger Leschuk, Manager, Corporate Communications at: PH: 604.629.0293 or Toll-Free: 866.629.8368, or by email: rleschuk@alxresources.com
On Behalf of the Board of Directors of alx resources corp.
"Warren Stanyer"
Warren Stanyer, CEO and Chairman
FORWARD-LOOKING STATEMENTS
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include: ALX's 2023-2024 exploration plans and preliminary results at the Gibbons Creek Uranium Project, ALX's ability to continue to expend funds on its mineral exploration projects; the reimbursement by Trinex Canada for expenditures ALX has incurred for the 2024 exploration program; the payments, share issuances and expenditures to be made or incurred by Trinex Canada pursuant to the Definitive Agreement and the timing thereof. It is important to note that the Company's actual business outcomes and exploration results could differ materially from those in such forward-looking statements, and that Trinex Canada may not exercise its option(s) pursuant to the Definitive Agreement. Risks and uncertainties include that ALX may not be able to fully finance exploration on our exploration projects, including drilling; our initial findings at our exploration projects may prove to be unworthy of further expenditures; commodity prices may not support further exploration expenditures; exploration programs may be delayed or changed due to any delays experienced in consultation and engagement activities with First Nations, Metis communities and local landowners in the region, and the results of such consultations;and economic, competitive, governmental, societal, public health, weather, environmental and technological factors may affect the Company's operations, markets, products and share price. Even if we explore and develop our projects, and even if uranium, lithium, nickel, copper, gold or other metals or minerals are discovered in quantity, ALX's projects may not be commercially viable. Additional risk factors are discussed in the Company's Management Discussion and Analysis for the Year Ended December 31, 2023, which is available under the Company's SEDAR profile at www.sedarplus.ca. Except as required by law, we will not update these forward-looking statement risk factors.
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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208342
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Brunswick Exploration Drills 93.45 Meters at 1.55% Li2O at MR-6
Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; " BRW " or the " Company ") is pleased to report more significant results from the Mirage winter drilling campaign. The Mirage Project is located in the Eeyou Istchee-James Bay region of Quebec approximately 40 kilometres south from the Trans-Taiga Road. The winter drill campaign focused on the Central Zone and has continued to intersect multiple wide well mineralized intervals on the MR-6 dyke and its vicinity where it remains open in all directions.
Highlights include:
- Best interval to date at Mirage with 1.55% Li2O over 93.45 meters in drill hole MR-24-62 starting at surface and which extends the flat dipping MR-6 dyke a further 80 meters to the south-west.
- The MR-6 dyke was also extended 135 meters to the north of MR-24-62 where BRW intersected 1.05% Li2O over 34.05 meters in drill hole MR-24-65.
- MR-6 has now been drill traced over 220 meters of strike extent with real thickness varying from 25 meters and up to 70 meters. The dyke remains open in multiple directions with the strongest potential to the northeast and southwest.
- New MR-8 dyke confirmed in the North zone with 1.27% Li2O over 18.6 meters in drill hole MR-24-43 and 1.42% Li2O over 11.5 meters in drill hole MR-24-55.
- New exploration drill hole located approximately 800 meters northeast of MR-6 intersected anomalous lithium values in drill hole MR-24-53 within a zone of dykes stacking. With this hole, BRW continues to extend the central corridor of prospective dykes towards another spodumene bearing outcrop located 3.5 kilometers to the northeast.
- A total of 26 drills holes results were received to date and 9 drills holes results style pending.
Mr. Killian Charles, President and CEO of BRW, commented: "With this latest set of results, MR-6 is rapidly becoming a top priority for Brunswick Exploration and will be the core focus of our next drill campaign. This is another very significant intercept which begins at surface and adds to the prior results which included 58 meters at 1.59% Li2O and 37 meters at 1.80% Li2O all starting from surface as well. Our understanding of the Mirage Project has grown tremendously over the last 6 months and we are extremely excited to announce our future plans for the project over the forthcoming weeks and months as we continue to see important exploration potential even outside the drill program area."
