Business
Infinico Metals Corp. Granted Extension to its Option Agreement on the Dalhousie Project and Announces Resignation of Director
Vancouver, British Columbia--(Newsfile Corp. - April 9, 2024) - Infinico Metals Corp. (TSXV: INFM...
About this update from Infinico Metals Corp.
[{"type":"text","content":"Infinico Metals Corp. Granted Extension to its Option Agreement on the Dalhousie Project and Announces Resignation of DirectorVancouver, British Columbia--(Newsfile Corp. - April 9, 2024) - Infinico Metals Corp. (TSXV: INFM) (\"Infinico\" or the \"Company\") is pleased to announce it has received a six-month extension on the first-year work commitment on its Dalhousie Project, located 180 kilometres northeast of Val-d'Or, Québec.Under the original terms of the agreement dated July 31, 2023 (the \"Agreement\") between the Company and Globex Mining Enterprises Inc. (the \"Optionor\") Infinico was required to undertake $1,000,000 in exploration expenditure within the first twelve-month period. Due to forest fires in 2023 and weather conditions delaying the start of the 2024 field season, the Optionor has agreed to waive the deadline by which the Expenditures must be made, until December 31, 2024. All other terms of the option agreement remain the same as detailed in the June 05, 2023, press release. Sam Walding, Infinico's CEO commented \"The extension to the Dalhousie option agreement is great news, allowing Infinico ample time to mobilize once the snow has melted. This extension enables the continuation of systematic mapping and sampling of the lithium-bearing pegmatite identified on the property in late 2023. The mapping will play a crucial role in planning any further work later in 2024.\"Dalhousie Summary of Results and Future WorkIn November of 2023 a spodumene bearing pegmatite outcrop on the west-end of the Dalhousie Property was identified. The results from a total of six rock chip samples collected are shown in Table 1. Five of the six samples grade above 1.30% Li2O and up to 4.45% Li2O.The pegmatite outcrop has a minimum strike length of 110 metres based on a one-day mapping and rock chip sampling program at its Dalhousie project (Figure. 1). A detailed mapping and sampling program is planned for spring 2024. The work program will assist in understanding the true extent of the newly discovered lithium bearing pegmatite, as well as helping to identify previously unrecognized lithium bearing pegmatites elsewhere on the Dalhousie Project.Table 1. Assay results from the November sampling programSample IDSample TypeRock TypeLi2O*(%)Cs (ppm)Ta2O5** (ppm)K28401Rock ChipPegmatite0.9241.1021.2K28402Rock ChipPegmatite1.5933.3...