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Steadright Critical Minerals Signs Agreement for Sale of High-Grade Nickel Copper B2 Project
Huntsville ONT., March 22, 2023 (GLOBE NEWSWIRE) -- Steadright Critical Minerals (CSE: SCM) (“Steadright” or the “Company”) is pleased to announce that it has s
About this update from Steadright Critical Minerals, Inc.
[{"type":"text","content":" Huntsville ONT., March 22, 2023 (GLOBE NEWSWIRE) -- Steadright Critical Minerals (CSE: SCM) (“Steadright” or the “Company”) is pleased to announce that it has signed an Agreement for the sale of its optioned B2 mineral claims in Saguenay-Lac-St-Jean Region of Québec, subject to shareholder approval, to Critical Foundation Metals Inc., which is a private Ontario company with plans to complete and file a non-offering prospectus in 2023 for a public listing. Steadright will receive 6.2 million common shares of Critical Foundation Metals Inc. for compensation of the B2 optioned Mineral claims under the Agreement, which is subject to the approval of the shareholders of Steadright Critical Minerals Inc. Steadright expects a technical report (NI 43-101) to be completed shortly on the B2 property. Historical assays on the property have indicated extensive mineralized zones of 1 kilometre containing massive sulphides of 8 to 10 meters wide including grab bag samples taken at the site which contains Nickel, Copper, and Cobalt mineralization: Ni % Cu % Co % 1.05 0.13 0.10 0.96 0.10 0.09 0.69 0.62 0.19 Also associated are epithermal veinlets with quartz injections: Ni % Cu % Co % 1.05 0.13 0.10 0.96 0.10 0.09 0.69 0.62 0.19 Recent surface grab bag samples, taken independently, in October of 2022 on the B2 property as part of the on-going initial NI 43-101 has yielded results with individual grades up to 3.19% Copper, 0.71% Nickel, 0.08% Cobalt and 7.25 g/t Silver (see Steadright press release dated February 7th, 2023). Sample Cu % Ni % Co % Ag g/t E6704938 3.19 0.09 0.01 7.25 E6704939 0.15 0.71 0.08 0.21 E6704940 1.12 0.08 0.01 2.61 E6704941 2.84 0.52 0.05 6.36 Figure 1 B2 Regional Location Steadright CEO, John Morgan Commented, “We are pleased to be working on the sale of the B2 optioned Project with Critical Foundation Metals Inc. Our main priority is focused on our RAM project near Port Cartier, Quebec. The sale of the B2 Property is subject to shareholder approval and should help align the company’s goal of growing its asset in Port Cartier, which has a world class location and large regional scale potential for Nickel, Copper, and Cobalt. After favourable approval from Steadright shareholders, the Board will consider issuing a dividend of Critical Foundation Metals shares. Notification for a date of record will be publis...