Figure 1 : Surface Map of the Mirage Project and Drill Holes Completed to Date
Table 1 : Highlights from 2024 Winter Drilling Program Mentioned in this Release
Hole ID | Zone | Dyke | From (m) | To (m) | Length (m) | Li 2 O% | Ta 2 O 5 (ppm) |
MR-24-43 | North | MR-8 | 9.85 | 28.45 | 18.6 | 1.27 | 81 |
and | 83.95 | 86.7 | 2.75 | 0.99 | 101 | ||
MR-24-44B | 14.4 | 31 | 16.6 | 0.95 | 81 | ||
MR-24-46 | 35.4 | 52 | 16.6 | 0.87 | 97 | ||
MR-24-48 | 43 | 61.5 | 18.5 | 0.80 | 93 | ||
MR-24-53 | 225 | 227.2 | 2.2 | 0.55 | 143 | ||
and | 251 | 274 | 23 | 0.33 | 95 | ||
MR-24-54 | North | MR-8 | 66.55 | 71.35 | 4.8 | 1.10 | 198 |
MR-24-55 | 67.6 | 79.1 | 11.5 | 1.42 | 166 | ||
MR-24-56 | 49.05 | 59 | 9.95 | 0.32 | 44 | ||
MR-24-62 | Central | MR-6 | 6.35 | 99.8 | 93.45 | 1.55 | 160 |
MR-24-64 | 55.45 | 78.3 | 22.85 | N/A | 223 | ||
MR-24-65 | 44.4 | 78.45 | 34.05 | 1.05 | 125 |
Figure 2 : Central Zone of the Mirage Project
Mirage Project Drilling Overview
The Mirage Project comprises 427 claims located roughly 40 kilometers south of the Trans-Taiga Highway in Quebec's James Bay region and 34 km northeast of Winsome Resources' Adina Project. On the project, a spodumene-bearing pegmatite boulder field extends over 3.0 kilometers in a northeast direction and several dozen well-mineralized pegmatite outcrops have been observed along a 2.5 kilometers-long trend further to the northeast. Both the extent of the outcrops and boulder train remain open in all directions (See August 21, 2023 press release).
The Central Zone sits on a synformal fold hinge axis, oriented east-northeast, where multiple wide high grade pegmatite dykes were intercepted, predominantly in MR-3 and MR-6. MR-6 is assumed to be a large, thick, sub-horizontal dyke with a higher-grade core and potential evidence of zonation to the northwest. Latest results confirm a thickening of the MR-6 dyke to the southwest in MR-24-62 where drilling intercepted 93.45 meters at 1.55% Li2O. This new hole significantly extends MR-6 to the southwest where the dyke remains open. Moreover, BRW believes there is extensive potential to expand the MR-6 dyke to the northeast where it also remains open. The higher-grade core which appears to be generally oriented southwest-northeast was extended northwest of MR-24-62 with 34.05 meters at 1.05% Li2O. The true thickness varying between 75% and 95% of intersected intervals. This core is defined by coarser and more prevalent spodumene mineralization and is thicker than other portions of the dyke. Interestingly, a fence of holes continued to intersect the MR-6 dyke up to 350 meters north of MR-24-62 where it remains open and the results still pending (see Figure 3). In this region, the MR-6 dyke appears to be more heterogenous with changing mineralization and highly variable spodumene concentration. MR-24-64 appears to be at the boundary of this new zone of the MR-6 dyke and outside of the high-grade core. Spodumene mineralization is observed in MR-24-66 indicating the possibility of economic grades outside of the core.
There is potential to extend MR-6 to the east where it remains open towards the MR-3 dyke. The MR-3 dyke, located 350 meters southeast of MR-6 in the Central Zone also demonstrates significant apparent thicknesses of up to 50.6 meters at 1.06% Li2O (See December 4, 2023 press release) with a moderate dip at around 50 degrees towards the south with true thickness estimated at 95% in all reported holes. MR-3 is oriented NE and reaches the surface where it can be traced continuously for more than 400 meters with continuous thickness in excess of 40 meters.
Potential to extend Central Zone 800 meters to the east where MR-24-53 intersected the volcanic-sedimentary unit contact to test a similar geological context to the MR-4 dyke in the South Zone. The drill hole returned the result of 0.33% Li2O over 23 meters within evidence of dyke stacking. Although this new intercepted can't be related to MR-4 dyke located 2 km to the southwest, this new drillhole confirmed to potential of the lithological contact along the project and further to the northeast.
Figure 3 : Cross Sections A to A'
The North Zone is located on the north limb of the folding, where a new dyke, MR-8, was extended over 250 meters with 1.27% Li2O over 18.6 meters in drill hole MR-24-43 and 1.42% Li2O over 11.5 meters in drill hole MR-24-55. The dyke remains open to the southwest and to the northeast with 0.84% Li2O over 6.5 meters in drill hole MR-24-57 (See April 25, 2024 press release). The dyke has now been drilled traced over 250 meters to date (see figure 4 and 5).
