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Idaho Champion Executes Definitive Agreements to Acquire Prospective Land Package in Lithium-Rich James Bay Region, Quebec
Toronto, Ontario--(Newsfile Corp. - April 13, 2023) - Idaho Champion (CSE: ITKO) (OTCQB: GLDRF) (FSE: 1QB1) ("Idaho Champion" or the "Company") is pleased to an
About this update from Champion Electric Metals Inc.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - April 13, 2023) - Idaho Champion (CSE: ITKO) (OTCQB: GLDRF) (FSE: 1QB1) (\"Idaho Champion\" or the \"Company\") is pleased to announce that the Company signed definitive agreements (the \"Definitive Agreements\") to complete previously announced acquisitions (see Press Releases dated January 25, 2023 and March 2, 2023) of the prospective properties in the pegmatite-rich Eeyou Istchee James Bay territory of Quebec (the \"Transactions\"). Upon closing of the Transactions, the Company will control 846 contiguous claims covering 432 km2 (see Figure 1) in the La Grande Greenstone Belt, rich in lithium pegmatite. All Idaho Champion properties have good infrastructure, including power and road access. The Company's lithium properties (the \"Projects\") neighbour Patriot Battery Metals' Corvette Project which recently drilled 83.7 m at 3.13% Li2O (222.7 m to 306.4 m), including 19.8 m at 5.28% Li2O and 5.1 m at 5.17% Li2O (CV23-105)* and Winsome Resources' advanced Cancet Project. The contracts are being finalized for the spring field program that is expected to start in the near term. The Company will issue a press release outlining details of the field spring program in due course. Figure 1: Quebec Lithium Pegmatite Property Location Map Pursuant to the Definitive Agreements, Idaho Champion will acquire 492 claims for aggregate consideration of CAD$120,000 in cash, 11,200,000 common shares in the capital of the Company (\"Common Shares\"), and 1,750,000 warrants to purchase Common Shares priced at CAD$0.15 per Common Share for two years from the date of signing of the respective Definitive Agreement. Each of the vendors will retain a 2% net smelter royalty (\"NSR\"). The Company has the option to repurchase 1% of the NSR from the applicable vendor for CAD$1 million. As a condition of closing, the Company will issue a total of 445,000 Common Shares in connection with finder's fees. *The Projects are at an early stage of exploration, and the Company cautions that the qualified persons who have reviewed and approved this news release have not verified scientific or technical information produced by third parties, and proximity to projects containing lithium resources offers no assurance that the rock types or lithium resources reported by Patriot Battery Metals and others extend onto the Projects and ...