Vancouver, British Columbia--(Newsfile Corp. - June 14, 2023) - Lion Rock Resources Inc. (TSXV: ROAR) (FSE: KGB) (the "Company") is pleased to announce that it has entered into an option agreement (the "Option Agreement") to acquire the Fleuron Lithium Project, strategically located 35 km south of Val d'Or, Québec (Figure 1). The Fleuron Lithium Project is comprised of 205 claims spanning 11,380 ha and lies within a highly prospective region with limited lithium exploration history. The property is host to over 150 documented pegmatite outcrops.1
Acquisition Highlights
- The Fleuron Lithium Property. The 11,830 ha property is situated at the eastern edge of the Superior Province within the Pontiac Subprovince. It features granite, paragneiss, and localized metasedimentary units, as well as over 150 documented pegmatite outcrops. The property is strategically located with proximity to infrastructure, major mining centers Val d'Or and Rouyn-Noranda, and recent lithium discoveries.
- The Val d'Or Lithium District. Located in Pontiac Subprovince of Québec, the Val d'Or lithium district is a highly prospective region with minimal lithium exploration history. S-type pegmatites have been identified, and the area hosts projects such as Sayona Mining's Tansim project, Vision Lithium's Cadillac project, and Winsome Resources' Decelles and Mazarac projects.
- Québec's Lithium Boom. As one of the country's fastest-growing lithium jurisdictions, Québec has over ten advanced-stage projects and numerous early-stage occurrences. Notably, the Whabouchi mine is one of the world's largest bulk tonnage lithium deposits, boasting a Mineral Resource of 36.6 Mt at 1.3% Li2O and a proposed 33-year mine life.2 The James Bay Lithium Mine, with a Mineral Resource of 40.3 Mt at 1.4% Li2O, is projected to produce an average of 321 Kt of spodumene concentrate annually over a 19-year mine life.3
- Planned Work Program. When it is able to begin work on the Property, the Company will commence a comprehensive exploration campaign, initially focusing on prospecting, mapping, and sampling pegmatites at the Fleuron Lithium Property.
Figure 1. The Company's Fleuron Lithium Project map showing documented pegmatite locations, property access and notable neighbouring projects.
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About the Fleuron Lithium Project
The Fleuron Lithium Project is comprised of 208 mining claims totaling 11,830 ha, approximately 35 km south of Val d'Or, Québec. The property is situated at the eastern edge of the Superior Province within the Pontiac Subprovince. It features granite, paragneiss, and localized metasedimentary units, as well as over 150 documented pegmatite outcrops. The property is accessible by road and strategically located with proximity to infrastructure, major mining centers Val d'Or and Rouyn-Noranda, and recent lithium discoveries.
Terms of Agreement
Under the terms of the Option Agreement, the Company must make payments and share issuances as follows:
- 1,500,000 common shares on acceptance of the Option Agreement by the TSX Venture Exchange ("TSXV Acceptance");
- $100,000 on or before the date that is six months following TSXV Acceptance;
- 2,000,000 common shares and $150,000 on or before the first anniversary of TSXV Acceptance; and
- 2,000,000 common shares and $150,000 on or before the second anniversary of TSXV Acceptance.
Also under the terms of the Option Agreement, the property will be subject to a 2% net smelter returns royalty, one-half of which can be purchased by the Company for $500,000.
The above transaction is subject to the acceptance of the TSX Venture Exchange.
The technical content of this news release has been reviewed and approved by Carl Ginn, P.Geo., consultant to the Company and a Qualified Person pursuant to National Instrument 43-101.
About Lion Rock Resources Inc.
Lion Rock Resources is northwestern Ontario's newest gold-copper explorer. The Company's flagship property, the Maybrun, is a past-producing mine (Maybrun gold-copper deposit) that was placed on care and maintenance in 1974 for several years prior to an exploration program conducted by Opawica Explorations Inc. in 2005. The Maybrun project is located in the Atikwa Lake area of the Kenora Mining Division, approximately 80 kilometres southeast of Kenora, in northwestern Ontario.
On Behalf of the Board
R. Dale Ginn, President & Chief Executive Officer
O: 604-678-5308
E: dale@rsdcapital.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain or refer to forward-looking information based on current expectations, including, but not limited to the Company achieving success in exploring its properties and the impact on the Company of these events, including the effect on its share price. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances. References to other issuers with nearby projects is for information purposes only and there are no assurances the Company will achieve similar results.
1 Ministre de l'Énergie et des Ressources Naturelles, MERN
2 Nemaska Lithium NI 43-101 Technical Report: Report on the Estimate to Complete for the Whabouchi Lithium Mine and Shawinigan Electrochemical Plant, May 31, 2019
3 Galaxy Lithium Preliminary Economic Assessment, NI 43-101 Technical Report: James Bay Lithium Project Ontario, Canada, March 15, 2021
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