Figure 4 : Surface map project of the MR-8 dyke
Figure 5 : Cross Sections B to B'
QAQC
All drill core samples were collected under the supervision of BRW employees and contractors. The drill core was transported by helicopter and by truck from the drill platform to the core logging facility in Val-d'Or. Each core was then logged, photographed, tagged, and split by diamond saw before being sampled. All pegmatite intervals were sampled at approximately 1m intervals to ensure representativity. Samples were bagged; Duplicated on ¼ core splits, blanks and certified reference materials for lithium were inserted every 20 samples. Samples were bagged and groups of samples were placed in larger bags, sealed with numbered tags, in order to maintain a chain of custody. The sample bags were transported from the BRW contractor facility to the ALS laboratory in Val-d'Or. All sample preparation and analytical work was performed by ALS by ICP-AES according to the ALS method ME-MS89L. All results passed the QA/QC screening at the lab and all inserted standard and blanks returned results that were within acceptable limits. All reported drill intersections are calculated based on a lower cutoff grade of 0.3% Li2O, with maximum internal dilution of 5 meter. Host basalts adjacent to the dykes may grade up to 0.3% Li2O but were excluded from the reported intersections.
Qualified Person
The scientific and technical information contained in this press release has been reviewed and approved by Mr. Simon T. Hébert, VP Development. He is a Professional Geologist registered in Quebec and is a Qualified Person as defined by National Instrument 43-101.
About Brunswick Exploration
Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Company is focused on grassroots exploration for lithium in Canada, a critical metal necessary to global decarbonization and energy transition. The company is rapidly advancing the most extensive grassroots lithium property portfolio in Canada.
Investor Relations/information
Mr. Killian Charles, President and CEO ( info@brwexplo.ca )
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation's public documents filed on SEDAR at www.sedar.com. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. 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 news release.
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Canadian Investment Regulatory Organization Trade Resumption - STS
Trading resumes in:
Company: South Star Battery Metals Corp.
TSX-Venture Symbol: STS
All Issues: Yes
Resumption (ET): 2:30
CIRO can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. CIRO is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada .
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GMV Minerals Inc. Files Notice of Intent to Drill Daisy Creek Project in Lander County, Nevada
GMV Minerals Inc. (the "Company" or "GMV") (TSXV:GMV)(OTCQB:GMVMF) is pleased to announce that it has filed permitting documentation with the Bureau of Land Management (BLM) for GMV's Daisy Creek lithiumuranium project in Lander County, Nevada
The Notice of Intent (NOI) covers a six hole drill program up to a total depth of 3000 feet and focuses on the most prospective lithium targets as defined by recent geophysical work. Upon approval and receipt of permits, GMV is targeting to drill its Daisy Creek project in June/July 2024 and will provide further updates as new information comes available.
In addition, the Company has applied to the TSX Venture Exchange to extend the expiry date for 4,500,000 of its outstanding unlisted common share purchase warrants (the "Warrants"). The Warrants, each of which is currently exercisable to purchase one common share of the Company at $0.16 per share, were originally issued by the Company as part of non-brokered unit private placement financing completed on June 8, 2022. The Company will extend the original warrant expiry date of June 24, 2024 to 4:30 pm PST on June 24, 2025 subject to TSX Venture Exchange approval.
The Company currently has an aggregate of 4,500,000 Warrants issued and outstanding pertaining to the above-noted Private Placement, all of which are eligible for amendment, pursuant to the policies of the Exchange.
Dr. D.R. Webb, Ph.D., P.Geo., P.Eng. is the Q.P. for this release within the meaning of NI 43-101 and has reviewed the technical content of this release and has approved its content.
About GMV Minerals Inc.
GMV Minerals Inc. is a publicly traded exploration company focused on developing precious metal assets in Arizona. GMV, through its 100% owned subsidiary, has a 100% interest in a Mining Property Lease commonly referred to as the Mexican Hat Property, located in Cochise County, Arizona, USA. The project was initially explored by Placer Dome (USA) in the late 1980's to early 1990's. GMV is focused on developing the asset and realizing the full mineral potential of the property through near term gold production. The Company's NI 43-101 resource estimate (Inferred) is 36,733,000 tonnes grading 0.58 g/t gold at a 0.2 g/t cut-off, containing 688,000 ounces of gold. In 2023, GMV acquired a total of 165 lode claims covering 3,408 acres in Lander County, Nevada where it is exploring highly prospective claims for lithium.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Klassen, President
For further information please contact:
GMV Minerals Inc.
