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Equitorial Exploration Acquires 100% Interest in Little Nahanni Pegmatite Group (LNPG) Commences Drill Program in First Week of September
(via TheNewswire) Vancouver, BC, Canada / TheNewswire / August 24, 2017 - Equit...
About this update from Lake Winn Resources Corp.
[{"type":"text","content":"Equitorial Exploration Acquires 100% Interest in Little Nahanni Pegmatite Group (LNPG) Commences Drill Program in First Week of September(via TheNewswire)\n \n \n\n\n\n \nVancouver, BC, Canada / TheNewswire / August 24, 2017 - Equitorial Exploration Corp. (TSX-V: EXX, Frankfurt: EE1, OTCQB: EQTXF) (\"Equitorial\" or \"Company\") is pleased to report that the Company has completed the purchase from Strategic Metals Ltd. (Strategic) of a 100-per-cent interest of a lithium property, which hosts the Little Nahanni Pegmatite Group (LNPG) lithium-cesium-tantalum (LCT) pegmatite containing dikes that have been traced for over 13 kilometres. \n\n\n \nA drill program on the LNPG property will commence in the first week of September.\n\n\n \nTerms of Purchase and Sale\n\n\n \nAs total consideration of the purchase and sale, Equitorial agreed to issue to Strategic five million common shares of Equitorial on the closing date (disclosed in press release 2016-8-24), pay $100,000 toward expenditures required for the 2016 work program on the property and grant a 2% net smelter return royalty to Strategic. Equitorial will have the right to buy down half of the NSR (equal to 1% of the NSR) in consideration for $2 million. \n\n\n \nEquitorial has now issued to Strategic the final 2.5 million common shares of Equitorial and 2.5 million common share purchase warrants of Equitorial, with each warrant entitling Strategic to purchase one common share of Equitorial at a price of $0.10 per share for a period of 24 months from the date of issue of the warrants.\n\n\n \nCEO Jack Bal, comments \n\n\n \n\"Our upcoming drill program will follow up on the encouraging conclusions of the LNPG 43-101 technical report and the promising results from previous drill programs.\" \n\n\n \nLittle Nahanni Pegmatite Group (LNPG) - Property Highlights\n\n\n \n-NI 43-101 (March 20, 2017) concludes that there are, \"Sufficient grades to bring the rock to within economic values.\"\n\n\n \n-Combined strike length: 13 km; Dyke swarms up to 500 m in width\n\n\n \n-Assays with a peak value of 3.1% Li2O \n\n\n \n-Property located in the Northwest Territories 37 kilometres northwest of the recently closed Cantung tungsten mine. A gated road extending northwest from Cantung passes within five kilometres of the LNPG property.\n\n\n \n-Highlight rock samples from spodumene-bearing peg...