VANCOUVER, BC / ACCESSWIRE / February 4, 2020 / Infinite Lithium Corp. ("ILI" or the "Company") (ILI-TSX:V) is pleased to announce the significant expansion of its property holdings in the Red Lake Mining District. The Company has entered into option agreements to acquire an 80% interest in the Fredart ("Fredart") and Garnet Lake ("Garnet Lake") properties from Pistol Bay Mining Inc., and an option agreement to acquire 100% of the Northern Vision property from an arms-length vendor (collectively the "Properties"). Each of the Properties have been explored in the past with various methods including diamond drilling which resulted in a high-grade polymetallic NI 43-101 compliant resource estimate along with a historic mineral resource estimate.
"Together with today's announced acquisitions and the Dixie Ten-Mile, Dixie 3, Ben Lake, and Eastern Vision properties, the Company has rapidly secured the most strategic and advanced VMS targets in the Confederation Lake Belt", states Mike England, President and CEO of Infinite Lithium. "Our holdings include a NI 43-101 compliant resource at the Arrow Zone on the Garnet Lake property, and two historical resources on the Fredart and Dixie Ten-Mile properties. All properties have excellent potential for expansion along strike at depth, and targets have been defined by the application of state-of-the-art geophysical technologies, and geological modelling."
The Fredart and Garnet Lake properties are located 70 kilometres east of the mining town of Red Lake, Ontario, and approximately 40 and 50 kilometers respectively from the eastern boundary of the Dixie Property being aggressively explored by Great Bear Resources Ltd. The Northern Vision property is contiguous with and east of the Company's recently acquired Dixie Ten-Mile property. All Properties have excellent access and logistics, from Red Lake or Ear Falls, with main access and logging roads.
Highlights include:
- The Garnet Lake property consists of claims comprising 2,733 hectares, and hosts the Arrow Zone, interpreted as a volcanogenic massive sulphide (VMS) deposit, with 43-101 compliant inferred (polygonal method) mineral resources (Pistol Bay, September 5, 2017, SEDAR) of 2,100,000 million tonnes at 5.78% Zn, 0.72% Cu, 19.50 g/t Ag, and 0.60 g/t Au, (at a 3% Zn equivalent cut-off). The report concluded: "that the Arrow Zone…has good potential to discover new zones of VMS mineralization in the immediate area of the Arrow Zone, as well as the potential for additional deposits in the surrounding areas".
- The Fredart Property comprises claims covering 2,620 hectares and hosts the Copperlode/Fredart zone, with a historical mineral resource of 386,200 tonnes grading 1.56% Cu and 33.6 g/t Ag. (completed by Phelps-Dodge Mining Co. in 1971 and included within a prospectus for Consolidated Copper Lode Developments Inc., January 7, 1977, submitted to the Ontario Securities Commission). Note, this historical resource estimate does not comply with the standards of National Instrument 43-101 and has not been reviewed by a qualified person, nor verified. Infinite Lithium is not treating the historical resource estimate as a current mineral resource or mineral reserve. The mineralized zone was drill tested to a depth of approximately 200 metres over a length of 350 metres and was reported as being open at depth.
- Both the Garnet Lake and Fredart properties are covered by versatile time-domain electromagnetic (VTEM Plus) and flown by Geotech Ltd., in April 2017. Geotech's VTEM Plus system delivers more power into the ground and a better signal-to-noise ratio than previous VTEM systems, resulting in greater depth penetration and better conductor resolution, resulting in numerous high-priority conductive targets that warrant drilling. The September 5, 2017 43-101 reports indicates; "The Fredart "A" zone has the potential to develop a mineral resource with modern drilling and with modern EM surveying to guide the drilling."
- The Northern Vision property, comprises 8 unpatented mining claims covering 2630 hectares and is contiguous to, and east of the Company's Ten-Mile property, and covers the interpreted stratigraphic eastern-extension of the Dixie 18 VMS target.
To earn a 80% interest in the Garnet Lake property from Pistol Bay Mining Inc., an arms-length party, Infinite will make cumulative payments of Cdn $300,000 cash, the issuance of 4,000,000 common shares of the Company and perform expenditures of $1,500,000 over a 3 year period. An underlying vendor retains a 2 % Net Smelter Royalty ("NSR").
To earn a 80% interest in the Fredart property from Pistol Bay Mining Inc., an arms-length party, Infinite will make cumulative payments of Cdn $150,000 cash, the issuance of 2,500,000 common shares of the Company over a two (2) year period and perform expenditures of $1,000,000 over a 3 year period. NSR's of 1-1.5% apply to claims within the Fredart property.
To earn a 100% interest in the Northern Vision property from an arm-length vendor, Infinite will make cumulative payments of Cdn $65,000 cash over a 3 year period, and issue 500,000 common shares of the Company over a one (1) year period.. The Company will grant a 1.5% NSR to the Vendor, half of which can be bought by the Company at any time for $500,000.
These transactions are subject to TSX Venture approval.
Mr. Kelly Malcolm, P.Geo (Ontario), is a qualified person as defined by National Instrument 43-101 and has examined and described the geological information available from public and internal sources related to the property and is responsible for reviewing and approving the technical contents of this press release.
The Qualified Persons have not completed sufficient work to verify the historic information on the Property, particularly in regard to historical drill results and historical resources. However, the Qualified Persons believe that drilling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.
About Infinite Lithium Corp.
Infinite Lithium is a junior mining exploration company focused on seeking and acquiring world-class mineral projects globally. Our current focus is on properties with the potential for VMS mineralization in the Confederation Mineral Belt near Red Lake, Ontario, and the Jackpot Lithium property located near Nipigon, Ontario. Infinite Lithium also continues to evaluate suitable prospects that fit the mandate of the company. Please visit our website located at www.infinitelithium.com.
ON BEHALF OF THE BOARD
"Mike England"
Mike England, President and Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
SOURCE: Infinite Lithium Corp.
View source version on accesswire.com:
https://www.accesswire.com/575134/Infinite-Adds-High-Grade-VMS-Resources-in-The-Red-Lake-Mining-District-with-The-Acquisition-of-Fredart-Garnet-Lake-and-Northern-Vision-Properties
