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Metalite Resources Announces Contract Mining Agreement Between Osprey Advanced Materials and Ferromin Inc. and LOI Extension
Toronto, ON, - TheNewswire – April 16, 2024 – Metalite Resources Inc. (CSE:METL) (OTC:JNCCF) (Frankfurt:5VHA) ("Metalite" or the "Company") is pleased to announ
About this update from Metalite Resources Inc
[{"type":"text","content":"Toronto, ON, - TheNewswire – April 16, 2024 – Metalite Resources Inc. (CSE:METL) (OTC:JNCCF) (Frankfurt:5VHA) (\"Metalite\" or the \"Company\") is pleased to announce that Osprey Advanced Materials Inc. (\"Osprey\"), a wholly-owned subsidiary of Cachee Gold Mines Corp. (\"Cachee\") entered into contract mining agreement dated April 7, 2024 (\"CMA\") with Ferromin Inc. (\"Ferromin\") on Osprey's advanced stage critical metals project located in Flett and Angus townships, Ontario (\"Titan Project\"). David Melling, Interim CEO and Director of Metalite commented: \"We are very pleased to announce this key milestone, as we continue to move towards closing the deal with Osprey. A partnership with a reputable industry-leading company such as Ferromin is a testament to the high-quality of the Titan Project. This partnership provides third-party validation of the Titan Project potential, and we look forward to Ferromin commencing contract mining of the high-quality aggregates at the Titan Project.\" About Ferromin and the CMA Ferromin is a leading supplier high-density aggregates in Eastern Canada specializing in high-weight concrete and loose ballast. Ferromin's aggregates have been used successfully in cancer treatment facilities, medical research reactors, nuclear reactors and spent fuel canister production. Its proprietary products are produced from a high-quality source of a natural iron oxide called magnetite. Having access to reliable supplies of magnetite, ilmenite and hematite allows Ferromin to produce aggregates in a range of densities, while maintaining concrete gradation specifications. In connection with the CMA, Ferromin completed an access upgrade of the bush trail that connects a local road to the Titan Project. The access upgrade allowed Ferromin access to the Titan Project site to allow Ferromin complete a series of tests to validate the quality of the material that is hosted by the Titan Project. As a part of its tests, Ferromin extracted a sample of the bedrock material from the patented claims, where over 10,000 m of diamond drilling took place in 2004 and 2006 by a previous owner of the Titan Project. This sample will allow Ferromin to complete the required long-term tests ahead of commencing contract mining operations of the aggregate materials at the Titan Project. Pursuant to the CMA, upon commencement of contr...