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FIRST ENERGY OPTIONS LITHIUM CLAIMS ADJACENT TO ONTARIO’S ‘ELECTRIC AVENUE

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FIRST ENERGY OPTIONS LITHIUM CLAIMS ADJACENT TO ONTARIO’S ‘ELECTRIC AVENUE

 

 

 

 

 

First Energy Metals Ltd. (CSE: FE) (OTCQB: FEMFF) (WKN: A2JC89) is pleased to announce it has entered into an agreement to acquire two properties covering approximately 2,480 hectares approximately 175 kilometers north of Red Lake, Ontario.

 

The newly acquired land package, named the North Spirit Lithium Project, contain two prospective claim groups located directly adjacent to Frontier Lithium’s Electric Avenue projects that include the PAK and SPARK lithium pegmatite deposits, a premium lithium jurisdiction.

 

First Energy’s project is within a region that plays host to a crustal scale structure that is traceable for over 400km from Ontario through Manitoba which is associated with the emplacement of peraluminous fertile granites and spodumene-rich lithium bearing pegmatites. The PAK Lithium pegmatite occurrence was originally discovered in the early 1990’s by the Ontario Geologic Survey and work in the surrounding area continues to uncover additional Lithium bearing pegmatite occurrences.

 

The SPARK pegmatite was just recently discovered in 2018 and along with the PAK and newer discoveries since then, the area was deemed the ‘Electric Avenue’ as it contains some of North America’s highest-grade lithium-bearing pegmatites. Since discovery, Frontier has continually reported positve drill results for the SPARK pegmatite and, at present, the company reports resources of 14.4 MT of 1.40% Li2O Indicated and 18.1 MT of 1.37% Li2O in the Inferred category for SPARK.

 

Transaction Details:

 

Pursuant to a property purchase agreement between the Optionor and the Company, dated June 13, 2021, First Energy holds an option to acquire a 100% interest in the Property by  common shares issuances and exploration expenditures as follows:

  • 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:
    • 750,000 shares, issued upon the Execution of the option Agreement
    • An additional 750,000 shares issued on or before the date of being one year from signing the agreement.
    • An additional 1,000,000 shares issued on or before the date of being two years from signing the agreement.
    • An additional 1,500,000 shares issued on or before the date of being three years from signing the agreement.
  • The Optionee incurring the following Expenditures on the Property
    • $50,000 on or before the first anniversary of the Effective Date;
    • An additional $200,000 on or before the second anniversary of the Effective Date; and
    • An additional $250,000 on or before the third anniversary of the Effective Date;

 

The Optionor will retain a 1.0 % 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.

 

Posted June 14, 2022

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