First Energy Metals Ltd. (CSE: FE) is pleased to announce results of drill hole LC21-21 at its Augustus Lithium Property in Quebec, Canada. The drill hole intersected a 7-meter-wide zone with 1.35 percent lithium oxide (Li2O) at 102 metres drilled depth. There is a second 5-meter wide intersection with 0.40% Li2O at 112 m drilled depth. Drill hole LC21-21 was drilled at location: 287002E, 5367876.13N (NAD 1983 UTM Zone 18N), Azimuth 24.75 degrees, Dip -65 degrees with a total drilled depth of 138 m. All intersections reported are based on drilled width and have not been converted to the true width.
Highlights (see Table 1 for details)
The drill core was logged and sampled at the core shack using a rock saw. For quality control and quality assurance (QA/QC), field duplicates, standards and blanks were inserted at industry standard intervals. The samples were bagged and tagged using best practices and were delivered to Activation Laboratories, Ancaster, Ontario for sample preparation and analyses using laboratories code Ultratrace 7 and sodium peroxide fusion (Na2O2). as summarized below. ACTLABS is an independent commercial, accredited ISO Certified Laboratory.
Afzaal Pirzada, P.Geo., Geological 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.
In addition, the Company is pleased to announce a non-brokered private placement financing of up to $2,000,000 from the sale of up to 8,000,000 units at a price of $0.25 cents per unit. Each Unit will consist of one common share and one fully-transferable common share purchase warrant. Each Warrant will entitle the holder to purchase an additional common share for a price of $0.50 per share for a period of one year from the date of closing of the private placement.
The Warrants are subject to an acceleration clause whereby, if the trading price of the Shares is equal to or greater than $0.75 cents per share for a period of 10 consecutive trading days, the Company may reduce the remaining exercise period applicable to the Warrants to not less than 30 days from the date of such notice.
All of the securities issued pursuant to this Offering will be subject to a four-month hold period mandated by applicable securities laws. Completion of the Offering is subject to receipt of all required CSE, regulatory and other approvals.
The proceeds will be used for exploration and development of Company’s mineral properties, in particular the Augustus Lithium Property and general working capital. One or more existing insiders may be participating in the financing as approved by independent directors. The Company is relying on an exemption from the related party requirements of MI 61-101.
Table 1: Drill Hole LC21-21 Assay Highlights
|Start of Mineralization|
|Total Width / Average||102.00||109.00||7.00||223.14||73.53||0.39||6,261.43||1.35||64.63||1397.00||114.40|
|Start of second zone|
|Total Width / Average||112.00||117.00||5.00||165.40||61.46||0.80||1,861.20||0.40||64.60||1,324.40||139.60|
Note: A standard conversion factor of 2.15 was used to report Li to Li2O values
All intersections reported are based on drilled width and have not been converted to the true width.
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We acknowledge the [financial] support of the Government of Canada.