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Collective Metals Signs Option Agreement to Acquire 100% Of Northwestern Ontario Lithium Property
VANCOUVER, British Columbia, April 12, 2023 (GLOBE NEWSWIRE) -- COLLECTIVE METALS INC. (CSE: COMT) (the “Company” or “Collective”), is pleased to announce that
About this update from Collective Metals Inc
[{"type":"text","content":" VANCOUVER, British Columbia, April 12, 2023 (GLOBE NEWSWIRE) -- COLLECTIVE METALS INC. (CSE: COMT) (the “Company” or “Collective”), is pleased to announce that it has entered into an arm’s length definitive share exchange agreement (the “Agreement”), dated April 12, 2023, with 1335025 B.C. Ltd. (defined herein) and the shareholders of 1335025 B.C. Ltd. (the “Vendors”) to acquire (the “Acquisition”) from the Vendors 100% of the outstanding shares of 1335025 B.C. Ltd. (“1335025”). 1335025 holds an option to acquire 100% of the Landings Lake property, a Lithium property in Ontario consisting of 154 cells comprising 3,147 hectares. The property 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. Property Highlights Regional significant lithium deposits include The Seymour Lake Lithium Project owned by Green Technology Metals (ASX:GT1) hosts 9.9 Mt grading 1.04% Li2O The Georgia Lake pegmatite field with a resource of over 16 Mt grading 1.15% Li2O owned by Imagine Lithium and Ultra Lithium Separation Rapids Lithium deposit owned by Avalon Advanced Materials with resources of 10.8 Mt grading 1.408% Li2O Measured and Indicated and Inferred Resource. Highly accessible through multiple logging and regional roads. Mapping by the OGS in 1959 noted numerous grey pegmatite occurrences in muscovite-bearing granites during lakeshore mapping in the eastern portion of the English River Subprovince “We are looking forward to entering the Northwestern Ontario Lithium market, as we feel this area as a whole, is still strongly underexplored,” said CEO of Collective Metals, Chris Huggins. “With the closing of our recent financing, we are in a strong cash position and excited to commence our work programs. We will also continue to explore for opportunities in this and other regions that we believe we can add value to the Company and strengthen our portfolio.” Figure 1 - Collective Metals Landings Lake Claim Map Recently, GT1 reported its maiden diamond drill program has returned ‘thick high-grade’ lithium assays from the Root Bay prospect, within the company’s wholly owned Root Project in Ontario, Canada. Initial drilling at the Root Project focused on the McCombe and Morrison LCT pegmatite systems. Additio...