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Collective Metals Signs Definitive Agreement to Acquire 100% of Lithium Whitemud Project in Northwestern Ontario
VANCOUVER, British Columbia, July 12, 2023 (GLOBE NEWSWIRE) -- COLLECTIVE METALS INC. (CSE: COMT | OTC: CLLMF | FSE: TO1) (the “Company” or “Collective”), is pl
About this update from Collective Metals Inc
[{"type":"text","content":" VANCOUVER, British Columbia, July 12, 2023 (GLOBE NEWSWIRE) -- COLLECTIVE METALS INC. (CSE: COMT | OTC: CLLMF | FSE: TO1) (the “Company” or “Collective”), is pleased to announce that it has entered into an arm’s length definitive share exchange agreement (the “Agreement”), dated July 11, 2023, with 1000587016 Ontario Ltd. (“587016”) and the shareholders of 587016 (the “Vendors”) to acquire (the “Acquisition”) from the Vendors, 100% of the outstanding shares of 587016. 587016 owns 100% of the Whitemud Project (the “Project”), a lithium property in Ontario consisting of 381 single cell mining claims totaling 7,775 hectares. The Project is located 53 km east of Ear Falls, Ontario with good highway and logging road access and is in an area where numerous lithium deposits have been delineated to host significant reserves of lithium and is also adjacent to the Company’s Landings Lake property. Chief Executive Officer of Collective Metals, Christopher Huggins, commented “The Whitemud Project is a strategic addition to our Lithium portfolio, as it neighbours our Landing Lake Project and expands our presence in Northwestern Ontario. To date, the Project has been underexplored and we look forward to beginning work on the property soon as possible, as our team believes the Project shows great promise and Northwestern Ontario has shown it is emerging as a potential lithium hub. We look forward to advancing both projects and now believe we have solidified our Battery Metals portfolio with our copper and lithium projects.” Government mapping in the northwestern part of Whitemud Lake Area township identified several outcrops of pegmatite in the proximity of Whitemud Lake (Fenwick, 1966). Government lake sediment surveys covered the Property in summer of 2000. The anomalous suite of elements returned from the survey on the Property suggest possible granitic pegmatite source rocks (OGS 2002). The sample sites in the project area returned some of the highest values obtained for Cs, Nb, Li, Sn, Be, Hg, and TI. There were also numerous other sites in the area which also returned elevated to anomalous values of Cs which are covered by the Property. The term “elevated” indicated analytical results above the 90th percentile, “anomalous” for results above the 95th percentile and “highly anomalous” for results above the 98th percentile. Nearby projects...