Ian Klassen
Tel: (604) 899-0106
Email: Klassen@gmvminerals.com
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company's filings with Canadian securities regulators. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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.
SOURCE: GMV Minerals, Inc.
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South Star Battery Metals Announces Appointment of Richard Vigil as Vice President of Operations
South Star Battery Metals Corp. ("South Star" or the "Company") (TSXV:STS)(OTCQB:STSBF), is pleased to announce that Richard Vigil has been appointed as Vice President of Operations of the Company
Mr. Vigil is a mining engineer with an MBA specializing in international business and finance. He has 15 years of experience evaluating mines and projects globally but with a focus on the Americas. His expertise includes assessing the technical and economic merits of operations/projects and risks for international banks, stream and royalty companies, and being an independent technical mining consultant. He has evaluated mines/projects in graphite, gold, silver, lead, zinc, copper, uranium, molybdenum, iron ore, and metallurgical coal. His background as both a mining engineer in operations and as a technical advisor will contribute to Santa Cruz's ramp-up and expansion, as well as BamaStar's advancement from studies to the future planned production. His technical focus has been on mining methods, mine design, resource and reserve estimation, processing, market studies, National Instrument 43-101 reports, risk assessment, OPEX/CAPEX/margin analysis, and corporate advisory. He went to the Colorado School of Mines and Tulane University, and is US based.
Richard Pearce, CEO of South Star, remarked, "We are thrilled to welcome Rich to our team and look forward to his operational and technical expertise as we expand operations in Brazil and advance the upcoming technical studies for both Santa Cruz and BamaStar. As we scale operations and expand our team, it's vital to hire experienced professionals with proven track records to deliver milestones safely and responsibly in partnership with our communities, clients, and other stakeholders. It is great to have someone of Rich's caliber join South Star at this critical juncture as we transition from a developer to an operator."
ABOUT South Star Battery Metals CORP
South Star Battery Metals Corp. is a Canadian battery metals project developer focused on the selective acquisition and development of near-term production projects in the Americas. South Star's Santa Cruz Graphite Project, located in Southern Bahia, Brazil is the first of a series of industrial and battery metals projects that will be put into production. Brazil is the second-largest graphite-producing region in the world with more than 80 years of continuous mining. Santa Cruz has at-surface mineralization in friable materials, and successful large-scale pilot-plant testing (> 30t) has been completed. The results of the testing show that approximately 65% of graphite concentrate is +80 mesh with good recoveries and 95%-99% graphitic carbon (Cg). With excellent infrastructure and logistics, South Star is fully funded for Phase 1, and the construction and commissioning are underway. Santa Cruz will be the first new graphite production in the Americas since 1996, with Phase 1 commercial production projected in Q3 2024. Phase 2 production (25,000 tpa) is partially funded and planned for 2026, while Phase 3 (50,000 tpa) is scheduled for 2028.
South Star's second project in the development pipeline is strategically located in Alabama in the center of a developing electric vehicle, aerospace, and defense hub in the southeastern United States. The BamaStar Project includes a historic mine active during the First and Second World Wars. A NI43-101 technical report with the maiden resource estimate has been filed on SEDAR. Trenching, Phase 1 drilling, sampling, analysis, and preliminary metallurgical testing have been completed. The testing indicates a traditional crush/grind/flotation concentration circuit that achieved grades of approximately 94-97% Cg with approximately 86% recoveries. South Star is executing on its plan to create a multi-asset, diversified battery metals company with near-term operations in strategic jurisdictions. South Star trades on the TSX Venture Exchange under the symbol STS, and on the OTCQB under the symbol STSBF.
South Star is committed to a corporate culture, project execution plan and safe operations that embrace the highest standards of ESG principles, based on transparency, stakeholder engagement, ongoing education, and stewardship. To learn more, please visit the Company website at http://www.southstarbatterymetals.com.
This news release has been reviewed and approved by Richard Pearce, P.E., a "Qualified Person" under National Instrument 43-101 and President and CEO of South Star Battery Metals Corp.
On behalf of the Board,
MR. RICHARD PEARCE
Chief Executive Officer
For additional information, please contact:
South Star Investor Relations
Email: invest@southstarbatterymetals.com
Phone: +1 (604) 706-0212
Website:www.southstarbatterymetals.com
Twitter:https://twitter.com/southstarbm
Facebook: https://www.facebook.com/southstarbatterymetals
LinkedIn: https://www.linkedin.com/company/southstarbatterymetals/
YouTube:South Star Battery Metals - YouTube
CAUTIONARY STATEMENT
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
FORWARD-LOOKING INFORMATION
This press release contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements". Forward-looking statements in this press release include, but are not limited to statements regarding moving Santa Cruz into production and scaling operations as well as advancing the Alabama project; and the Company's plans and expectations.
