Ucore continues to advance its Bokan project as a long-range heavy rare earth source to eventually complement the planned Western feedstock sources for its near-term Strategic Metals Complexes.
A summary of the 2022 field sampling program:
Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to provide an update regarding the 2022 field sampling program (the "Field Program") at its Bokan-Dotson Ridge heavy rare earth element ("REE") mineral resource project ("Bokan").
Figure 1 - Typical Channel Sample of a Bokan-Dotson Ridge Zone Vein Outcrop
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1119/139746_1302f57d34d70938_001full.jpg
"Ucore continues to work to unlock the critical heavy rare earth elements at Bokan Mountain," stated Mike Schrider, P.E., Ucore's Vice-President and COO. "The execution of this summer's Field Program, coupled with previous years' successful drill programs, now positions the Bokan property closer to a feasibility study and will allow Ucore to upgrade approximately 20% of the currently 'Indicated' mineral resource to a 'Measured' resource classification.
"Ucore continues to advance its Bokan project as a long-range heavy rare earth source to eventually complement the planned Western feedstock sources for its near-term Strategic Metals Complexes. North America desperately needs independent mineral resources to transition to a green energy future centered on electric vehicles and renewable energy sources - both of which are more achievable with the heavy rare earth elements provided at Bokan Mountain."
Aurora Geosciences Ltd.'s ("Aurora") contractors, consisting of two geologists and three geotechnical laborers, were on site from May 13 to June 10, 2022. This work was followed by sample submissions to the Bureau Veritas preparation lab in Juneau, Alaska. Final analyses are still in process at the Bureau Veritas laboratory in Vancouver, BC, Canada, with current assay analyses times measured in months due to the extremely high levels of mineral exploration activity.
Additional details of the Field Program:
Aurora expects that the results of the channel sampling program will allow a significant portion of the modeled rare earth resource to be upgraded from 'Indicated' to now 'Measured.' It is also expected that the total tonnage of the current mineral resource will marginally increase due to the new exposures of mineralized vein materials discovered in the Field Program.
About Ucore Rare Metals Inc.
Ucore is focused on rare- and critical-metals resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore has an effective 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Element Project in Southeast Alaska, USA. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.
Through strategic partnerships, this includes disrupting the People's Republic of China's control of the US REE supply chain through the near-term development of heavy and light rare-earth processing facilities throughout North America - including the Alaska Strategic Metals Complex in Southeast Alaska and the long-term development of Ucore's heavy-rare-earth-element mineral-resource property located at Bokan Mountain on Prince of Wales Island, Alaska.
Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."
For further information, please visit www.ucore.com.
Ronald James (Jim) Robinson, B.Sc., P.Geo., an independent geologist and General Manager of Aurora Geosciences (Alaska) Ltd. of Juneau, Alaska, has prepared, reviewed and approved the technical data regarding the Bokan-Dotson Ridge Mineral Resource provided in this news release and is the qualified person responsible for its accuracy.
This press release includes certain statements that may be deemed "forward-looking statements." All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.
In regard to the disclosure in the "About Ucore Rare Metals Inc." section above, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future Strategic Metals Complexes ("SMCs"). Ucore has also assumed that sufficient external funding will be found to prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Elements project ("Bokan") is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSX™; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("AIDEA") regarding the development of Bokan and/or the Alaska SMC; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.
Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.
Mark MacDonald Vice President, Investor Relations Ucore Rare Metals Inc. 1.902.482.5214 mark@ucore.com
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Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to provide an update on the Innovation Metals Corp.[i] ("IMC") RapidSX™ rare earth element ("REE") separation technology platform and the Company's commercial Strategic Metals Complex ("SMC") technology deployment process (the "Program"). The work is taking place at the companies' laboratory partner's (Kingston Process Metallurgy Inc. ("KPM")) facility in Kingston, Ontario, Canada.
The Program was enhanced after Ucore received the independent evaluation of the RapidSX™ technology platform leading to the subsequent July 12, 2022, announcement of the nearly 3X increase in scope of the RapidSX™ REE demonstration-scale plant ("Demo Plant"). Since then, the Ucore, IMC, KPM, and Mech-Chem Associates, Inc.[ii] ("Mech-Chem") commercialization team (the "Team") has made significant strides in the procurement and construction process for the Demo Plant.
The final engineered layout of the Demo Plant takes up nearly all of the 5,000 square foot Commercialization and Demonstration Facility ("CDF") at KPM. And the concept of building a plant within an existing building is the go-forward transition template for the engineering process that the Team will replicate to create the first full-scale SMC, once the brownfield site[iii] selection process is finalized. This initial SMC is scheduled to produce 2,000 tonnes of total rare earth oxides ("TREOs") by the end of 2024 and 5,000 tonnes by 2026.
Figure 1 - Engineered Design of the Currently Under Construction 51-Stage RapidSX™ REE Demo Plant
To view an enhanced version of Figure 1, please visit: https://images.newsfilecorp.com/files/1119/137284_ffcfc5cec4a3a9a7_001full.jpg.
