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Critical Elements and Ionic to Explore Valiquette and Amiral Lithium Properties in Quebec
MONTREAL, QUEBEC--(Marketwired - July 18, 2016) - Critical Elements Corporation ("Critical Elements" or the "Company") (TSX VENTURE:CRE)(OTCQX:CRECF)(FRANKFURT:
About this update from Critical Elements Lithium Corporation
[{"type":"text","content":"MONTREAL, QUEBEC--(Marketwired - July 18, 2016) - Critical Elements Corporation (\"Critical Elements\" or the \"Company\") (TSX VENTURE:CRE)(OTCQX:CRECF)(FRANKFURT:F12) and Ionic Power Corp. (\"Ionic\") are pleased to announce that Critical Elements and Ionic have entered into an option agreement (\"Agreement\") that gives Ionic the right to acquire up to a 75% interest in the Valiquette and Amiral projects, located south-west to the Nemaska Lithium Whabouchi Deposit. \"The Valiquette and Amiral projects represent a great opportunity for Ionic, Critical Elements and the shareholders of both entities.\" \"This option agreement with Ionic will allow the Valiquette and Amiral properties to be explored in detail for a Lithium Pegmatite discovery. Critical Elements is currently focused on the development of its Rose lithium-tantalum project. With Ionic farming into the Valiquette and Amiral projects, shareholders of both companies will be able to benefit from successful exploration of a highly prospective project,\" stated Jean-Sébastien Lavallée, President and CEO, Critical Elements. The Valiquette Property is composed of one block totaling 104 claims covering an area of 5,563.07 ha. It is measuring about 13 kilometers in a SW-NE direction and is contiguous South West to the Duval main block. The property can be accessed by a Hydro-Quebec gravel road up to the Lac des Montagnes, and then by boat. An old winter road along the SE shore of Lac des Montagnes can be used for works. The Valiquette project offers strong lithium potential in a well-established area. The lithium pegmatites tend to occur in swarms in the volcano-sedimentary units. The Amiral property is composed of one block of 8 claims covering an area of 424 ha. The project is located 80 km NE of Nemiscau airport and can only be accessed by helicopter. The Valiquette and Amiral properties cover a large part of the regional volcano-sedimentary unit, a favourable unit that hosts Nemaska Lithium's Wabouchi deposit and the Lemarre showing. Located in the northeastern part of the Superior geological province, and more specifically in the northeastern part of the Lac des Montagnes Formation, the Lac des Montagnes volcano-sedimentary belt is a sequence of aluminous metasediments and amphibolites containing basalts and ultramafic sills. Terms of the transaction Under the Agreement,...