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
SOURCE:South Star Battery Metals Corp.
View the original press release on accesswire.com
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Beyond Lithium Announces Flow-Through Offering for Gross Proceeds Of $500,000
Beyond Lithium Inc. (CSE:BY) (OTCQB: BYDMF) (the "Company" or "Beyond Lithium"), today announced a proposed non-brokered private placement of 2.5 million common shares of the Company that will qualify as "flow-through shares" (within the meaning of subsection 66 (15) of the Income Tax Act (Canada) (the "Flow-Through Shares") at a price of $0.20 per share for aggregate gross proceeds of $500,000 (the "Offering").
The gross proceeds from the Offering will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through critical mineral mining expenditures" as such terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Company's projects in Ontario. All Qualifying Expenditures will be renounced in favour of the subscribers of the Flow-Through Shares effective December 31, 2024.
Allan Frame, President and CEO of Beyond Lithium, commented, "The financing announced today will allow us to ramp up our 2024 exploration activities, generate results to be shared with the market, all while managing dilution for the benefit of all shareholders. The main strategic goals for 2024 are to (i) uncover additional spodumene mineralization at the Victory Spodumene Project and the Ear Falls Spodumene Project along their well-defined exploration corridors, (ii) to discover new spodumene-bearing pegmatites at Cosgrave Lake and Wisa Lake, (iii) drill test the spodumene mineralized corridors at Victory and Ear Falls to demonstrate the size and the potential of the system along strike and at depth, and (iv) advance the other projects through low cost prospecting and continue to pursue joint venture or option deals for them."
In the 2023 season, Beyond Lithium started off with a total of 63 projects and each field team generally spent a week to two weeks per project collecting representative samples to establish a geological and geochemical baseline for each project. As Beyond Lithium announced, the Company reviewed the 2023 field data over the last few months and has finalized the Lithium Exploration Portfolio in Ontario for the 2024 exploration program including four primary projects (Table 1) and an additional 23 prospective projects (Table 2).
Lawrence Tsang, VP Exploration of Beyond Lithium, stated: "We are very excited to have consolidated our lithium exploration portfolio in Ontario for the 2024 season. Now, Beyond Lithium has four substantial primary projects to focus in developing and at the same time carry out grassroot exploration on the additional 23 prospective projects. Importantly, we are very glad to continue working in collaboration with Bounty Gold Corp led by Jason LeBlance and Last Resort Resources led by Jace Angell to kick start the 2024 exploration program at the Wisa Project this month to follow up on exploration targets delineated from the 2023 field data and the LiDAR survey completed at Wisa in 2023 (Figure 2)."
Lawrence Tsang added: "Based on our 2023 field observations, spotting spodumene in the field in a white and wide pegmatite could be subtle and sometimes easily overlooked. Hence, in the first part of the 2024 exploration program, our geological field teams will spend more field time at the four primary projects to carry out systematic sampling and mapping programs to focus on the narrowed down exploration targets to explore for potential new and additional spodumene-bearing mineralization (Figure 1-4). With the more defined zones outlined by geochemistry, geology, and mineralogy established from the 2023 program, we have a good opportunity this year to further expand mineralization at the four primary projects."
He concluded: "In December 2023, Beyond Lithium submitted the exploration permit application for the Victory and Ear Falls Spodumene Projects. to apply for mechanical stripping and diamond drilling activities. Each application is for 30 drilling sites and 20 stripping locations. Each drill site is designed to drill multiple holes. The stripping locations are focused on each project's main exploration corridors. Both permit applications have entered the public review and comment period. Beyond continues to engage and to consult with the Ministry and Aboriginal communities throughout this process."