"The CDF Team, and the rest of the world, is facing extraordinary supply chain challenges regarding equipment and component availability," stated Mike Schrider, P.E., Ucore's VP and COO. "Despite this situation,we have managed to procure the initial feedstocks and virtually all of the required major equipment and components, and the Demo Plant remains on track for a late 2022 commencement of the commissioning process."
"This process will demonstrate the unprecedented North American separation of tonnes of both heavy and light rare earth elements. It will then continue with end-user qualification trials throughout 2023 for Western entities seeking diversified and sustainable metallic supply chains as Ucore transitions to full-scale commercial mode with the construction of our first SMC."
Ucore's REE Separation Demo Plant is designed to:
Have the ability to process tens of tonnes of mixed rare earth concentrates on a per annum basis:
from a wide variety of feedstock sources, including the heavy REE ("HREE") and light REE ("LREE") feedstocks planned for the full-scale SMCs.
Be capable of processing all RapidSX™ splits required to produce individual praseodymium, neodymium, terbium, and dysprosium.
Have a parallel 51-stage conventional solvent extraction ("CSX") mixer/settler circuit that will match the RapidSX™ process' configuration and enable direct head-to-head comparison of the performance of RapidSX™ vs. CSX.
Figure 2 - A Sampling of the On-hand CDF Components and Construction Efforts
To view an enhanced version of Figure 2, please visit: https://images.newsfilecorp.com/files/1119/137284_ffcfc5cec4a3a9a7_002full.jpg.
Ucore stands alone in its speed of executing the commercial deployment of one of the first modern technology platforms for separating HREEs and LREEs - as a replacement for CSX. Mech-Chem is now fully integrated into all CDF activities and is aligned to assist with the full-scale SMC techno-economic assessment and engineering data transfer. The efficiencies and environmental advantages resulting from the CDF demonstration processes are, and will continue to be, directly incorporated into the full-scale SMC engineering design packages. This integrated process is rapidly positioning Ucore to meet the demanding schedule requirements for the development of the first SMC and REO production for the Company's emerging list of prospective downstream partners.
About Ucore Rare Metals Inc.
Ucore is focused on rare- and critical-metals resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore has an effective 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Element Project in Southeast Alaska, USA. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.
Through strategic partnerships, this includes disrupting the People's Republic of China's control of the US REE supply chain through the near-term development of heavy and light rare-earth processing facilities - including the Alaska Strategic Metals Complex in Southeast Alaska and the long-term development of Ucore's heavy-rare-earth-element mineral-resource property located at Bokan Mountain on Prince of Wales Island, Alaska.
Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."
For further information, please visit www.ucore.com.
IMC developed the RapidSX™ separation technology platform with early-stage assistance from the United States Department of Defense ("US DoD"), later resulting in the production of commercial-grade, separated rare-earth oxides at the pilot scale. RapidSX™ combines the time-proven chemistry of conventional solvent extraction ("SX") with a new column-based platform, which significantly reduces time to completion and plant footprint, as well as potentially lowering capital and operating costs. SX is the international rare-earth-element ("REE") industry's standard commercial separation technology and is currently used by 100% of all REE producers worldwide for bulk commercial separation of both heavy and light REEs. Utilizing similar chemistry to conventional SX, RapidSX™ is not a "new" technology but represents a significant improvement on the well-established, well-understood, proven conventional SX separation technology preferred by REE producers.
This press release includes certain statements that may be deemed "forward-looking statements." All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.
In regard to the disclosure in the "About Ucore Rare Metals Inc." section above, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future Strategic Metals Complexes ("SMCs"). Ucore has also assumed that sufficient external funding will be found to prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Elements project ("Bokan") is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSX™; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("AIDEA") regarding the development of Bokan and/or the Alaska SMC; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.
Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.
Mark MacDonald Vice President, Investor Relations Ucore Rare Metals Inc. 1.902.482.5214 mark@ucore.com
[i] Innovation Metals Corp. is a private Canadian corporation and a wholly owned Ucore subsidiary. [ii] Mech-Chem Associates, Inc. is the full-scale SMC engineering company. [iii] In this context, a brownfield site is a suitable existing commercial building/site that has been previously permitted for industrial use.
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This press release is issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
This release is being made by Randy Johnson to report information concerning holdings of Mr. Johnson and Orca Holdings, LLC (collectively, the "Acquiror") in Ucore Rare Metals Inc. (the "Issuer" or "Ucore"). Orca Holdings, LLC ("Orca") is wholly owned by Mr. Johnson, serving as a holding company for Mr. Johnson's securities holdings. Mr. Johnson has been a director of Ucore since October 6, 2020.
