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Idaho Champion Gold Mines Signs MOU on Its Cobalt Properties with Far East Asian Battery Group
JV to include multi-phase US$5 million exploration program Toronto, Ontario--(Newsfile Corp. - April 20, 2022) - Idaho Champion Gold Mines Canada Inc. (CSE: ITK
About this update from Champion Electric Metals Inc.
[{"type":"text","content":" JV to include multi-phase US$5 million exploration program Toronto, Ontario--(Newsfile Corp. - April 20, 2022) - Idaho Champion Gold Mines Canada Inc. (CSE: ITKO) (OTCQB: GLDRF) (FSE: 1QB1) (\"Idaho Champion\" or the \"Company\") is pleased to announce that the Company has signed a non-binding MOU (\"MOU\") with a battery group based in Far East Asia (\"Battery Co.\") to advance the Company's four Cobalt projects located in the heart of the Idaho Cobalt Belt. The MOU with Battery Co., who will remain confidential under the NDA, is the first step in the evaluation and execution of a definitive agreement and is part of Idaho Champion's recently announced internal strategic review (see Press Release dated April 6, 2022). The move is further supported by the recent announcement made by the Biden administration, which saw the US government adding cobalt to the list of covered items under the Defense Production Act. MOU Highlights: Exploration Joint Venture with a multi-phase exploration program and a budget of US$5 million over 3 years Exploration expenditures provide option for Battery Co. to earn a 30% interest in one of the four cobalt properties Exploration will include desktop work, regional exploration, and targeted drilling on priority areas Jonathan Buick, Idaho Champion's CEO, commented: \"We are pleased to have efficiently found a non-dilutive alternative for Idaho Champion and its shareholders to add value to what was originally considered a non-core asset. With cobalt trading at a three-year high, the United States government including cobalt on its critical minerals list, and Jervois Mining commencing cobalt production on their ICO project, there is a considerable renewed interest in Idaho as a mineral exploration region. Battery Co. is keen to work with groups that have cobalt assets in ethical and politically stable jurisdictions, beyond existing larger alternatives. We will work diligently towards a definitive agreement, so we can begin the geologic discovery.\" As per the MOU, Idaho Champion and Battery Co. have agreed to work in good faith to execute a definitive agreement within nine months of the signing of the MOU. The MOU is considered to be non-exclusive, non-binding, and remains subject to negotiation. Idaho Champion Cobalt Properties Overview The Champion Cobalt Properties are comprised of 622 mineral c...