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Idaho Champion Signs LOI to Acquire New Claims in Lithium Pegmatite Rich James Bay Region, Quebec
Toronto, Ontario--(Newsfile Corp. - April 24, 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 24, 2023) - Idaho Champion (CSE: ITKO) (OTCQB: GLDRF) (FSE: 1QB1) (\"Idaho Champion\" or the \"Company\") is pleased to announce that the Company signed a Binding Letter of Intent (the \"LOI\" or \"Acquisition\") to acquire the Des Bois Lithium Project located in the pegmatite-rich Eeyou Istchee James Bay territory of Quebec. The newly acquired claims are adjacent to the Company's existing property package and immediately to the north of it (see Figure 1). Idaho Champion now controls 500.66 km2 in James Bay. Figure 1: CE Lithium Pegmatite Property Location Map* The Des Bois Lithium Project is comprised of 134 claims totalling approximately 68 km2 with year-round access via the Trans Taiga Road and powerline infrastructure corridor. The Project lies within a volcano-sedimentary belt striking East-North-East, present with three units of felsic rocks: hornblende tonalite, granite, and pegmatite dykes. The 2022 field work by the previous owner mapped and sampled several large pegmatite outcrops (see Figure 2) - the pending results of the program will assist Idaho Champion in its spring field exploration efforts. Figure 2: Pegmatite outcrops at the Des Bois Lithium Project As part of the LOI, Idaho Champion will acquire 134 claims for cash consideration of $100,000, 6,000,000 common shares of the Company, and 3,000,000 warrants priced at CAD$0.20 for two years from the date of signing of the Definitive Purchase and Sale Agreement and claims transfer. Half of the common share consideration included in the LOI will incorporate a voluntary escrow of 18 months from the date of issuance. Additionally, the Vendors will retain a 2% net smelter royalty (\"NSR\"). The Company has the option to repurchase 1% of the NSR from the Vendors for $1 million. *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 and others extend onto the Projects and such proximity is not necessarily indicative of the mineralization reported by third parties with projects in the district. Qualified Person Patrick H...