#Mining #Stocks in the News: FIRST ENERGY METALS (CSE: $FE.C) (OTC:
$ASKDF) TO ACQUIRE AUGUSTUS #LITHIUM PROPERTY IN QUEBEC, CANADA
Vancouver,
B.C. January 22, 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.
Read this news, featuring First Energy Metals in full at https://www.investorideas.com/news/2021/mining/01221First-Energy-Metals-Augustus-Lithium.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
(From Report # GM 03952)
|
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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