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Metalite Resources Enters into Letter of Intent to Acquire the Launay Gold Property and Establish a Landmark Position in the Abitibi Gold District
Toronto, Ontario--(Newsfile Corp. - March 23, 2026) - Metalite Resources Inc. (CSE: METL) (OTC Pink: JNCCF) (FSE: D680) ("Metalite" or the "Company") is pleased
About this update from Metalite Resources Inc
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - March 23, 2026) - Metalite Resources Inc. (CSE: METL) (OTC Pink: JNCCF) (FSE: D680) (\"Metalite\" or the \"Company\") is pleased to announce that it has entered into a non-binding letter of intent with Cachee Gold Mines Corp. (\"Cachee\") dated March 23, 2026, (the \"LOI\") to acquire all of the issued and outstanding shares (the \"Proposed Transaction\") of Cachee's wholly-owned subsidiary, Launay Gold Corp. (\"Launay\"), which owns a 100% interest in a large Abitibi-based gold property (the \"Launay Gold Property\"). About Launay Gold Property: Launay Gold Property is comprised of 352 claims covering approximately 17,000 hectares, located in the townships of Launay, Privat, Manneville, and Poulaires, Québec. The Launay Gold Property extends for over 19 kilometers along the Macamic Fault, a prominent northwest-southeast trending structure interpreted to play an important role in controlling gold mineralization in the region where numerous gold occurrences have been identified1. The Launay Gold Property is also located approximately 45 km north of the Cadillac-Larder Lake Break, a major regional structure associated with over 30 million ounces of historical gold production2 and numerous active mining operations, including those operated by Agnico Eagle Mines Limited (NYSE: AEM). Recent exploration of the Launay Gold Property has focused on the Trojan Zone, an approximately 253-hectare area located in Privat Township. This zone is associated with a large ultramafic intrusive unit and has been the subject of limited historical drilling, which returned localized gold intercepts including 29 g/t Au over 1.5m and 10.31 g/t Au over 3.0 m including 17.90 g/t Au over 1.5 m3. The Trojan Zone is situated approximately 20 km north of the Porcupine-Destor Fault, a regional structure that hosts several significant gold deposits, including the Duparquet Gold Project owned by First Mining Gold Corp. (TSX:FF), a deposit with over 6 million ounces4 that's located approximately 38 km Southwest of the Trojan Zone. Cachee has completed a comprehensive compilation of historical exploration data across the Launay Gold Property, including approximately 23,500 meters of historical drilling and over 1,000 line-kilometers of geophysical surveys5, including a high-resolution airborne survey completed in 20216 that cove...