(via TheNewswire)
Under the terms of the Option Agreement, in order to exercise the option in full and thereby acquire undivided 100% ownership interest in the Property (the “Option Closing”), the Company shall make the following cash payments (the “Option Payments”) to the Vendor:
US$5,000 upon signing of the letter of intent as between the Company and the Vendor (paid);US$25,000 upon signing the Option Agreement (theEffective Date”) (paid);US$50,000 on the first anniversary of the Effective Date; andUS$100,000 on the 2ndthrough to the10thanniversaries of the Effective Date.
The Company may accelerate the Option Payments, in its sole discretion, at any time during the term of the Agreement.
Pursuant to the Option Agreement, the Company has also agreed to grant, that at the Option Closing, grant the Vendor a 2% net smelter royalty (the “NSR”) on the Property, subject to a buy-down right (the “Buy-Down Right”) in its sole direction to repurchase 1% of the NSR from the Vendor for
About theBoulder Creek Uranium Property
The Property is located on Alaska’s
Drilling between 1979 and 1981 by Houston Oil and Minerals (“HOM”) outlined a historical “reserve” estimate of 1,000,000 pounds of U3O8 at an average grade of 0.27% U3O8 and average thickness of 3 metres, with depths of mineralization from the surface to 120 metres (Source: Economic Geology, Volume 82, 1987 pp. 1558-1574). This estimate was based on data from 52 diamond drill holes totalling over 3,350 meters (about 20 of these holes encountered mineralization) and 21 surficial split-tube sample holes totalling about 60 meters by HOM. HOM also did extensive prospect-level geologic mapping and prospecting, soil and biogeochemical surveying, and ground geophysical surveying. They also conducted some baseline environmental work.
The foregoing is a historical estimate made prior to the implementation of National Instrument 43-101 –Standards of Disclosure for Mineral Projects(“NI 43-101”) and was not prepared in accordance with the requirements ofNI 43-101, nor does it use the categories of mineral resources set forth in NI 43-101; however, with the limited information available to the Company at this time, it is not able to provide anexplanation of the differences. While the Company considers the historic estimate to provide information as to the historical exploration on the Property, the Company has not completed the work necessary to verify the classification of the resource and is not treating the historical estimate as compliant with NI 43-101. The historical estimate should not be relied upon.
A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources or mineral reserves.
More recent exploration on the Property was completed between 2005 and 2008 by
Some of the exploration information presented herein, includes historical data developed by previous operators of the Property. The Company is providing this historical data for informational purposes only and gives no assurance as to its reliability and relevance to the Company’s proposed exploration program at the Property. A qualified person has not verified the historical data. The Company has not completed any quality assurance program or applied quality control measures to the historical data. Accordingly, the historical data should not be relied upon.
The acquisition of the Property reflects the Company’s ongoing intention of pursuing advanced, highly quality prospective uranium projects that can be readily worked and efficiently explored in a timely manner.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved for disclosure by Mr.
About
Lithium Lion Metals is a mineral exploration company actively involved in the exploration of its North American project portfolio. For more information please visit:https://www.lithuimlion.ca/.
ON BEHALF OF THE BOARD OF DIRECTORS
David Beck Interim Chief Executive Officer
Head Office Suite
Telephone +1 (604) 416 0569
Website www.LithiumLion.ca
Email info@LithiumLion.ca
The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking information and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Actual future results may differ materially. In particular, this news release contains forward-looking information relating to the exercise of the option to purchase a 100% interest in the Property, including the timing thereof, if at all; the payment of the NSR and the Advanced Royalty Payments, and the Buy-Down Right including the timing thereof, if at all; and the Company's expected benefits and opportunities which will arise from the acquisition of the Property and results of operations, and the expected financial performance of the Company. The forward-looking information reflects management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Such risk factors may include, among others, but are not limited to: general economic conditions in
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