Breaking #Lithium #Stock News - FIRST ENERGY METALS (CSE: $FE.C) (OTC: $ASKDF) TO ACQUIRE AUGUSTUS LITHIUM PROPERTY IN QUEBEC, CANADA
Vancouver, B.C. January 21, 2021 – (Investorideas. Com Newswire) First Energy Metals Ltd. (CSE: FE) (OTC: ASKDF ) ("First Energy" or the “Company) is pleased to announce that it has entered into an option agreement to acquire a lithium exploration property located in Landrienne & Lacorne-Townships, Quebec, Canada. The property consists of three non-contiguous claim groups representing a total area of 627.35 hectares located approximately 40 kilometres northwest of the town of Val d’Or on map sheet 32C/05. The geology and the mineralization of the Augustus property are similar to the geology and mineralization of Quebec Lithium mine located approximately 6 kilometers to the southeast of the property.
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First Energy Metals in full at https://www.investorideas.com/news/2021/mining/01211FE-Augustus-Lithium-Property-Quebec.asp
Augustus
Lithium Property Highlights
·
The Property is a part
of the Preissac – Lacorne pegmatite fields where spodumene bearing lithium
pegmatites were discovered in 1940s’. It has excellent infrastructure support
with road network, railway, electricity, water, and trained manpower available
locally.
·
Geologically the Preissac-Lacorne area lies within a
belt of volcanic and sedimentary rocks intruded to the north by LaMotte
batholiths and to the south by the Preissac batholiths and Moly Hill pluton.
·
There are several historical and currently active
lithium and molybdenum prospects/mines located approximately 3 km to 20 km from
the Property. Some of the important prospects/mines are: Mine Quebec Lithium
which was formerly owned by RB Energy, Authier Lithium owned by Sayona Mining
of Australia, Valor Lithium, Duval Lithium, Lacorne Lithium, International
Lithium, Vallee Lithium, and Moly Hill Mine. All these projects / prospects are
at various stages of exploration and development, out of which Mine Quebec
Lithium is the most advanced project followed by Authier lithium project. Total
lithium resources for this region are over 50 million tonnes at 1% lithium
oxide out of which Mine Quebec Lithium has 32 MT at 1.19%Li2O Measured plus
Indicated (M+I), Authier has 17.18 million tonnes at 1.01% Li2O (M+I) are the
most significant.
·
There are two prominent lithium prospects prospect
(Augustus and Canadian Lithium) and one silver on the property which have been
explored intermittently sine 1948. Highlights of the Augustus lithium prospect
are discussed below. The Company is in the process of compiling data on the
other two prospects and will release as soon as possible.
Augustus Lithium Prospect
·
The Augustus pegmatite was
explored in 1955 by trenching followed by diamond drilling. The pegmatite is oriented
N30°W, extending more than 850 meters along strike with 7.6 meters in average
width. Its depth extension is not fully known yet, however previous drilling
has intersected high-grade lithium down to 682 feet (207 m). Lithium
mineralization is confined to the pegmatite body with an average grade of 1.12%
lithium oxide (Li2O) (0.52% Li) across a width of 7.6. meters (Source: Géologie Québec - Results of the query
(gouv.qc.ca)).
·
The highlights of the
previous drilling results include:1.69% Li2O over 9 feet (2.74m), 1.25% Li2O
over 27.5 feet (8.38m), 1.07% Li2O over 20 feet (6.1m), 1.66% Li2O over 12.5
feet (3.8m), and 1.41% Li2O over 27 feet (8.23m) (see Table 1 below) (Source
Report GM03952).
·
Based on the 1955
drilling results, the continuity of lithium mineralization is established between
all drill holes for over 850 meters strike length down to a depth of 207 m (682
feet) of the Augustus pegmatite body (see Table 1 below). If mineralization
continuity can be proven by future drilling down to over 200 meters level as
shown in historical drill hole results, a potential resource target of 4
million tonnes at 1% Li2O can be achieved.
Cautionary Statement: Investors are cautioned
that the potential quantity and grade mentioned above is conceptual in nature,
there has been insufficient exploration to define a mineral resource and it is
uncertain if further exploration will result in the target being delineated as
a mineral resource. The potential target is based upon historical drilling
results taken from report GM03952 (April 27, 1956) and other sources from MRNF
Quebec.
Table 1: The 1955 highlights of the Augustus prospect
diamond drilling
|
Historical Hole ID |
Core Sample width (Feet) |
Li2O % |
Depth
of intersection (feet) |
|
CL-69 |
9 |
1.69 |
199’ |
|
CL-69 |
26.5 |
0.72 |
238’ |
|
CL-70 |
7.0 |
1.16 |
18’ |
|
CL-70 |
13.0 |
0.86 |
250.5 |
|
CL-70 |
21 |
1.01 |
304 |
|
CL-71 |
27.5 |
1.25 |
297.5’ |
|
CL-74 |
20 |
1.07 |
682’ |
|
CL-75 |
9.5 |
1.08 |
560’ |
|
CL-75 |
16.5 |
1.58 |
583.5 |
|
CL-80X |
12.5 |
1.66 |
141.5’ |
|
CL-80X |
27 |
1.41 |
294.3’ |
Note: Core length is not converted to actual width
Canadian
Lithium Prospect
·
The Canadian lithium
prospect is a worked deposit located in Range 1 lot 25-26 in the Landrienne
Township at G.P.S 284861 E - 5368288 N. The main outcrop was discovered in 1948
near the boundary line separating the Landrienne and Lacorne Townships. A group
of parallel pegmatite dykes associated with Lacorne Batholith contains
aggregates of spodumene, lepidolite, quartz and feldspar accompanied by traces
of beryl, clevelandite, colombo-tantalite.
