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Silverton Metals Issues Corporate Update and Enters Definitive Agreement
Vancouver, British Columbia--(Newsfile Corp. - August 23, 2022) - Silverton Metals Corp. (TSX...
About this update from Lodestar Metals Corp.
[{"type":"text","content":"Silverton Metals Issues Corporate Update and Enters Definitive AgreementVancouver, British Columbia--(Newsfile Corp. - August 23, 2022) - Silverton Metals Corp. (TSXV: SVTN) (OTCQB: SVTNF) (\"Silverton\" or the \"Company\") announces the following corporate updates.OutlookSilverton's newly appointed executive management has taken steps to further advance the Company by analyzing acquisition opportunities, appointing seasoned institutional directors, outlining future exploration programs, and retaining additional service providers.The TransitionBased on market sentiment and compelling valued opportunities in battery metals, the Company is pleased to announce that it has entered into a definitive share exchange agreement (the \"Agreement\") to acquire all of the issued and outstanding shares of The Wholesome Organic Limited (the \"WOL\"). WOL owns the Peny Property (the \"Property\"), comprised of fifteen mineral claims totaling 3,204 hectares in the Snow Lake district in Manitoba, Canada.Peny PropertyThe Peny Property is located approximately 25 kilometres north-east of the town of Snow Lake, Manitoba. The Peny Property is prospective for Lithium Pegmatite and Volcanic Massive Sulphide (\"VMS\") style mineralization which is known to occur in the local area.The Property encompasses rocks belonging to the Churchill Province and comprises metamorphic and metasedimentary rocks; predominantly Felsic and Arkosic Gniess's including arkose, arenite, and quartzite-derived gneiss and migmatite belonging to the Sickle Group, Missi Group and Sickle Metamorphic Suite. The Property is located adjacent to the formally producing Osborne Lake VMS Mine previously operated by the Hudson Bay Mining and Smelting Co, where historical workers report wallrock are intruded by coarse-grained, sheared pegmatite. While the limited historical work on the property indicates that mineralization may include copper and zinc, the Company intends to refocus the asset on the exploration of lithium, which has proven successful at neighbouring sites. Terms of TransactionUnder the terms of the Agreement, the Company has agreed to acquire all of the issued and outstanding shares of WOL and, in consideration of which, the Company will issue to the WOL shareholders a total of 13,000,000 common shares (the \"Consideration Shares\") at a deemed price of $0.095 per share f...