VANCOUVER, BC / ACCESSWIRE / November 29, 2022 / Rock Edge Resources Ltd. (the "Company" or "Rock Edge") (CSE:REDG) announces it has signed an option agreement with Medaro Mining Corp. (CSE:MEDA) ("Medaro") to acquire a 70% interest in the Superb Lake lithium project located in the Thunder Bay Mining District of Northwestern Ontario, Canada (the "Property").
The Property consists of approximately 2,378 hectares land in the O' Sullivan Lake / Maun Lake Area of the Thunder Bay Mining District of Northwestern Ontario, Canada.Geologically, the Property is situated in the eastern part of Wabigoon Subprovince of the Superior Geological Province. The Superb Lake area has historical exploration work carried out since the 1950s with discovery of lithium along the shores of Superb Lake. The Superb Lake pegmatite has a minimum outcrop exposure of a strike length of 16 m, and its width varies from 2.5 m at the shoreline to a maximum of 3.7 m where an old blast pit was excavated. The results of four samples taken in 2020 from spodumene rich part indicate lithium oxide (Li2O) values in the range of 1.77 % to 4.03%.
"We are delighted to be able to earn in on this exciting lithium hard rock property in Ontario at a time when so much attention is on lithium projects in North America." stated Rock Edge CEO Charles Desjardins.
Current Work Program
Sampling Procedure
Soil sampling was carried out by establishing soil grids along three separate lines and collecting a total of 161 soil samples. The samples were taken every 50 metres or more depending upon the surface conditions. Soil samples were collected at predetermined station IDs using a Garmin GPS to obtain ~ 3-meter accuracy where >500 grams of material were selected when a B- soil horizon was present using a soil auger. The soil samples were dried at room temperature prior to shipping to the labs for analysis.
Trenching and Shallow Drilling Update
The Company has started a program of trenching and shallow drilling with a Winkie drill. The field crew has established access trails to the Superb Lake pegmatite and the Phase 1 soil anomalies locations. The Trenching and shallow drilling is in progress.
Sample Preparation and Analysis
The soil samples were prepared and analyzed at ACTLABS Ancaster, Ontario using laboratories code 7- Mobile Ion Geochemistry which is summarized below. ACTLABS is an independent commercial, accredited ISO 17025 Certified Laboratory.
Mobile Ion Geochemistry isolates the chemically active metal ions which were loosely adsorbed to soil particles. This is a weak leach that uses a solution of organic and inorganic compounds to extract target elements. The solutions are analyzed on an ICP-MS. One matrix blank is analyzed per 49 samples. Two controls are run at the beginning and end of the group of 49 samples. Duplicate samples are leached and run every 10 samples. Code 7 Mobile Ion Geochemistry (MIG) Elements and Detection Limits are in parts per billion (ppb).
(Source: https://actlabs.com/geochemistry/tools-for-buried-deposit-targets/selective-extractions/)
All technical information disclosed on this release has been obtained from Medaro.
Acquisition Terms
To earn an undivided 70% interest in the property Rock Edge will make cumulative cash payments of $200,000, issue 1.7 million shares and perform $700,000 of expenditures on the project over a 2 year period. If and when Rock Edge earns its 70% interest, Rock Edge and Medaro will enter into a joint venture with the goal of advancing the exploration and potential development of the Property. An underlying option agreement between Medaro and Mr. Alex Pleson is now subject to one last share payment of Medaro shares to be paid in April 2023. An underlying NSR of 3% to Mr. Pleson is in place of which 1% can be purchased back for $1,000,000. Should Rock Edge become a 70% owner of Superb Lake, it will have the right to participate for its proportional share of the 1% buy back.
A finders fee will be payable on this transaction.
Qualified Person
Afzaal Pirzada, P.Geo., a Geological Consultant of Medaro, 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.
On Behalf of the Board of Directors
Charles Desjardins
Chief Executive Officer, President and Director
Phone #604-808-3156
Email: [email protected]
Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news 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, including with respect to the Company's ability or intention to exercise its option to acquire an interest in the Property, as described above. 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: Rock Edge Resources Ltd.