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Zimtu Capital Corp. Announces Transaction with MGX Minerals Inc. for Claims in Alberta, Canada
Zimtu Capital Corp. Announces Transaction with MGX Minerals Inc. for Claims in Alberta, Ca...
About this update from Zimtu Capital Corp.
[{"type":"text","content":"\n\n\n\nZimtu Capital Corp. Announces Transaction with MGX Minerals Inc. for Claims in Alberta, Canada\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nZimtu Capital Corp. Announces Transaction with MGX Minerals Inc. for Claims in Alberta, Canada\nCanada NewsWire\nVANCOUVER, Feb. 1, 2016\n\n\n\n\n \n \n \n\n \n \n \n\n\nVANCOUVER, Feb. 1, 2016 /CNW/ - Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) (the \"Company\" or \"Zimtu\") is pleased to announce that the Company and two of its prospecting partners have signed an agreement with MGX Minerals Inc. (CSE: XMG; FSE: 1MG) (\"MGX Minerals\") whereby MGX Minerals can acquire a 100%-interest in 12 Metallic and Industrial Mineral Permits and Permit Applications encompassing 96,000 hectares throughout the Province of Alberta (the \"Properties\"). \n\nFor its participation in the transaction, Zimtu will receive cash and share payments from MGX Minerals as follows: (i) $10,000 on signing; (ii) 250,000 common shares within 10 days of signing; (iii) 250,000 common shares within 12 months of signing; and (iv) 250,000 common shares within 24 months of signing. \n\nThe Properties were acquired based on compilation of historic oil and gas well data and known geology. Lithium, potassium and magnesium rich brines have been identified with historic levels of lithium reported up to 140 Mg/L.  \n\nLocationThe Properties surround existing wells that have provided the initial historic assays. The Properties are generally associated with past producing oil fields that are fully serviced with nearby roads, power and wellheads in place. Six Permits are located in Alberta's Fox Creek area and include wells with reported historic lithium values ranging from 115-140 Mg/L, in the lithium-bearing Leduc and San Hills formations. The six Permit Applications cover various locations throughout the Province including the Keg River, Winterburn and Woodbend Group formations, with reported historic lithium values ranging from 95-140 Mg/L.  All assays referenced are from the geoScout Oil & Gas Industry database as repo...