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FE Battery Metals Expands Quebec Lithium Base with Acquisition in James Bay Area, Quebec
VANCOUVER, BC, March 6, 2023 /CNW/ - FE Battery Metals Corp (CSE: FE) (OTCQB: FEMFF) (WKN: A2JC89) ("FE" or the "Company) is pleased to announce it has entered
About this update from Linear Minerals Corp.
[{"type":"text","content":" VANCOUVER, BC, March 6, 2023 /CNW/ - FE Battery Metals Corp (CSE: FE) (OTCQB: FEMFF) (WKN: A2JC89) (\"FE\" or the \"Company) is pleased to announce it has entered into an option agreement for the Senay Lithium Project (\"SLP\") within a very active lithium exploration area of northern Quebec. The Senay Lithium Project covers over 3,100 hectares which sit directly adjacent to the Bourier project of Critical Elements Lithium Corporation (TSX-V: CRE). The newly acquired land package consists of 59 mining claims within the north-east portion of the Northeast-Southwest striking 150 km long Lac des Montagnes volcano-sedimentary belt of Quebec, which contains abundant pegmatite showings and is one of the most active centers for lithium exploration in the province. Inclusive of the above-noted acquisition, the Company now holds 4,795 hectares in the James Bay Area. The SLP claims are underlain by neo-Archean Voidyre Formation metasediments which contain numerous pegmatite intrusives of the Senay Suite. The Senay suite pegmatites range in length from a few meters to up to 3 kilometers and are the key target of lithium exploration in the area. Gurminder Sangha, CEO & Director, states, \"We are pleased to add the Senay Lithium Project to our lithium exploration portfolio. In addition, FE continues to advance its exploration efforts at the Augustus Lithium Project which is adjacent to the soon-to-be operational North American Lithium mine (\"NAL\"). Transaction Details: The Company acquired the mining claims comprising the Property from an arm's length seller pursuant to an option agreement dated March 2nd, 2023 (the \"Effective Date\"). Under the agreement, the Optionor will sell, transfer, and assign to the Company all their interest for and in consideration of (i) issuing an aggregate of 3,000,000 Shares, common shares of FE Battery Metals Corp over two years, (ii) incurring exploration expenditures of $ 1,000,000 over two years. There is a 1.0% of Gross Metal Royalty (GMR) over the Property payable upon the commencement of commercial production on these claims. The issuance of the common shares is subject to obtaining all required regulatory approvals, including that of the CSE. The common shares will be subject to a \"hold\" period of four months and one date for their date of issuance. About FE Battery...