·
Drilling at the prospect
have shown low grade lithium bearing pegmatite intersections of extensive
widths. A total of 11 historical drill holes are located on this prospect. The
Company is in the process of compiling historical drilling data on this
prospect and will release as soon as possible (Source Reports GM03952 and
GM00744).
Cautionary Statement: Investors are cautioned that
the above information and the information on the adjacent properties is taken
from the publicly available sources. The Company has not been able to
independently verify the information contained. The information is not
necessarily indicative of the mineralization on the Property, which is the
subject of this news release. The Company
will need to conduct exploration to confirm historical mineralization reported
on the property and there is no guarantee that significant discovery will be
made as a result of its exploration efforts. The Company is in the process of
compiling exploration and geological data available on the property and
surrounding area to develop an exploration work plan.
Transaction Details:
Pursuant
to a property purchase agreement between the Optionor (Mr. Fayz Yacoub) and the
Company, dated January 18, 2021 (the “Effective Date”), First Energy holds an option to acquire a 100% interest in the Property by making cash
payments, common shares issuances and exploration expenditures as follows:
(a)
the Optionee making the following cash payments to the
Optionor:
(i)
$35,000 to be paid on the Effective Date;
(ii)
$40,000 to be paid upon
the first anniversary of the Effective Date;
(iii)
An additional $45,000 on or before the second
anniversary of the Effective Date;
(iv) An additional $60,000 on or before the
third anniversary of the Effective Date; and
(b)
The Optionee allotting and issuing the following
common shares in its capital stock to the Optionor subject to the approval of
the regulatory bodies as follows:
(i) 500,000 shares at deemed price of $0.05,
issued upon the Execution of the option Agreement
(ii) An additional 500,000 shares issued on or
before the date of being one year from signing the agreement.
(iii) An additional 500,000 shares issued on or
before the date of being two years from signing the agreement.
(iv)
An
additional 500,000 shares issued on or before the date of being three years
from signing the agreement.
(c) The Optionee incurring the following
Expenditures on the Property
(i) $50,000 on or before the
first anniversary of the Effective Date;
(ii) An additional
$150,000 on or before the second anniversary of the Effective Date; and
(iii) An additional $300,000 on
or before the third anniversary of the Effective Date;
The
Optionor will retain a 2.0 % NSR from any future production.
This above noted agreement is with a
non-related party and there are no directors, officers or senior management in
common. Closing of the
Transaction is subject to obtaining all required approvals, including the CSE
and including any other regulatory approval.
Afzaal Pirzada,
P.Geo., who is a consultant of the Company, and a “Qualified Person” for the
purposes of National Instrument 43-101 - Standards
of Disclosure for Mineral Projects, has reviewed and approved the
scientific and technical information contained in this news release.
About First Energy Metals Limited
First Energy
Metals is a Canadian mineral exploration company with a primary focus of
acquiring a multicommodity mineral property portfolio. Its goal is to identify,
acquire and explore North American mineral prospects in the precious metal,
base metal and industrial metals sector.
The company's
strategy is to:
·
Acquire and advance projects through prospecting and
early-stage exploration;
·
Source joint venture partners to finance future
exploration and project development;
·
Create shareholder value through exploration
success.
First Energy
will continue to add to its multicommodity portfolio through organic
acquisitions of new projects and opportunities with the intention of adding
value and projects over time.
ON BEHALF OF THE BOARD OF
FIRST ENERGY METALS LTD.
"Gurminder Sangha"
Gurminder Sangha
President
& Chief Executive Officer
For further
information, please contact the Company at:(604) 375-6005 or gsangha@firstenergymetals.com
Neither the Canadian Securities
Exchange (CSE) nor its Regulation Services Provider accepts responsibility for
the adequacy or accuracy of this news release and has neither approved nor
disapproved the contents of this news release.
Forward-looking Information
Except for the statements of
historical fact, this news release contains
“forward-looking information”
within the meaning of the applicable Canadian
securities legislation that is based on
expectations, estimates and projections as at the date of this news release. “Forward-looking
information” in this news release includes information about the Company’s
proposed Transaction with Mr. Fayz
Yacoub; and other forward-looking
information includes but is not limited to information concerning the
intentions, plans and future actions
of the parties to the
transactions described herein and the
terms thereon.
Factors that could cause actual
results to differ
materially from those described in such forward-looking
information include, but are not limited to,
the Company’s proposed Transaction with Mr. Fayz Yacoub may not be completed on
the terms and timing currently contemplated, or at all; and other risks as more fully set out in the Company’s
continuous disclosure filings at www.sedar.com.
The forward-looking information
in this news release reflects the current expectations, assumptions and/or
beliefs of the Company based on information currently available to the Company.
In connection with the forward-looking information contained in this news
release, the Company has made assumptions about the Company’s ability to obtain
required approvals and close the proposed Transaction with Mr. Fayz Yacoub. The
Company has also assumed that no significant events occur outside of the
Company's normal course of business. Although the Company believes that the
assumptions inherent in the forward-looking information are reasonable,
forward-looking information is not a guarantee of future performance
and accordingly undue reliance should not be put on such information due to the
inherent uncertainty therein.
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FIRST ENERGY METALS LIMITED 1206
– 588 Broughton Street Canadian Securities Exchange: FE Vancouver, British Columbia U.S. 20-F Registration: 000-29870 Canada, V6G 3E3 OTC Bulletin
Board: ASKDF Email:
gsangha@firstenergymetals.com Frankfurt Stock Exchange: A2JC89
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