Business
StraightUp Resources Completes Acquisition of Quebec Lithium Project and Battery Recycling Technology Company
Vancouver, British Columbia--(Newsfile Corp. - March 23, 2023) - Further to its news release dated March 13, 2023, StraightUp Resources Inc. (CSE: ST) (OTCQB: S
About this update from Battery X Metals Inc.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - March 23, 2023) - Further to its news release dated March 13, 2023, StraightUp Resources Inc. (CSE: ST) (OTCQB: STUPF) (\"StraightUp\" or the \"Company\") is pleased to announce that it has completed its agreement to acquire a private company that has the exclusive option to acquire a 100% interest, subject to a 2% net smelter returns royalty, in the Opatica lithium project, located in the James Bay region of Quebec. StraightUp has also acquired the private company's subsidiary, which is developing a technological method for battery metals refining, including the processing of black mass from spent lithium-ion batteries. In consideration for the purchase of all of the private company's shares, StraightUp is issuing 32,000,000 of its common shares in tranches over 16 months. The Company issued the first tranche of 12,000,000 shares at closing. Opatica Lithium Project The Opatica Lithium Project consists of a total of 161 mineral claims comprising approximately 8,309 hectares located in the subprovince of Opatica, Quebec. All claims are located within close proximity to the James Bay road network and are also accessible by a network of logging roads. The James Bay region is prolific for its hard rock lithium endowment, hosting numerous spodumene showings, four deposits with defined resources (Whabouchi (Nemaska Lithium), Rose (Critical Element), Cyr (Alkem) and Moblan (Sayona)), as well as more recent discoveries such as Corvette (Patriot Batteries Metal). The Company's James Bay land package includes approximately twelve large pegmatite occurrences. Transaction Highlights Portfolio of lithium pegmatites which could produce a significant hard rock lithium resource in Northern Quebec. The Opatica Lithium Project contains twelve different lithium pegmatite occurrences and four documented beryllium showings which are correlated to spodumene containing high grade lithium. Transformative acquisition leading to resource development drilling. The Company plans to initiate an aggressive exploration campaign once necessary permits are received to identify priority targets for diamond drilling. Advantageous location near road infrastructure. The Lac Colomb, Lac Des Pointes, and Mezieres claim blocks are all located adjacent or within close proximity to highway 109 and each claim is accessible ...