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Surface Metals Inc. (CSE: SUR,OTC:SURMF) (OTCQB: SURMF) ("Surface Metals" or the "Company") announces that it has completed an agreement with Snow Lake Resources Ltd. dba Snow Lake Energy (NASDAQ: LITM) ("Snow Lake") to sell its remaining 49% interest in 37 mineral claims in south-eastern Manitoba for total consideration of $650,000.
Pursuant to an option agreement dated January 29, 2024 between Surface Metals and Snow Lake, Surface Metals granted to Snow Lake an option to earn up to a 90% undivided interest in the following mineral claims located in south-eastern Manitoba (the "Properties"):
21 mineral claims totaling 8,883 acres (3,595 hectares) (the "Shatford Lake Mineral Claims");
10 mineral claims totaling 5,196 acres (2,102 hectares) (the "Birse Lake Mineral Claims"); and
6 mineral claims totaling 2,930 acres (1,186 hectares) (the "Cat-Euclid Lake Mineral Claims").
Snow Lake had previously earned a 51% interest in the Properties under the option agreement, which agreement will terminate upon Surface Metal's sale of its remaining 49% interest.
The Properties are subject to a 2% gross overriding royalty in favour of Lithium Royalty Corporation (LRC), and Snow Lake acquires Surface Metal's remaining interest subject to the existing royalty.
About Surface Metals Inc.
Surface Metals Inc. (CSE: SUR,OTC:SURMF) (OTCQB: SURMF) is a North American mineral exploration company focused on advancing a diversified portfolio of gold and lithium projects in the state of Nevada, USA. The Company's Cimarron Gold Project is located in Nye County, Nevada, in a historically productive gold district. Surface's Clayton Valley Lithium Brine Project hosts an NI-43-101 compliant inferred resource of approximately 302,900 tonnes of lithium carbonate equivalent (LCE) adjacent to Albemarle's Silver Peak Mine. Surface Metals is also advancing a lithium project in neighbouring Fish Lake Valley, Nevada.
For more information, please visit: www.surfacemetals.com
On behalf of the Board of Directors
Steve Hanson
Chief Executive Officer, President, and Director
Telephone: (604) 564-9045
info@surfacemetals.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"). 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278777