On August 16, 2022, the TSX Venture Exchange approved and Ucore issued 2 million common share purchase warrants ("Warrants") to Orca, with each Warrant entitling Orca to acquire one common share of the Company at an exercise price of CAD$0.75 during a term ending on July 20, 2023. The issuance of these Warrants was in consideration for Orca providing Ucore with a secured line of credit facility (the "Line of Credit") in the amount of up to USD$2 million, as detailed in the Ucore's news release dated July 21, 2022. Drawdowns on the Line of Credit will be available in multiples of USD$100,000 and will carry interest at a rate of 9 percent per annum. All amounts owing under the Line of Credit will be repayable by maturity, which is six months from the execution date of the Line of Credit (Jan. 20, 2023), unless such repayment is accelerated due to the Company's completion of an equity financing on terms acceptable to the Company and the investor(s). The Line of Credit is secured by a general security agreement over the assets of the Company. Orca has been a secured creditor of the Company since March 30, 2019 when Orca provided a term loan to Ucore. That term loan, as amended and currently bearing interest at 9%, had principal and accrued interest owing of CAD$1,100,071 as at March 31, 2022 (the end of Q2 2022) and is due for repayment on November 30, 2023.
Immediately prior to the issuance of the Warrants, the Acquiror directly or indirectly held beneficial ownership of, and control and direction over, a total of 5,092,406 common shares, 1,000,000 warrants, and 765,000 options, representing approximately 10.37% of the issued outstanding common shares (on a non-diluted basis) or approximately 13.49% upon the exercise of the warrants and the options (on a partially diluted basis, which assumes the exercise of all of the warrants and the options beneficially owned by Mr. Johnson, and that no other securities, including those convertible into or, exercisable for, the Company's securities, are issued, converted or exercised).
Immediately following the issuance of the 2 million Warrants the Acquiror directly or indirectly held beneficial ownership of, and control and direction over, a total of 5,092,406, common shares, 3,000,000 warrants, and 765,000 options, representing approximately 10.37% of the issued and outstanding common shares (on a non-diluted basis) or approximately 16.76% upon the exercise of the warrants and the options (on a partially diluted basis). Of the 765,000 options that Mr. Johnson currently holds, 500,000 options (with an exercise price of $2.65 per common share) are expected to expire out-of-the-money on August 21, 2022.
The securities referred to above were acquired for investment purposes and not for the purpose of exercising control or direction over the Issuer. The Acquiror may, from time to time, increase or decrease its shareholdings or continue to hold the Issuer's securities as the Acquiror may determine appropriate in the normal course of investment activities.
The Acquiror is an "accredited investor" within the meaning of Rule 501(a) of Regulation D under the United States Securities Act of 1933, as amended ("1933 Act")) and acquired the securities referred to above pursuant to available exemptions from registration under the 1933 Act and applicable state securities laws. In regard to National Instrument 45-106 "Prospectus Exemptions", the Warrants were issued pursuant to the prospectus exemption found at section 2.24 of that instrument.
The Issuer is located in 210 Waterfront Drive, Suite 106, Bedford, Nova Scotia, Canada B4A 0H3, and the Acquiror is located in P.O. Box 8158, Ketchikan, Alaska, USA, 99901. A copy of the report filed under applicable Canadian securities laws by the Acquiror in connection with the transactions referred to in this press release may be obtained from the Acquiror via email (tomc@tylerrental.com) or telephone (907-228-5379), or on the SEDAR profile of the Issuer at www.sedar.com.
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Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce the receipt of financing by way of a secured line of credit facility in the amount of up to USD$2 million (the "Line of Credit"). Proceeds from the Line of Credit will primarily be used to continue the development of the Company's RapidSXTM Rare Earth Element ("REE") Commercial Demonstration Plant ("Demo Plant"), currently scheduled for commissioning in Q4 of 2022, as detailed in the Company's July 12, 2022 news release.
The Line of Credit has been extended by Orca Holdings, LLC ("Orca"). In consideration for granting the Line of Credit and subject to the approval of the TSX Venture Exchange, two million warrants ("Warrants") will be issued to Orca, with each Warrant entitling Orca to acquire one common share of the Company at an exercise price of CAD$0.75 during a one-year term ending on July 20, 2023. On July 21, 2022, the Company applied to the TSXV for the exchange's approval of the issuance of the Warrants.
"Ucore is committed to its REE commercialization pathway and is very appreciative of Orca's continued financial support as we rapidly approach the commercial demonstration of our RapidSX™ technology through the Demo Plant," stated Pat Ryan, P.Eng., Ucore Chairman and CEO. "As noted in January 2022, Ucore is already working towards developing the funding required to build its first Strategic Metals Complex (SMC) primarily through non-dilutive funding sources. These include debt financing opportunities through government-supported loan programs and prospective advance payment & supply offtake agreements with Western electric vehicle manufacturers and other downstream customers of the SMCs."
Drawdowns on the Line of Credit will be available in multiples of USD$100,000 and carry interest at a rate of 9% per annum. All amounts owing under the Line of Credit will be repayable by maturity, which is six months from the execution date (January 20, 2023), unless such repayment is accelerated due to the Company's completion of additional financing on terms acceptable to the Company and the investor(s). The Line of Credit is secured by a General Security Agreement over the assets of the Company.
