Vision Lithium Inc. (TSX-V: VLI) (OTC PINK: ABEPF) is pleased to announce that it has entered into a binding letter of intent with Messrs. James C. Campbell and Peter C. Dunlop and the Manto Sipi Cree Nation on an arm’s length basis, to acquire all of the right, title, and interest of the Vendors in and to the non-surveyed, unpatented mineral claim and mineral exploration licence covering approximately 5,107 hectares known as the Godslith lithium property. The Property is located within and surrounding the MSCN and its traditional territory, in the God’s Lake area of the province of Manitoba.
Pursuant to the terms of the Transaction, Vision Lithium will issue to the Vendors 4,000,000 common shares of the Company and will grant the Vendors a 3% net smelter returns royalty. The Shares will be subject to escrow and released in four equal tranches of 1,000,000 Shares over an 18-month period. One-third of the Royalty (1%) may be repurchased by the Company for $1,000,000 and an additional one-third (1%) may be repurchased by the Company for an additional $2,000,000.
The Transaction will be carried out by way of a definitive purchase agreement to be entered into between the parties and an exploration agreement to be negotiated and entered into between Vision Lithium and the MSCN to establish a long-term, mutually beneficial, cooperative and respectful relationship based on trust and certainty concerning the exploration program to be carried out by Vision Lithium on the Property.
Historical Estimates for the Godslith Property
In connection with the Transaction, the Company has received an independent technical report on the Property, dated August 26, 2009, that was prepared for First Lithium Resources Inc. by qualified person Mark Fedikow Ph.D., P.Eng., P.Geo., C.P.G. in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
The Company is pleased to present certain historical estimates and additional information on the Property based on work performed by Inco Limited between 1958-1961. The technical information discussed below is derived from the Technical Report and previous news releases of First Lithium.
The Technical Report details the geological setting of the Property’s lithium-bearing pegmatite and reviews the historical exploration results obtained by Inco that indicated a historic resource of 4.8-million tons with a weighted average grade of 1.27% Li2O over a weighted average true width of 36.2 feet using a cut-off grade of 0.70% Li2O. Probable historic resource estimates were calculated at 4.6-million tons at an estimated grade of 1.14% Li2O. The Technical Report also provides recommendations for future exploration work and includes an initial program of prospecting and geological mapping followed by soil geochemical surveys designed to assess the area for additional pegmatite dykes and base and precious metals. A diamond drill program has also been recommended for the purpose of extending the Li-bearing pegmatite on the Property to depths below those indicated by the historic Inco drilling.
While the Company considers these historical estimates to be relevant to investors, as they may indicate the presence of mineralization, a qualified person has not done sufficient work for Vision Lithium to classify the historical estimates as current “mineral resources” or “mineral reserves” (as defined in NI 43-101). The foregoing historical estimates were calculated prior to the implementation of NI 43-101 and the Company is not treating these historical estimates as current “mineral resources” or “mineral reserves”.
A Phase 1 program of diamond drilling would provide confirmation of the extent of the pegmatite at depth and provide the basis for information that could be used to expand diamond drilling and determine a current resource for the target.
Victor Cantore, Executive Chairman of Vision Lithium commented, “The Godslith project is an excellent addition to our lithium portfolio of properties and I am eager to validate the historical exploration work that has been done on the property to date. In our estimation, we see this project as having tremendous exploration upside. This is a very good time to accumulate lithium assets in excellent jurisdictions at favourable valuations and we will be opportunistic and continue to consider projects that are accretive to Vision Lithium’s project portfolio.”
The scientific and technical information in this release has been reviewed and approved by Yves Rougerie, Geologist, President and CEO of the Company. Mr. Rougerie is a “qualified person” as defined in NI 43-101.
The Transaction remains subject to a number of conditions, including:
Completion of the Transaction is expected to occur no later than November 30, 2019.
About Vision Lithium Inc.
Vision Lithium Inc. is a junior exploration company focused on exploring and developing high quality battery mineral assets including lithium and copper in safe jurisdictions, primarily in Canada. The Company is led by skilled and qualified mineral exploration experts and business professionals with a deep understanding of the lithium battery materials market, which is driven by lithium ion batteries. Vision Lithium is committed to discovering new world class assets and bringing these assets to production, starting with its flagship projects the Sirmac lithium property and the Dôme Lemieux copper property, both located in Quebec, Canada. Nemaska Lithium Inc. is the largest shareholder of Vision Lithium.
Skeena Resources Limited (TSX: SKE) (NYSE: SKE) announced the clo... READ MORE
Today Glencore International AG announced, and has made Yamana Go... READ MORE
Rusoro Mining Ltd. (TSX-V: RML) is pleased to announce that on Se... READ MORE
Revival Gold Inc. (TSX-V: RVG) (OTCQX: RVLGF) is pleased to annou... READ MORE
Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) is plea... READ MORE
We acknowledge the [financial] support of the Government of Canada.