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Harfang Exploration Options Pontax Property to LiFT Power
MONTREAL, July 21, 2022 (GLOBE NEWSWIRE) -- Harfang Exploration Inc. (“Harfang” or the “Company”) (TSX-V: HAR) is pleased to announce that it has entered into a
About this update from Harfang Exploration, Inc.
[{"type":"text","content":" MONTREAL, July 21, 2022 (GLOBE NEWSWIRE) -- Harfang Exploration Inc. (“Harfang” or the “Company”) (TSX-V: HAR) is pleased to announce that it has entered into an option agreement (the “Option Agreement”) with LiFT Power Ltd. (“LiFT”) (CDS: LIFT) pursuant to which LiFT has been granted the sole and exclusive option to acquire up to a 70% interest in the Pontax Property (the “Property”) located in the Eeyou Istchee James Bay region in Québec, approximately 220 kilometres north of Matagami (Figure 1 and Figure 2). Commented Ian Campbell, President and CEO, “We are very pleased to have LiFT explore for critical elements such as lithium on our Property in Eeyou Istchee James Bay which is well located in a proven belt with substantial lithium-bearing pegmatite occurrences and defined lithium NI 43-101 resources and we look forward to initial results in the fall. Principal Terms of the Option Agreement Upon signing, LiFT has made a $25,000 cash payment to Harfang and may exercise the first option to earn an initial 51% interest in the Property by making aggregate additional payments totalling $75,000 and incurring $1,650,000 in exploration expenditures on or before the third anniversary date of the Option Agreement. Upon earning an initial 51% interest, LiFT may exercise a second option to acquire a further 19% interest (for an aggregate 70% interest) by paying to Harfang an additional $50,000 on election, and, incurring an additional $3,350,000 in expenditures on the Property prior to the expiry of the second option period ending three years after the exercise of the first option. Upon exercise of the second option, Harfang will have the option of converting its remaining participating interest of 30% into a 2.5% net smelter returns royalty or to form a joint venture to further explore the property. About the Pontax Property The Property is comprised of 287 mining claims totaling 15,323 hectares and is 100% owned by the Company. Only limited historical exploration was carried out in select sectors in the eastern part of the Property. It was staked by map designation by Harfang in 2020 based on its grassroots potential for precious and base metals, however it is also prospective for its lithium potential. The area is partially accessible by vehicles from the Billy-Diamond Highway which cuts across the Property. The regi...