Orca is wholly owned by Mr. Randy Johnson, a member of Ucore's Board of Directors. The transaction is considered a related party transaction within the meaning of Multilateral Instrument 61-01 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of the transaction, nor the consideration paid, exceeds 25% of the value of the subject matter of the transaction, nor the consideration paid, exceeds 25% of the Company's market capitalization. No new insiders and no control persons were created in connection with the closing of the transaction. The transaction was reviewed and unanimously approved by the Company's Board of Directors. No special committee was created to negotiate, review and approve the Line of Credit agreement; rather, the agreement was negotiated by the Company with Mr. Johnson declaring his conflict and abstaining from the Board of Directors' deliberations. No cash consideration was paid pursuant to the extension of the Line of Credit, and no commissions or similar fees were paid to any person. This news release and the related material change report are being issued and filed on SEDAR less than 21 days before the date of the Line of Credit agreement and the expected closing of the issuance of the Warrants and the drawdown of the initial tranche from the Line of Credit since the Company was considering and reviewing financing alternates and the Company eventually selected the least dilutive and most current-shareholder-friendly financing transaction from the alternatives available, which was the Line of Credit, the terms of which were not settled and confirmed by Orca until July 20, 2022.
About Ucore Rare Metals Inc.
Ucore is focused on rare- and critical-metals resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore has an effective 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Element Project in Southeast Alaska, USA. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.
Through strategic partnerships, Ucore's vision includes disrupting the People's Republic of China's control of the US REE supply chain through the near-term development of heavy and light rare-earth processing facilities - including the Alaska Strategic Metals Complex in Southeast Alaska and the long-term development of Ucore's heavy-rare-earth-element mineral-resource property located at Bokan Mountain on Prince of Wales Island, Alaska.
Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."
For further information, please visit www.ucore.com.
IMC developed the RapidSX separation technology with early-stage assistance from the United States Department of Defense ("US DoD"), later resulting in the production of commercial-grade, separated rare-earth oxides at the pilot scale. RapidSX combines the time-proven chemistry of conventional solvent extraction ("SX") with a new column-based platform, which significantly reduces time to completion and plant footprint, as well as potentially lowering capital and operating costs. SX is the international rare-earth-element ("REE") industry's standard commercial separation technology and is currently used by 100% of all REE producers worldwide for bulk commercial separation of both heavy and light REEs. Utilizing similar chemistry to conventional SX, RapidSX is not a "new" technology but represents a significant improvement on the well-established, well-understood, proven conventional SX separation technology preferred by REE producers.
This press release includes certain statements that may be deemed "forward-looking statements." All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, approvals or developments that the Company is pursuing, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.
Regarding the disclosure in the "About Ucore Rare Metals Inc." section above, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future Strategic Metals Complex ("SMC"). Ucore has also assumed that sufficient external funding will be found to prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Elements project ("Bokan") is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMC and its construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMC; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMC and/or the continued development of RapidSX; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("AIDEA") regarding the development of Bokan and/or the SMC; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.
Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.
Mark MacDonald Vice President, Investor Relations Ucore Rare Metals Inc. 1.902.482.5214 mark@ucore.com
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ACME Lithium Inc. (CSE: ACME) (OTCQX: ACLHF) (the "Company", or "ACME") is pleased to report that Hasbrouck Geophysics is mobilizing a crew and equipment for a geophysical profile across a newly recognized conceptual target for mineralized tuff at its Fish Lake Valley (FLV), NV Project.
A gravity meter and Geode EM3D HSAMT system will be used on the approximately two mile geophysical traverse. Field work is expected to be complete in two weeks. Data collected will test the graben concept and will be used to locate drilling test holes.
The FLV geology and geomorphology are interpreted as a possible gravel covered graben while scattered outcrop samples assaying up to 600 ppm lithium and 1270 ppm boron which suggest a mineral system present.
The Fish Lake Valley Project is located about four miles west-northwest of Australia-based ioneer Ltd.'s Rhyolite Ridge Project with 2020 resources of 146.5 million metric tons at 1,600 ppm lithium and 14,200 ppm boron hosted in volcanic tuffs filling an elongate graben or rift valley. On July 31st ioneer announced a binding battery joint venture with Toyota Motor Corp and Panasonic Corp to buy lithium from ioneer's Rhyolite Ridge mining project and use the metal to build electric vehicle batteries in the United States. Australia-based ioneer aims to produce about 21,000 tonnes of lithium in Nevada annually starting in 2025. It signed a supply deal with Ford Motor Co in mid-July and last year with South Korea's Ecopro Co.
ACME's project location adjacent to or nearby lithium projects does not guarantee exploration success or that mineral resources or reserves will be defined on ACME's properties. Exploration, development, and activities conducted by regional companies provide assistance and additional data for exploration work being completed by ACME.
William Feyerabend, Certified Professional Geologist, is a qualified person as defined by NI 43-101, and has supervised the preparation of the scientific and technical information that forms the basis for this news release.
