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Metalite Resources Announces LOI to Acquire Advanced Stage Critical Metals Project and Launches $800,000 Private Placement
TORONTO, ON / ACCESSWIRE / January 19, 2024 / Metalite Resources Inc. (CSE:METL) (OTC PINK:JNCCF) (Frankfurt:5VHA) (" Metalite " or the " Company ") is pleased
About this update from Metalite Resources Inc
[{"type":"text","content":" TORONTO, ON / ACCESSWIRE / January 19, 2024 / Metalite Resources Inc. (CSE:METL) (OTC PINK:JNCCF) (Frankfurt:5VHA) (\" Metalite \" or the \" Company \") is pleased to announce that it has entered into an arm's length non-binding letter of intent (\" LOI \") with Cachee Gold Mines Corp. (\" Cachee \" and together with Metalite, the \" Parties \") dated January 19, 2024 to acquire an interest in an 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 keystone acquisition for Metalite. We've conducted thorough due diligence on the Titan Project, which included a site visit, and believe that its unrivalled quality is a catalyst to create shareholder value for Metalite shareholders. \" About the Titan Project The Titan Project is located at Flett and Angus Townships, 120 kilometers northeast of Sudbury, Ontario. Titan Project consists of approximately 5,445 contiguous hectares comprising 17 patented claims and 84 unpatented claims. Metalite management believes that the Titan Project has a number of positive features, which make it attractive, including the following: The deposit that hosts an inferred resource (summarized below) is located entirely on the patented claims that are owned by Cachee, with access to water, roads, electrical power and a railroad; Located in the Ontario, Canada a 5-hour drive north of Toronto and situated in the heart of the mining districts of Sudbury, Timmins, Kirkland Lake and Rouyn Noranda all within a 2-hour drive; Magnetite rich mineralization with good grades of iron, titanium and vanadium; Large property footprint with potential for resource expansion, new discoveries and standalone spinout projects; According to the technical report prepared by Mine Development Associates on October 23, 2017 (the \" Technical Report \") prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects (\" NI 43-101 \")[1], the Titan Project's inferred resource is estimated as follows: Resource Category Tonnes (t)[2] Fe 2 O 3 (%) V (%) TiO 2 (%) Inferred 46.0 million 48.32 0.24 14.88 V converted to V2O5: 0.24 % V = 0.43% V2O5 According to the Technical Report the metal content of the inferred resource estimate at the Titan Pr...