Figure 1. Ear Falls 2024 Exploration Targets (dotted red circle) - Elevated Lithium (>0.1% Li2O) Pegmatites Zone with elevated cesium background that is comparable with the Identified Spodumene-bearing Wenasaga North Zone along the 13km Long Structural Corridor
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8620/207558_2de059c07427a96b_004full.jpg
Figure 2. Wisa Project 2024 Exploration Targets (dotted red circle) - Elevated Lithium and Cesium Pegmatite Zone Targets Coincide with Regional Pegmatite Trends
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8620/207558_2de059c07427a96b_005full.jpg
Figure 3. Victory Project 2024 Exploration Targets (dotted red circle) - Spodumene-bearing Bounty Gold and Last Resort Pegmatites Located within an 8km Long Structural Corridor with numerous Ontario Geological Survey Mapped Pegmatites yet to be prospected for lithium mineralization.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8620/207558_2de059c07427a96b_006full.jpg
Figure 4 Cosgrave Lake Project 2024 Exploration Targets (dotted red circle) -Elevated lithium-bearing pegmatite swarms located in the higher fractionated zone of the AG Pluton striking subparallel with the regional subprovincial boundary.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8620/207558_2de059c07427a96b_007full.jpg
Name | Area (ha) |
Victory Spodumene | 16,682 |
Ear Falls Spodumene | 20,623 |
Cosgrave Lake | 8,993 |
Wisa | 6,666 |
Table 1. Beyond Priority Project List
Table 2. List of the additional projects in Ontario
To view an enhanced version of Table 2, please visit:
https://images.newsfilecorp.com/files/8620/207558_2de059c07427a96b_008full.jpg
The Company may pay finders' fees in connection with the Offering in cash, shares, warrants or a combination thereof. All securities to be issued under the Offering will be subject to a hold period of four months and one day from their date of issuance.
A portion of the Offering may be completed pursuant to Multilateral CSA Notice 45-313 - Prospectus Exemption for Distributions to Existing Security Holders ("CSA 45-313") and the corresponding blanket orders and rules implementing CSA 45-313 in the participating jurisdictions in respect thereof (collectively with CSA 45-313, the "Existing Security Holder Exemption"). As at the date hereof, the Existing Security Holder Exemption is available in each of the provinces of Canada, with the exception of Newfoundland and Labrador.
Subject to applicable securities laws, the Company will permit each person or company who, as of April 30, 2024 (being the record date set by the Company pursuant to CSA 45-313), holds common shares as of that date to subscribe for the Units that will be distributed pursuant to the Offering, provided that the Existing Security Holder Exemption is available to such person or company. Qualifying shareholders who wish to participate in the Offering should contact the Company at the contact information set forth below.
In the event that aggregate subscriptions for Units under the Offering exceed the maximum number of securities to be distributed, then Units will be sold to qualifying subscribers on a pro rata basis based on the number of Units subscribed for. Insiders may participate in the Offering. Qualifying shareholders who wish to participate in the Offering should contact the Company at the contact information set forth below.
There is no material fact or material change of the Company that has not been disclosed.
In addition to conducting the Offering pursuant to the Existing Security Holder Exemption, the Offering will also be conducted pursuant to other available prospectus exemptions.
The offered securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
Qualified Person and Third-Party Data
The scientific and technical information in this news release has been reviewed and approved by Lawrence Tsang, P.Geo., VP Exploration of the Company. Lawrence Tsang is a "qualified person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Beyond Lithium Inc.
Beyond Lithium Inc. has a large greenfield lithium exploration portfolio in Ontario with 27 high potential greenfield lithium properties totalling over 119,000 hectares. The Company has adopted the project generator business model to maximize funds available for exploration projects, while minimizing shareholder dilution. Beyond Lithium is advancing certain of its projects with its exploration team and will seek to option other properties to joint venture partners. Partnering on various projects will provide a source of non-dilutive working capital, partner-funded exploration, and long-term residual exposure to exploration success.
Beyond Lithium currently has 33,874,482 common shares outstanding.
Please follow @BeyondLithium on Twitter, Facebook, LinkedIn, Instagram and YouTube.
For more information, please refer to the Company's website at www.beyondLithium.ca
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company's projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company's projects and mineral properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking information. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward-looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In stating the forward-looking information in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Company's properties, the availability of financing on suitable terms, and the Company's ability to comply with environmental, health and safety laws.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the statements of forward-looking information. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, the proposed expenditures for exploration work on its properties, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such as COVID-19, the Company's limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading "Risk Factors" in the Company's prospectus dated February 23, 2022 and other filings of the Company with the Canadian securities regulatory authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update any of the forward-looking information in this news release except as otherwise required by law.
For further information, please contact:
Allan Frame
President and CEO
Tel: 403-470-8450
Email: allan.frame@beyondLithium.ca
Jason Frame
Manager of Communications
Tel: 587-225-2599
Email: jason.frame@beyondLithium.ca
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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