Led by an experienced team, ACME Lithium is a mineral exploration Company focused on acquiring, exploring, and developing battery metal projects in partnership with leading technology and commodity companies. ACME has acquired or is under option to acquire a 100-per-cent interest in projects located in Clayton Valley and Fish Lake Valley, Esmeralda County Nevada, and at Shatford, Birse, and Cat-Euclid Lakes in southeastern Manitoba.
On behalf of the Board of Directors
Stephen Hanson Chief Executive Officer, President and Director Telephone: (604) 564-9045 info@acmelithium.com
Neither the CSE nor its regulations service providers accept responsibility for the adequacy or accuracy of this news release. This news release may contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur and in this news release include but are not limited to the attributes of, timing for and expected benefits to be derived from exploration, drilling or development at ACME's project properties. Information inferred from the interpretation of drilling, sampling and other technical results may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from the Company's operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
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(TSX.V: TORC) (OTCQB: TORCF)
TinOne Resources Inc. (TSXV: TORC) (OTCQB: TORCF) (" TinOne " or the " Company ") is pleased to provide further results from its Great Pyramid Tin (Sn) Project (" Great Pyramid " or the " Project ") located in the tier one mining jurisdiction of Tasmania, Australia . The ongoing program has continued to define significant tin mineralisation.
"We continue to be extremely encouraged by the results we are returning from Great Pyramid with high grade results being returned from near surface and at depths more than 200 metres below surface," commented Chris Donaldson , Executive Chairman.
Results have been received for 2,827 metres of the Company's ongoing 5,500 metre drilling program at Great Pyramid. These results represent complete results for 19 Reverse Circulation (" RC ") drill holes, results from two diamond cored holes and results from one diamond tail and part results from one other diamond tail. Assays are being fast tracked and average laboratory turnaround to-date has been 21 days.
Drilling commenced at the Project on April 27, 2022 , with one diamond rig currently operating on site. The initial program consists of approximately 5,500 metres and has several objectives:
In addition to the RC and diamond drill results reported here, an additional 662 metres of diamond drilling has been completed within, lateral to, and beneath the historical resource area, with assays pending.
Results reported here are from below, peripheral to and within the historical resource 1 area (Table 1). Drill holes below and peripheral to the historic resource model have returned intersections consistent with or higher grade than the historical model. Ongoing deeper diamond drilling (assays reported here and pending) has confirmed the presence of mineralisation to considerable depth below the historical resource model and are consistent with historical drill data 2 which returned mineralised intervals to the limit of drilling, up to 300 metres below surface.
Table 1: Great Pyramid RC and DD drill results. More significant results are shown in bold.
Outside historical resource model. To end of hole.
Inside historic resource model, to end of hole, abandoned due to collapse from old working.
Diamond tail. Outside historical resource model.
Diamond tail. Outside historical resource model.
Diamond tail. Outside historical resource model. To end of hole.
Diamond cored hole. Inside historical resource model.
Diamond cored hole. Inside historical resource model.
Diamond cored hole. Inside historical resource model.
Diamond cored hole. Inside historical resource model
Diamond cored hole. Outside historical resource model.
NOTES: All intersections are calculated with a cut-off grade of 0.1% Sn with maximum consecutive internal waste of 4 metres.
All intersections are downhole widths, true widths are uncertain.
TinOne drill hole numbering is in the form 22GPRCXXX for RC holes and 22GPRDDXXX for diamond holes with numbering allocated in sequence.
Analytical results have been received for RC holes 22GPRC002, 003, 004, 005, 006, 007, 009, 011, 012, 013, 014 ,016, 017, 018A, 019, 021, 022, and 024. Hole 22GPRC020 failed at 12 metres and was not assayed. The target area for this hole was drilled by 22GPRC021. Assays have been received for diamond hole 22GPDD001A (redrill of 22GPDD001 which was abandoned at 42.1m), 22GPDD008 and diamond tails on 22GPRC006 and 22GPRC003 (part).
Diamond holes completed and with assays pending are 22GPDD10, 22GPDD015 and 22GPDD023. Diamond tail extensions completed for RC pre-collar hole and with assays pending are 22GPRC004, 22GPRC014 and 22GPRC005.
The Great Pyramid deposit is located around a topographical feature known as Pyramid Hill and is hosted by Silurian to Devonian Mathinna Supergroup sandstones. The mineralization is formed by closely spaced sheeted northeast trending, cassiterite (SnO₂) bearing veins associated with silicification and sericite-pyrite alteration. The deposit style and regional comparisons suggests that a tin-fertile granite exists at depth below the deposit, however this has not been encountered in drilling and the deposit is open at depth. Geological interpretation indicates that certain sedimentary units within the folded Mathinna Supergroup sediments are more favourable hosts and diamond drilling being undertaken by the Company during the current campaign, combined with numerical modelling, will assist in developing a deeper understanding of controls on grade for follow up drilling.
The deposit is currently known over a strike length of more than 500 metres with an average width of approximately 150 metres. The depth extent of the deposit is unknown with only nine historical drill holes greater than 150 metres deep. These rare deeper holes encountered encouraging tin mineralization to depths of approximately 300 metres below surface 2 .
