VANCOUVER, BC / ACCESSWIRE / February 7, 2023 / Rock Edge Resources Ltd. (the "Company" or "Rock Edge") (CSE:REDG) is pleased to announce it has signed an option agreement to acquire a 100% interest in the Pag North Lithium Project (the "Property") located east of LongLac, northwestern Ontario. The Property consists of 9 mining claims (189 cells) comprising 3,932 hectares. The Property is hosted within the Quetico Subprovince, the same subprovince that hosts the Georgia Lake Pegmatite field which to date contains over 38 rare-element occurrences and 10 spodumene pegmatite deposits (Breaks et al., 2003). The Trans-Canada Highway 11 lies just to the north of the Property providing ample access.
Charles Desjardins, CEO of Rock Edge states, "We continue to acquire opportunities in the critical mineral space in northwestern Ontario. The Pag North Lithium Project has the geological environment to contain rare-element pegmatites and evidence to date supports the potential merit. This is an unexplored portion of a subprovince that has been proven to yield valuable lithium resources. We look forward to the spring to commence mapping and sampling."
Pag North Lithium Property
The Pag North Lithium Project consists of 9 mining claims totaling 3,932 hectares. The Property lies within 500 m of the terrane boundary between the East Wabigoon and Quetico subprovinces. These terrane boundaries are integrally related to the location of northwestern Ontario lithium deposits and occurrences, as they act as deep-seated sutures for parental granitic melts (Breaks et al., 20031) (Figure 1). The Property host a S-type peraluminous muscovite granite (Pagwachaun pluton) in contact with metasediments. Metasediments make excellent exo-contact hosts for rare-element pegmatites. Several muscovite bearing pegmatites were mapped by the OGS in Map 26492 in 1983, hosted within the Pagwachaun pluton and within the metasediments. This is a promising sign that the S-type peraluminous granite has fractionated and deposited pegmatites within the exo-contact. Further to add to the merit of the Property is the Pagwachaun fault along the north shore of the Pagwachaun Lake providing structure and fracture systems for parental melts.
The Transaction
Rock Edge signed the Pag North Lithium option agreement to acquire a 100% interest in the Property from two third parties, Gravel Ridge Resources Ltd. and 1544230 Ontario Inc. (the ‘Optionors') by paying a total of $94,000 and issuing 300,000 shares over a three-year period. The Optionors will retain a 1.5% net smelter royalty ("NSR") on the Property, of which Rock Edge can purchase 0.5% of the NSR for $600,000.
The payments will be 50% to Gravel Ridge and 50% to 1544239 Ontario Inc totalling $ 94,000.00 and issue 300,000 shares of the Optionee in accordance with the following schedule:
- a $22,000.00 cash payment upon the signing of this Agreement; and issue 300,000 shares of the Optionee upon approval of the Exchange (the "Initial Payment");
- an additional $18,000.00 cash payment upon the 1st anniversary of the signing date of this agreement;
- an additional $24,000.00 cash payment upon the 2nd anniversary of the signing date of this agreement;
- an additional $30,000.00 cash payment upon the 3nd anniversary of the signing date of this agreement;
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P. Geo., who is an independent Qualified Person (QP) as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects. The QP and the Company have not completed sufficient work to verify the historic information on the Property particularly regarding historical exploration, neighbouring companies, and government geological work.
References
- Breaks, F.W., Selway, J.B. and Tindle, A.G. 2003. Fertile peraluminous granites and related rare-element mineralization in pegmatites, Superior Province, northwest and northeast Ontario: Operation Treasure Hunt; Ontario Geological Survey, Open File Report 6099, 179p.
- Amuken, S.E., 1983. Klob Lake: Ontario Geological Survey Map 2469, PreCambrian Geology Series, scale 1 inch to ½ mile, Geology 1979.
About Rock Edge Resources Ltd.
Rock Edge Resources Ltd. is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada. Its objective is to locate and develop economic precious, base metal and critical mineral properties of merit. The Superb Lake Lithium Project consists of 81 mining claims totalling 6,468 hectares in three separate claim groups. The properties are located approximately 40 km north of Nakina, Ontario, along the English River-East Wabigoon sub-province boundary. The Stockwork Property is located in Southern British Columbia, approximately 55 km southeast of Vernon, within the Vernon Mining Division.
For more information, please refer to the Company's prospectus dated March 14, 2022, available on SEDAR (www.sedar.com).
On Behalf of the Board of Directors
Charles Desjardins
Chief Executive Officer and Director
Phone #604-808-3156
Email: [email protected]
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).
Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release
SOURCE: Rock Edge Resources Ltd.