Calgary, Alberta--(Newsfile Corp. - December 19, 2022) - Silk Road Energy Inc. (TSXV: SLK) reports that it has entered into an option agreement to acquire a 100 percent interest in the Doran Lithium Property located approximately 200 kilometres east of Red Lake in northwestern Ontario.
The Doran Lithium property is located 60 kilometres east of Green Technology Metals Inc.'s Root Lake Lithium Project that is currently being developed to production. The Doran Lithium Property sits along the same terrane boundary fault structure as the Root Lake Lithium discovery.
The area surrounding the Doran property was reviewed by the Ontario Geological Survey for potentially hosting significant lithium deposits. They undertook geochemical sampling of lake-bottom sediments and the mapping of intrusive complexes and pegmatite dikes that could produce economic lithium deposits.
The Doran property was found to contain elevated levels of lithium oxide in lake-bottom sediment samples. This is a positive criterion for the presence of lithium mineralization.
As well, satellite photo images of Doran property show both white linear and irregular spotted clusters of outcrops, which may be interpreted as pegmatite, a host rock for lithium mineralization.
The Doran Lithium property consists of 3,474 hectares in close proximity to the English River-Uchi terrane boundary and is also adjacent to second order faults. The presence of these structural and tectonic elements is significant since, to date, most significant lithium discoveries occur adjacent to terrane boundaries and second order fault structures.
Silk Road is acquiring the property by issuing 900,000 shares and by making cash payments over the next three years for a total of $111,000. There are no work commitments on the properties. The agreement is subject to TSX and other regulatory approvals.
Silk Road Energy will act as sole operator of the project. The vendor will hold a 1.5% Net Smelter Royalty (NSR) on the property. One third of this NSR can be purchased by Silk Road for $600,000.
Qualified Person:
Edward Procyshyn, P.Geo, a qualified person in accordance with National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
For more information please contact:
Michael C. Judson, Chairman & CEO
Silk Road Energy Inc. (doing business under the name Record Gold)
T. +1-514-865-5496
Website: www.recordgoldcorp.com
Cautionary Statements
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes", an or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would" , "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: approval of the Private Placement and obtaining a full revocation order. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to: the market acceptance of the Private Placement; the ability of the Company to obtain a full revocation order and the receipt of all required approvals in connection with the foregoing. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market price for securities; and the delay or failure to receive board, shareholder, court or regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
The Units and the securities comprising the Units have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in the Unites States, or any other jurisdiction, in which such offer, solicitation or sale would be unlawful.
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/148626
