Business
StraightUp Resources to Acquire Quebec Lithium Project and Battery Metals Technology Company
Vancouver, British Columbia--(Newsfile Corp. - March 13, 2023) - StraightUp Resources Inc. (CSE: ST) (OTCQB: STUPF) ("StraightUp" or the "Company") is pleased t
About this update from Battery X Metals Inc.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - March 13, 2023) - StraightUp Resources Inc. (CSE: ST) (OTCQB: STUPF) (\"StraightUp\" or the \"Company\") is pleased to announce that, by an agreement executed on March 10, 2023, it agreed 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 (the \"Acquisition\"). Pursuant to the Acquisition, StraightUp will also acquire 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 purchasing the shares of the private company from its shareholders, StraightUp shall issue 32,000,000 of its common shares in tranches over 16 months. 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. Mark Brezer, CEO of StraightUp, comments, \"The Opatica Lithium Project represents a tremendous opportunity to develop these underexplored lithium pegmatites in a region which is home to one of the largest hard rock lithium resources in North America. Detailed prospecting and trenching will commence in Q3 of this year to systemically evaluate the project and rapidly advance the known pegmatites towards the drill stage as well as identifying further exploration targets.\" 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 containin...