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Infinite Ore Signs Loi With Trillium Gold to Sell Interest in Eastern Vision Project in Red Lake
- Infinite Ore to Refocus on Jackpot Lithium Project - VANCOUVER, BC / ACCESSWIRE / July...
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[{"type":"text","content":"Infinite Ore Signs Loi With Trillium Gold to Sell Interest in Eastern Vision Project in Red Lake- Infinite Ore to Refocus on Jackpot Lithium Project -VANCOUVER, BC / ACCESSWIRE / July 19, 2021 / Infinite Ore Corp. (the \"Company\" or \"Infinite\") (TSXV:ILI)(OTCQB:ARXRF) announced today that it has entered into a non-binding Letter of Intent (\"LOI\") with Trillium Gold Mines Inc. (TSXV:TGM) (\"Trillium\") whereby Trillium will acquire, subject to certain terms and conditions, all of Infinite's property holdings known as the Eastern Vision Project located in the Confederation Lake assemblage of the Birch-Uchi greenstone belt near Red Lake, Ontario (the \"Proposed Transaction\").Under the Proposed Transaction upon signing of a definitive agreement Trillium would issue 4,000,000 common shares of Trillium and pay $175,000 in cash to Infinite. In addition, Trillium would assume all of Infinite's cash payment commitments under its existing option agreements. Infinite would retain its share issuance obligations. The Eastern Vision project covers 19,438 hectares between the Fredart, Garnet Lake, Confederation North, and Confederation South properties.J.C. St-Amour, President of Infinite Ore, commented, \"The Proposed Transaction will give Infinite exposure to a larger consolidated land package extending greater than 100 km in length in the Red Lake area as well as allow us to focus our exploration efforts on our 100% owned Jackpot Lithium project, located near Thunder Bay, Ontario. This project is proximal to Rock Tech Lithium's Georgia Lake lithium project. Rock Tech's intention to build a lithium processing facility in the area considerably changes the dynamics of the Jackpot project. That, coupled with the renewed market interest and growing demand for lithium, has compelled us to redouble our exploration on Jackpot. Keeping our capital structure in mind, today's proposed transaction would allow us to explore the potential of Jackpot without further shareholder dilution and still enable us to participate in the upside of Trillium's work in the Red Lake Mining District.\"The Jackpot Lithium property, located in the Georgia Lake Area about 140 km NNE of Thunder Bay, Ontario, is situated approximately 12 km by air from the TransCanada Highway (Hwy 11) and the main railroad which connects to the port town of Nipigon, on Lake Superior. T...