VANCOUVER, BC, March 16,
2023 /CNW/ - FE Battery Metals
Corp. ("FE Battery Metals" or the "Company")
(CSE: FE) (OTCQB: FEMFF) (WKN: A3D 08G) is pleased to announce that
it has signed an option agreement to acquire 100% interest in the
Trix lithium property in the Georgia Lake area in northwestern
Ontario.
The Property is comprised of approximately 15,000 hectares in a
prolific lithium exploration area with several junior mining
companies including Rock Tech Lithium, which has an established
Lithium resource and advanced to a Pre-Feasiblity Study. The Trix
Property road is accessible and is located 4 km south of Rock Tech
Lithium's MNW lithium deposit.
Due diligence sampling was undertaken in the claim region in the
fall of 2022 and multiple assays returned over 1.0% lithium oxide
(Li2O) with a high of 5.48% Li2O. The Company intends to
carry out extensive surface sampling and other exploration work to
find the source of the high-grade lithium occurrences.
Historically, Ontario Geological Survey (OGS) geologists
discovered a 10-tonne spodumene pegmatite boulder along with small
spodumene-bearing fragments located in a creek on the Trix Lithium
Property. A glacial geology study identified a potential source
direction and displacement of two (2) kilometers from the location
of the spodumene-bearing glacial erratic.
The spodumene-bearing pegmatites of the Georgia Lake area were
first discovered in 1955. Subsequent to the initial discovery,
numerous claims were staked and additional lithium deposits were
subsequently located. While some work was conducted in the
following decades, most historical exploration was completed in
1955-1958. However, recent advancements in the Electric Vehicle
market has turned the Georgia Lake area into a very active
exploration district.
Under the terms of the agreement, the Company can acquire 100%
interest in the Property through payment of $200,000 in cash, issuing 2,500,000 shares,
and carrying out $ 750,000 in
exploration work over 3 years. There is a 2.0 % of Net Smelter
Royalty (NSR) over the Property payable upon the commencement of
commercial production on these claims.
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.
The issuance of the common shares is subject to obtaining all
required regulatory approvals, including that of the CSE. The
common shares will be subject to a "hold" period of four months and
one day from their date of issuance
Alex Pleson, 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.
ON BEHALF OF THE BOARD OF
FE BATTERY METALS CORP.
"Gurminder Sangha"
Gurminder Sangha
CEO & Director
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 information
concerning the intentions, plans and future actions
of the parties to the transactions described
herein and the terms thereon.
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. 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.
SOURCE First Energy Metals Limited