A historical mineral resource estimate was completed on the Great Pyramid Project (the " Historical Estimate ") for TNT Mines Ltd. 1,2,3,4,5 (Table 2).
Table 2: Historical Estimate on the Great Pyramid Projec t 1,2,3,4,5
Great Pyramid Inferred Mineral Resource - JORC 2012
Source: "Inferred Mineral Resource for the Great Pyramid Tin Deposit in Tasmania, Abbott, 2014" prepared by Jonathon Abbott of MPR Niuminco Group Ltd. The effective date for the Historical Estimate is 26 February, 2014.
The Historical Estimate was prepared using the 2012 Australasian Joint Ore Reserves Committee Code (JORC). The Historical Estimate was not completed using CIM Definition Standards on Mineral Resources and Reserves and is not supported by a technical report completed in accordance with National Instrument 43-101.
The estimation of the Historical Estimate utilized close spaced historic percussion (~85%) and lesser diamond drill holes with drill spacing in the estimation area typically 15 x 30m and locally closer. The Inferred Resource was estimated using Multiple Indicator Kriging method of 1.5 metre down-hole composites within a mineralized domain interpreted from tin grade. Continuity of tin grades was characterised by indicator variograms at 14 indicator thresholds. The estimates are extrapolated a maximum of approximately 30 m from drilling Gemcom software was used for data compilation, domain wireframing, and coding of composite values, and GS3M was used for resource estimation. Resources were estimated into 15 by 30 by 3 m blocks (across strike, strike, vertical) aligned with the 067o trending drilling grid. Planview dimensions of the blocks approximate average drill hole spacing. For precise volume representation, resource estimates include the proportion of block volumes within the mineralised domain below surface. The modelling included a three pass octant based search strategy. Search ellipsoid radii (across strike, along strike, vertical) and minimum data requirements for these searches were: Search 1: 20 by 20 by 4 m (16 data), Search 2: 30 by 30 by 6 m (16 data), Search 3:30 by 30 by 6 (8 data). Model validation included visual comparison of model estimates and composite grades, and trend (swath) plots, along with comparison with estimates from alternative estimation methodologies and previous model estimates. The Historical Estimate is restricted to the area of close spaced drilling and 90% of the resource occurs within 40 metres of surface. Although the limited deeper drilling has encountered mineralized material this was not included in the Historical Estimate. The mineralised domain wireframe used to constrain the estimates was primarily interpreted on the basis of tin assay grades and restricts estimates to the volume tested by reasonably close spaced drilling. The wireframe was trimmed by the cross cutting dyke and soil units interpreted from drill hole logging and geological mapping. Investigation of alternative interpretations included resource estimation with assumed dominant mineralisation controls varying from flat lying to steeply west dipping. These models did not give significantly different total estimates
The reader is cautioned that the Historical Estimate is considered historical in nature and as such is based on prior data and reports prepared by previous property owners. The reader is cautioned not to treat them, or any part of them, as current mineral resources or reserves. A qualified person has not done sufficient work to classify the Historical Estimates as current resources and TinOne is not treating the Historical Estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the Historical Estimates can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category.
The Company has determined that the Historical Estimate is reliable, and relevant to be included here because it was estimated using close spaced drilling with modern geostatistical methods and software by an experienced resource geologist and provides a guide to the location of the Great Pyramid mineralised zone. This will be used to assist in targeting drilling to undertake testing of the extent and grade of the mineralised system.
Drill core and RC samples were shipped to ALS Limited in Brisbane, Australia for sample preparation and for analysis. The ALS, Brisbane facilities are ISO 9001 and ISO/IEC 17025 certified. Tin and tungsten are analysed by ICP-MS following lithium borate fusion (ALS method ME-MS85), overlimit results are reanalysed by XRF (ALS method XRF15b). Forty-eight element multi-element analyses are conducted by ICP-MS with a four-acid digestion (ALS method ME-MS61).
Control samples comprising certified reference samples, duplicates and blank samples were systematically inserted into the sample stream and analyzed as part of the Company's quality assurance / quality control protocol.
TinOne is a TSX Venture Exchange listed Canadian public company with a high-quality portfolio of tin projects in the Tier 1 mining jurisdictions of Tasmania and New South Wales, Australia . The Company is focussed on advancing its highly prospective portfolio while also evaluating additional tin opportunities. TinOne is supported by Inventa Capital Corp.
The Company's disclosure of technical or scientific information in this press release has been reviewed and approved by Dr. Stuart Smith ., Technical Advisor for TinOne. Dr. Smith is a Qualified Person as defined under the terms of National Instrument 43-101.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain "Forward‐Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward‐looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward‐looking statements or information. These forward‐looking statements or information relate to, among other things: the development of the Company's projects, including drilling programs and mobilization of drill rigs; future mineral exploration, development and production; the release of drilling results; and completion of a drilling program.
