Medford, Wisconsin--(Newsfile Corp. - June 12, 2024) - Green Light Metals Inc. ("GreenLight" or the "Company") is pleased to announce that its wholly owned subsidiary GreenLight Metals USA Corporation ("GL USA") has entered into an option agreement (the "Agreement") dated June 11, 2024 with Millennial Silver Nevada Inc. ("MSN"), a wholly-owned subsidiary of Integra Resources Corp. ("Integra") regarding the Cerro Colorado Property ("Cerro Colorado"). Cerro Colorado is located within the Pima Mining District, 70 kilometers (~43 miles) southwest of Tucson, Arizona.
MSN currently owns 100% of the membership interests (the "Interests") in Millennial Arizona LLC ("Millennial Arizona") which, pursuant to a mining lease and option to purchase agreement, holds the right to acquire Cerro Colorado. As part of the Agreement, MSN has granted GL USA an exclusive option for a period of 12 months to purchase the Interests in Millennial Arizona.
Matt Filgate, President & CEO of GreenLight commented: "The Cerro Colorado Agreement adds a significant land position within the prolific Laramide Porphyry Belt, diversifying GreenLight's robust Copper-Gold portfolio. This transaction is in line with our corporate strategy to become the next major US based copper explorer with assets in Wisconsin, Nevada and now Arizona."
Key Terms of the Agreement
Pursuant to the terms of the Agreement, MSN granted to GreenLight an exclusive option to purchase the Interests as set forth in a membership interest purchase agreement for a period of 12 months. In consideration for the grant of the option, GreenLight has agreed to deliver common shares of the company (the "Shares") valued at no less than C$500,000 to Integra. The Shares will be paid in two tranches: (i) The first tranche of Shares, valued at no less than C$250,000, will be delivered within five days of the execution of the Agreement; and (ii) the second tranche of Shares, valued at no less than C$250,000 will be delivered at the earlier of: 1) the time of a GreenLight go-public event, or 2) December 31, 2024. In order to exercise the option and acquire the Interests in Millennial Arizona, GreenLight will pay Integra in cash or common shares of GreenLight, an amount equal to the total 2024 holding costs (other than exploration expenditures) incurred by Integra under the preexisting option through the closing date.
Cerro Colorado Project Overview
The Cerro Colorado property is located within a historic silver mining district, 70 kilometers southwest of Tucson, Arizona, along the Laramide porphyry copper belt. Cerro Colorado is located 26 km southwest of the historical Pima Mining District, which contains several active porphyry copper and skarn mining operations. Seven distinct areas of interest comprise the combined 10,097-acre land package, consisting of 229 unpatented claims on lands administered by the U.S Bureau of Land Management and 14 Arizona State Land Department mineral leases situated on State of Arizona Lands. Cerro Colorado hosts numerous historical mining operations that exploited silver-gold-copper bearing veins hosted by Jurassic and early Laramide volcanic rocks. District-scale and local alteration patterns indicate potential for porphyry copper mineralization within intrusive units beneath the volcanic host rocks. Limited historical drilling in intrusive units adjacent the property area done by Phelps Dodge Corporation (now Freeport-McMoRan, Inc.) and Minefinders Corporation Ltd. reported weakly mineralized porphyry copper intrusions. Recent academic work in the area suggests a lack of Cenozoic extension and dismemberment in the district, preserving the silver-gold veins and associated deeper porphyry copper systems upright and intact below older volcanic rocks.
ABOUT GREENLIGHT
GreenLight's mission is to expand known mineral resources and make new discoveries on one of North America's most prolific yet underexplored volcanogenic massive sulfide ("VMS") greenstone belts - the Penokean Volcanic Belt (the "Belt") in Wisconsin, USA. The Belt's deposits are rich in the clean energy metals copper and zinc, as well as gold, that are required to power the imminent green, low carbon economy. The Company's strategy is to capitalize on its first mover advantage to consolidate, secure, and drill dominant land positions.
GreenLight is committed to operating in a responsible and sustainable manner that benefits our local communities, bolsters national security, and assists in building and securing crucial US supply chains, all while protecting the environment. The Company has established an Environment, Sustainability, and Communities Committee and is fully committed to transparency, accountability, environmental stewardship, safety and community engagement.
The Company's key assets on the Belt are the Reef gold-copper and Bend copper-gold properties, each of which contains known historical resources with the potential for expansion. In addition, with the closing of the amalgamation with Can-America Minerals Inc. on July 25, 2022, the Company controls two additional prospective properties in Wisconsin - Lobo and Lobo East. GreenLight has also secured rights to the high-priority Swede anomaly located on the Southern Greenstone Belt. Outside of Wisconsin, the Company controls rights to the Kalium Canyon property, an exciting epithermal gold prospect located in the Walker Lane district of Nevada.
For more information concerning the Company, please refer to the Company's profile on the SEDAR+ website at www.sedarplus.ca.
For more information, please contact:
Green Light Metals Inc.
Matt Filgate
President & CEO
(778) 679-3579
matt@greenlightmetals.com
Forward-Looking Information
Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "intend", "may", "will", "expect", and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current beliefs or assumptions as to the outcome and timing of such future events. Readers are cautioned to not place undue reliance on forward-looking information. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The material facts and assumptions include the Company's ability to close additional tranches and such additional tranches remaining in the best interests of the Company. The Company cautions the reader that the above list of risk factors is not exhaustive. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward- looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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SOURCE: Green Light Metals Inc.
