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AsiaBaseMetals Announces Option Agreement to Acquire 100% Interest in Three Lithium Properties - 4,400 Hectares in Northwestern Ontario and Grant of Stock Options
Vancouver, British Columbia--(Newsfile Corp. - March 30, 2023) - AsiaBaseMetals Inc. ( TSXV: AB...
About this update from Asiabasemetals Inc.
[{"type":"text","content":"AsiaBaseMetals Announces Option Agreement to Acquire 100% Interest in Three Lithium Properties - 4,400 Hectares in Northwestern Ontario and Grant of Stock OptionsVancouver, British Columbia--(Newsfile Corp. - March 30, 2023) - AsiaBaseMetals Inc. (TSXV: ABZ) (\"AsiaBaseMetals\" or the \"Company\") is pleased to announce that it has entered into an option agreement (the \"Option Agreement\") with 2758145 Ontario Ltd. (the \"Optionor\"), a private company, to acquire a 100% interest in 220 active mineral claims covering approximately 4,400 hectares comprising each of the \"Cedar River Property\", the \"Robbins Lake Property\" and the \"Moosetrack Lake Property\" (collectively, the \"Properties\" and each individually, a \"Property\"), each located in the Kenora and Red Lake Mining Districts of Northwestern Ontario, Canada.Description of the Properties The Cedar River Property consists of 100 claims covering approximately 2,000 hectares. The Cedar River Property is situated in the English River terrane and within 20 km of the structural contact with Winnipeg River terrane. highest Li result in the OGS 2002 Perrault Falls Lake Sediment Survey (48 ppm).1OGS reconnaissance sampling by Resident Geologist identified a coarse white granite with anomalous Yttrium values.21 Ontario Geological Survey, 2004. Lake Sediment Geochemical data from the Perrault Falls Survey Area, Northwestern Ontario, MRD-106.2 Ontario Geological Survey, Ontario Mineral Inventory file MDI000000002968.The Robbins Lake Property consists of 70 claims covering approximately 1,400 hectares. The Robbins Lake Property is located in the western Wabigoon terrane along the western edge of the Dryden - Sioux Lookout pegmatite field. historical data from the Ontario Geological Survey (\"OGS\") in 1939 reveals the presence of several pegmatites.3above average lithium concentration in OGS lake sediment data.43 Moorehouse, W.W., 1939. Ontario Department of Mines Annual Report, Vol. XLVIII, Part 4, Map 48d.4 Felic, V.E., 2005. Lake Sediment and Water Analytical Data for the Eagle Lake Area, Ontario Geological Survey, MRD 145.The Moosetrack Lake Property consists of 50 claims covering approximately 1,000 hectares. The Moosetrack Lake Property is located in the Marion terrane, approximately 6 kilometres north of the Quetico Fault, a deep-seated regional structure recognized as pla...