VANCOUVER, BC, May 26, 2023
/CNW/ - FE Battery Metals Ltd. (CSE: FE) (OTCQB:
FEMFF) (WKN: A2JC89) ("FE Battery Metals" or the
"Company) is pleased to announce the commencement of a
15-line kilometer biogeochemistry survey on the company's newly
optioned Trix Lithium Property.
The ground survey will consist of collected up to 600 samples of
tree bark, needles, and humus. The survey area has been selected
based on previous geological investigations of fertile/lithium
enriched parent granites in the area and the predicted source
location of the spodumene bearing pegmatite boulders.
The samples will be sent in batches each week to Activation
Laboratories (Actlabs) in Thunder Bay,
ON and analysis will be finalized at Activation Laboratories
in Ancaster, ON. The samples will
be analyzed by Actlab's biogeochemistry 2D-ICPMS method for
vegetation ash to report concentrations of 59 elements. The company
will use the biogeochemistry data to assess lithium concentrations
as well as pathfinder elements to define exploration targets for
follow-up prospecting, bedrock trenching, and drill hole
targeting.
Project Summary
The Property has since been expanded to encompass approximately
20,000 hectares located in a prolific lithium exploration area
where 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 4km south of Rock Tech Lithium's MNW lithium deposit.
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. Glacial geologists determined the potential source
direction and displacement as 2 kilometers from the boulder. 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.
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
ensuing decades, the majority of 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.
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.
Corporate Update
The Company is pleased to announce a non-brokered private
placement of 2,000,000 flow-through (FT) shares for gross procesds
of $ 1,250,000 by issuing: (i) Quebec FT shares at price
of $0.64 cents per share; (ii) National FT shares
at a price of $ 0.61 cents per share.
In connection to the above noted non-brokered private placement,
a finder's fees may be paid to eligible finders in accordance with
the policies of the CSE. Closing of the proposed private
placement is subject to obtaining all required approvals, including
from the CSE and any other regulatory approval. The securities
will be subject to a four-month hold period plus one day under
applicable securities laws.
Lastly, FE Battery Metals intends to grant incentive stock
options and RSU's ( restricted share units) to certain
directors and consultants of the Company in accordance with its
stock option plan and RSU plan. A total of 1,500,000 stock options
were issued and are exercisable at at price of $0.59 cents per share. The total of 550,000 RSU's
were issued to certain directors and consultants of the
Company.Both the stock options and RSU's vest immediately and are
subject to the statutory four-month hold period plus one day under
applicable securities laws.
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