VANCOUVER, BC / ACCESSWIRE / March 31, 2023 / Rockland Resources Ltd. (the "Company" or "Rockland") (CSE:RKL) is pleased to announce that it has signed an option agreement to acquire a 100% interest in the Wapistan Lithium Project (the "Project") located within the James Bay region of Quebec.
The Wapistan Lithium Project is a large land package comprised of 219 claims (10,722 hectares) over two claim blocks (Wapistan East and West; Figure 1). The property is easily accessed by all-season roads, hydro and has two nearby communities offering exploration and mining services.
The Wapistan East Property is underlain by approximately 20 kilometres of the Yasinski Group volcano-sedimentary rocks (greenstone belt). Whereas the Wapistan West property is underlain by approximately 11 kilometres of the Yasinski Group rocks.
The Wapistan Project is located between 8 and 30 kilometres easterly from the lithium prospects and spodumene bearing pegmatites of the nearby Q2 Metals Mia Property (QTWO - TSXV) and Ophir Gold's Radis Property (OPHR - TSXV); all which form part of the same greenstone belt.
At Mia, two notable showings include Mia Li-1 (0.47% Li2O) and Mia Li-2 (2.27% Li2O), were recently sampled by Q2 Metals. These occurrences of spodumene pegmatite are well documented and located within the western part of the Yasinski Lake (greenstone) Belt. Historical work in 1959 (Main Exploration Company Ltd., GM10200) within the Mia Property has mapped an approximate 8.3 km trend of pegmatite (up to 30.5 metres wide) extending in the same greenstone belt from the Mia occurrences eastward toward the Wapistan Property.
The Wapistan Project has never been explored with lithium or critical elements in mind, despite the well positioned location. At Wapistan, a small number of pegmatites are described within the regional provincial SIGEOM database. The Company has retained Dahrouge Geological Consulting Ltd. to complete a comprehensive property-wide compilation of historical data, and a review and interpretation of high-resolution satellite photos, in order to generate exploration targets for the upcoming field season.
Mike England, CEO of Rockland stated "We are extremely excited to acquire such a large land package covering one of the most promising Greenstone Belts in the James Bay Region of Quebec. Recent exploration by both Q2 Metals and Ophir Gold has shown the western part of the belt to host a number of spodumene bearing pegmatites. While Patriot Battery Metals has demonstrated the James Bay region to host the potential for a world class lithium discovery"
Cumulative terms of the option agreement will see Rockland issue 10.8 million shares and pay $400,000 cash over a 12-month period. A 2% NSR will be granted to the vendor of which half (1%) can be purchased back by the Company for $1,000,000 at any time.
The proposed transaction is subject to receipt of all necessary regulatory approvals, including, as applicable, approval of the Canadian Securities Exchange. A 21-day due diligence period has been granted to Rockland. The proposed transaction would be an arm's-length transaction for the company and would not constitute a fundamental change or result in a change of control of the company, within the meaning of the policies of the CSE. A finders fee will be payable.
The technical content of this news release has been reviewed and approved by François Gagnon, P. Geo., Senior Exploration Geologist for Dahrouge Geological Consulting Ltd., and Qualified Person under NI 43-101 on standards of disclosure for mineral projects.
*Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the Company's properties
About Rockland Resources Ltd.
Rockland Resources is engaged in the business of mineral exploration and the acquisition of mineral property assets for the benefit of its shareholders.
On Behalf of the Board of Directors
For further information, please contact:
Email: [email protected]
Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this 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. 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: Rockland Resources Ltd.