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Equitorial Exploration Corp. Acquires the Little Nahanni Pegmatite Group (LNPG) Lithium Project
(via Thenewswire.ca) Vancouver, BC, Canada / TheNewswire / July 27 th , 2016 - Equit...
About this update from Lake Winn Resources Corp.
[{"type":"text","content":"Equitorial Exploration Corp. Acquires the Little Nahanni Pegmatite Group (LNPG) Lithium Project(via Thenewswire.ca)\n \n \nVancouver, BC, Canada / TheNewswire / July 27th, 2016 - Equitorial Exploration Corp. (TSX Venture Exchange: EXX, Frankfurt: EE1) (\"Equitorial\") is pleased to announce the purchase from Strategic Metals LTD 100% interest of the Li Property which hosts the Little Nahanni Pegmatite Group (LNPG) lithium-cesium-tantalum (LCT) pegmatite dykes that have been traced for over 13km. \n\n\n \nAs consideration of the purchase and sale, Equitorial will issue to Strategic 5,000,000 common shares of Equitorial on the closing date; pay $100,000 towards expenditures required for the 2016 work program on the Property and grant a 2% NSR Royalty to Strategic. Equitorial will have the right to buy down half of the NSR Royalty (equal to 1% of the Net Smelter Returns) in consideration for $2,000,000. Within one year of the closing date, Equitorial will issue to Strategic 2,500,000 common shares of Equitorial; and 2,500,000 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 \nHighlight rock samples from spodumene-bearing pegmatites on the property assayed 3.77%, 3.55%, 2.05%, 1.79%, 1.77% and 1.74% Li2O. Channel samples from LCT type pegmatite boulders and outcrop on the Li property have returned up to 1.59% Li2O across 10 m.\n\n \n \nDiamond drilling on the property in 2007 resulted in two significant lithium-enriched intervals including 1.20% Li2O over 10.94 m (MAC007) and 0.92% Li2O over 18.27 m (MAC 006).\n\n \n \nThe sample results reported in this news release are from rock, channel and drill core samples that were analyzed at ALS Chemex in North Vancouver, British Columbia. Rock and channel samples reported in this news release were from Certificates A0029076 and A0029414. Rock samples were crushed and split before being sieved to -150 mesh. The samples were then processed using whole rock and meta-borate fusion (AAS; NAA). Diamond drill core samples were also analyzed at ALS Chemex using Li-OG63. Lithium is reported in percent values and the conversion factor for Li to Li2O is 2.513. \n\n \n \nComparisons\n\n\n \nIn past decades most of the world...