Forward‐looking statements and forward‐looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of TinOne, future growth potential for TinOne and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of gold and other metals; no escalation in the severity of the COVID-19 pandemic; costs of exploration and development; the estimated costs of development of exploration projects; TinOne's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect TinOne's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward‐looking statements or forward-looking information and TinOne has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's dependence on early stage mineral projects; metal price volatility; risks associated with the conduct of the Company's mining activities in Australia ; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks regarding mineral resources and reserves; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of COVID-19; the economic and financial implications of COVID-19 to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities and artisanal miners; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption "Risk Factors" in TinOne's management discussion and analysis. Readers are cautioned against attributing undue certainty to forward‐looking statements or forward-looking information. Although TinOne has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. TinOne does not intend, and does not assume any obligation, to update these forward‐looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
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Ultra Lithium Inc. ( TSXV:ULT, OTCQB: ULTXF and Frankfurt: QFB ) ("Ultra Lithium" or "the Company") is pleased to provide an update on drilling progress at its Forgan Lake and Georgia Lake Lithium properties in northwestern Ontario, Canada. To date, the Company has completed 31 NQ and HQ size drill holes for over 3,500 meters of diamond drilling over the two properties. Several drill holes intersected lithium pegmatites of various widths ranging from 0.5 m to 15 m. Drill-core is presently stored at the Pleson Geoscience Core yard in Nipigon, ON where it is being logged and sample intervals marked. The drill core will be cut using a rock saw and samples will be shipped for assay over the next month.
Georgia Lake Drilling The summer 2022 diamond drill program comprised 9 holes for a total of 1,402 meters at the Camp and Trans pegmatite showings and was carried out by Niigaani Drilling using a medium size diamond drill rig with NQ size bit. Seven of the drill holes completed were focused on the exposed Camp Pegmatite showing, in order to define the geometry and the grades of the spodumene bearing pegmatite dyke along strike and dip. Two drill holes were completed to explore other pegmatites in the area. The Company will embark on a soils sampling program to identify additional pegmatites at Georgia Lake.
Forgan Lake Drilling A 3,000 meter drilling contract was signed with Diafore Drilling Inc. from Quebec, of which 17 NQ size and 5 HQ size drill holes have been completed for a total of 2,465 meters. Drill holes intersected lithium pegmatites ranging from 0.5 m to 15 m. It was observed the Forgan Lake pegmatites are wider and more consistent than at Georgia Lake so the Company expanded its drilling program at Forgan Lake. The Company is completing an additional 400 meters of larger diameter HQ size drill holes to better define the lithium pegmatites and minimize the nugget effect of large spodumene crystals. Some of the HQ core will be mixed with bulk surface samples collected for metallurgical testwork.
The Company has granted a total of 7,762,500 incentive stock options to various directors, officers and consultants of the Company in accordance with the Company's stock option plan. Each Option is exercisable into one common share of the Company at a price of $0.10 per share. The Options vested on grant and will expire on October 10, 2027. The stock options granted are subject to the acceptance of the TSX Venture Exchange.
The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as VP Exploration of the Company.
Ultra Lithium Inc. is an exploration and development company with a focus on the acquisition and development of lithium, gold, and copper assets. The Company holds a brine lithium property in Argentina, hard rock spodumene type lithium properties at the Georgia Lake / Forgan Lake area in northwestern Ontario, Canada, and a brine lithium property in the Big Smoky Valley, Nevada, USA. The Company also holds other gold and base metals properties in Argentina.
ON BEHALF OF THE BOARD OF DIRECTORS
For further information, please contact the Company at: Attention: Kiki Smith Telephone: 778 968-1176 Facsimile: 604 909-4682 Email: kiki@ultralithium.com Website: www.ultralithium.com or view the Company's filings at www.SEDAR.com .
Cautionary Statement Regarding "Forward-Looking" Information Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "plans", "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Ultra Lithium Inc. (TSX-V: ULT OTCQB: ULTXF) ("Ultra Lithium" or the "Company") is pleased to announce that it has closed its non-brokered private placement issuing 2,156,278 Units at a price of C$0.15 per Unit (at premium of 50% over current market) for gross proceeds of C$323,442.
Each Unit will be comprised of one common share of the Company (each, a "Unit Share") and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of the Company (each, a "Warrant Share") for a period of 24 months. Each Warrant will be exercisable for $0.25 for the first 12 months following the closing date of the Private Placement and at $0.35 thereafter. The net proceeds from the sale of Units will be used for general working capital purposes.
In connection with the Private Placement the Company will pay Finder's fees of C$8,849 cash and 58,995 finder's warrants comprised of C$3,424 cash and 22,828 finder's warrants to Red Cloud Securities Inc., C$2,625 cash and 17,500 finder's warrants to Cormel Capital Sarl and C$2,800 cash and 18,667 finder's warrants to Jemini1 Finance Inc. Each finder's warrant will be exercisable for a period of 24 months, at $0.25 for the first 12 months following the closing date of the private placement and at $0.35 thereafter. The closing of the Private Placement is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange. The Unit Shares, Warrant Shares and any common shares of the Company that are issuable from any finder's warrants will be subject to a hold period of four months and one day in accordance with applicable securities laws.
