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FE Battery Metals Provides Exploration And Corporate Update
VANCOUVER, BC, Feb. 9, 2023 /CNW/ - FE Battery Metals Corp. ("FE Battery Metals" or the "Company) (CSE: FE) is pleased to announce, that with proceeds from its
About this update from Linear Minerals Corp.
[{"type":"text","content":" VANCOUVER, BC, Feb. 9, 2023 /CNW/ - FE Battery Metals Corp. (\"FE Battery Metals\" or the \"Company) (CSE: FE) is pleased to announce, that with proceeds from its two most recent financings of over $3.7 million, the Company will be initiating a fully funded drill program at its Augustus Lithium Property in Quebec, Canada. The Company has entered into a drilling contract with Forage Hebert Inc. Drilling of Amos, Quebec to drill up to 3,000 metres NQ size core drilling at its Augustus Lithium Property in Quebec, Canada, with the option for additional drilling. The Company expects the mobilization for the drill program to commence in a week's time. The new drill program is based on the Company's exploration work programs of 2021 and 2022, where it has completed 41 drill holes with approximately 8,000 metres of diamond drilling. The Company's exploration work successfully confirmed historically reported spodumene bearing lithium pegmatites on the Augustus and Canadian Lithium prospects on the Property. The current exploration work will be focussed on expanding the footprint of lithium mineralization delineated during the 2021-2022 exploration work, as well exploring other prospective lithium pegmatites on the Property. In addition, the Company has entered into an option agreement with Battery Age Minerals Ltd (\"Battery Age\") (ASX: BM8) for its 100% owned Falcon Lake claims located in Northwestern Ontario. Pursuant to the option agreement, Battery Age has elected to earn an initial 90% interest in Falcon Lake by making a cash payment of $150,000 (Australian) and issuing 2,125,000 shares to FE Battery Metals. Thereafter, Battery Age has the option to acquire the remaining 10% interest in Falcon Lake for a cash price determined by an independent evaluation completed by a 3rd party agreed upon by both parties subject to a maximum of $ 2,000,000 Australian. FE Battery Metals will also retain a 1% Gross Metal Royalty on any future production from the above noted Falcon Lake claims. Lastly, FE Battery Metals has entered into an option agreement to acquire 100% interest the Gaspésie Peninsula Property located in Bourtet Township St Lawrence-Quebec approximately 50 km northeast of the town of Causapscal, The property consists of 55 contiguous mineral claims covering a total area of 3,239.67 hectares. Gaspésie host...