Business
FE Battery Metals Acquires Georgia Lake Lithium Claims Located In Northwestern Ontario
VANCOUVER, BC, March 16, 2023 /CNW/ - FE Battery Metals Corp. ("FE Battery Metals" or the "Company") (CSE: FE) (OTCQB: FEMFF) (WKN: A3D 08G) is pleased to annou
About this update from Linear Minerals Corp.
[{"type":"text","content":" VANCOUVER, BC, March 16, 2023 /CNW/ - FE Battery Metals Corp. (\"FE Battery Metals\" or the \"Company\") (CSE: FE) (OTCQB: FEMFF) (WKN: A3D 08G) is pleased to announce that it has signed an option agreement to acquire 100% interest in the Trix lithium property in the Georgia Lake area in northwestern Ontario. The Property is comprised of approximately 15,000 hectares in a prolific lithium exploration area with several junior mining companies including Rock Tech Lithium, which has an established Lithium resource and advanced to a Pre-Feasiblity Study. The Trix Property road is accessible and is located 4 km south of Rock Tech Lithium's MNW lithium deposit. Due diligence sampling was undertaken in the claim region in the fall of 2022 and multiple assays returned over 1.0% lithium oxide (Li2O) with a high of 5.48% Li2O. The Company intends to carry out extensive surface sampling and other exploration work to find the source of the high-grade lithium occurrences. Historically, Ontario Geological Survey (OGS) geologists discovered a 10-tonne spodumene pegmatite boulder along with small spodumene-bearing fragments located in a creek on the Trix Lithium Property. A glacial geology study identified a potential source direction and displacement of two (2) kilometers from the location of the spodumene-bearing glacial erratic. The spodumene-bearing pegmatites of the Georgia Lake area were first discovered in 1955. Subsequent to the initial discovery, numerous claims were staked and additional lithium deposits were subsequently located. While some work was conducted in the following decades, most historical exploration was completed in 1955-1958. However, recent advancements in the Electric Vehicle market has turned the Georgia Lake area into a very active exploration district. Under the terms of the agreement, the Company can acquire 100% interest in the Property through payment of $200,000 in cash, issuing 2,500,000 shares, and carrying out $ 750,000 in exploration work over 3 years. There is a 2.0 % of Net Smelter Royalty (NSR) over the Property payable upon the commencement of commercial production on these claims. This above-noted agreement is with a non-related party and there are no directors, officers or senior management in common. Closing of the Transaction is subject to obtaining all required approvals, in...