About Ultra Lithium Inc. Ultra Lithium Inc. is an exploration and development company with a focus on the acquisition and development of lithium, gold, and copper assets. The Company holds a brine lithium property in Argentina, hard rock spodumene type lithium properties at the Georgia Lake / Forgan Lake area in northwestern Ontario, Canada, and a brine lithium property in the Big Smoky Valley, Nevada, USA. The Company also holds other gold and base metals properties in Argentina.
For further information, please contact the Company at: Attention: Kiki Smith Telephone: 778 968-1176 Email: kiki@ultralithium.com Website: www.ultralithium.com or view the Company's filings at www.SEDAR.com .
Cautionary Statement Regarding "Forward-Looking" Information Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "plans", "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) (FRA: 2JS) ("Spey" or the "Company") is pleased to announce, further to its news release dated September 28, 2022, that it has completed the acquisition (the " Acquisition ") of 100% of the issued and outstanding share capital of Lithium Energy Metal Corporation (" LEM ") from all of the former shareholders of LEM (the " LEM Shareholders ").
In consideration for the Acquisition, the Company issued an aggregate 8,900,000 common shares in the capital of the Company (each, a " Spey Share ") to the LEM Shareholders (collectively). The Company has also issued 890,000 Spey Shares as a finder's fee to an arm's length finder in connection with the Acquisition.
LEM holds interests in four projects in the James Bay Region of Quebec near projects held by Patriot Battery Metals Inc. The projects vary in distance from PMET's projects, one of them being within approximately one kilometer of the border of a PMET project.
The technical and scientific information contained within this news release has been reviewed and approved by Robert Lane, MSc., P.Geo., who is a "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Spey Resources is a Canadian lithium focused mineral exploration company which holds two option agreements to acquire 100% interest in the Candela II, Pocitos I and II lithium brine projects located in the Salta Province, Argentina. Spey also owns 100% of the mineral rights to 4 lithium exploration projects located in the James Bay Region of Quebec, in proximity to a recent hard rock lithium discovery. Spey also holds an option to acquire a 100% undivided interest in the Silver Basin Project located in the Revelstoke Mining Division of British Columbia as well as an option to acquire a 100% interest in the Kaslo Silver project, west of Kaslo, British Columbia.
For more information, please contact:
Nader Vatanchi VP of Corporate Finance, Director nader@speyresources.ca 778-881-4631
Cautionary Note Regarding Forward-Looking Statements
This news release includes forward-looking statements that are subject to risks and uncertainties, including with respect to the Company's business and plans, including with respect to undertaking further acquisitions . The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company's public filings under the Company's SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.
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Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) (" Spey " or the " Company ") announces that it has mobilised the drill rig and completed camp preparations for drilling its 400m exploration well in its 600has Pocitos 2 concession.
The camp, internet, diesel tanks and geological offices have been constructed in the town of Pocitos. The drilling work permit has been processed and we are waiting on official certification of the permit due next week.
Fig 1 Diesel tank storage in place Fig 2 accommodation, office quarters
Figure 1 The black horizontal line delineates the aquifer. The red areas have the lowest resistivity which indicate a presence of potassium and lithium. Drill Holes one and two on Pocitos 1 located 1km away produced significant amount of lithium bearing brines in 2018 .
Once or two exploration drill holes with approximately 400m of drilling are completed, the rig will move to Incahuasi salar approximately 120km away and drill three holes on the targeted aquifer locations. A double packer will sample the brines at depth and be reported on.
After the exploration hole is drilled and a pumping test completed a further hole or a production well will be drilled using the rotary drill machine.
Phil Thomas CEO commented " We are making great progress at Pocitos salar, with surface sampling, geophysics completed on Pocitos 2 and drilling to be completed shortly closeby on Pocitos 1. The project drill team have nearly completed all their preparations and the rig is stationed closeby. I'm delighted with the progress our team has made and look forward to the brine analysis and pump tests results from the drilling."
Spey Resources is a Canadian mineral exploration company which has acquired a 80% interest in the Candela II lithium brine project located in the Incahuasi Salar, Salta Province, Argentina through its wholly owned subsidiary Tech One Lithium Resources Corp. Spey also holds an option to acquire a 100% undivided interest in Pocitos 2 and has optioned Pocitos 1 to Recharge Resources. Spey has a 100% interest in the Silver Basin Project located in the Revelstoke Mining Division of British Columbia as well as an option to acquire a 100% interest in the Kaslo Silver project, west of Kaslo, British Columbia.
For more information, please contact:
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release may constitute "forward-looking information" within the meaning of Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable. However, the forward-looking statements in this release , including without limitation, statements pertaining to the future exercise of the Agreement to acquire an interest in the Property, the Company's exploration programs and the Company's mineral property development plans, are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks include, without limitation , financing risks, delays in obtaining or inability to obtain required regulatory approvals , legislative, environmental and other judicial, regulatory, political or competitive developments, exploration and operational difficulties, the timing of future business expenditures, the potential of the Company's mineral properties and changes in economic conditions or financial markets. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
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