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Cullinan Metals Acquires Wakeman Lake Lithium Property
VANCOUVER, British Columbia, June 19, 2023 (GLOBE NEWSWIRE) -- Cullinan Metals Corp. (CSE: CMT) (OTCQB: CMTNF) (FWB: 7KO) ("Cullinan" or the "Company") is excit
About this update from Cullinan Metals Corp
[{"type":"text","content":" VANCOUVER, British Columbia, June 19, 2023 (GLOBE NEWSWIRE) -- Cullinan Metals Corp. (CSE: CMT) (OTCQB: CMTNF) (FWB: 7KO) (\"Cullinan\" or the \"Company\") is excited to announce the signing of an option agreement (the \"Agreement\") to acquire a 100% interest in the highly prospective Wakeman Lake lithium property (the \"Property\") located in Northwestern Ontario. The Property comprises 8 mineral claims covering approximately 7,900 acres. Situated approximately 100 km east of Red Lake, in the Red Lake Mining Division of Northwestern Ontario, the Property is underlain by the Allison Lake Batholith, the largest known fertile, peraluminous granite mass in Northwestern Ontario. Notably, a sample taken at Wakeman Lake has shown the presence of spessartine, a garnet type that serves as an indicator for LCT pegmatites. The sample, taken by F.W. Breaks, J.B. Selway, A.G. Tindal, is referenced in open file report 6099 by the Ontario Geological Survey. Access to the Property is facilitated by multiple forestry roads across the region. Under the terms of the Agreement, Cullinan has the right to acquire a 100% interest in the Property through aggregate cash payments of $110,000 and the issuance of 210,000 shares of Cullinan over a two-year period. Additionally, the Company will grant the Optionors a 1.5% net smelter returns (\"NSR\") royalty. Cullinan retains the right to purchase 0.5% of the NSR royalty for $500,000. The scientific and technical information contained in this news release has been reviewed and approved by Mike Kilbourne, P.Geo., a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The Agreement is an arm's length transaction and is subject to customary closing conditions, including the receipt of all necessary approvals, notably the approval of the CSE. All securities issued in connection with the Agreement will be subject to the applicable statutory hold period of four months and one day from the date of issuance. On Behalf of the Company,CULLINAN METALS CORP. Marc Enright-MorinCEO(604) 669-9788 About Cullinan Metals Corp. Cullinan Metals Corp. is a Canadian mining and exploration company focused on the development of energy metals. With a strong emphasis on key energy resources such as copper, graphite, and lithium assets, Cullinan is dedicated to unlocking the pot...