Altair Completes Acquisition of Mathers Lithium Corp.
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ALTAIR COMPLETES ACQUISITION OF MATHERS LITHIUM CORP.
VANCOUVER, BRITISH COLUMBIA – JUNE 27th , 2016: ALTAIR RESOURCES INC. (“Altair” or the “Company”) (TSX-V: AVX; Germany FRA: 90A; ISIN: CA02137W1014; WKN: WKN A2ALMP) Mr. John Huguet, Chairman of the Board, is pleased to announce that further to the Company’s press release dated June 2, 2016, the Company has received the acceptance of the TSX Venture Exchange and has completed its acquisition (the “Acquisition”) of 100% of the shares of Mathers Lithium Corp. (“Mathers”), a private corporation, whose sole asset is the Mathers lithium property (the “Property”).
The Property consists of 213 contiguous claims totalling approximately 12,290 hectares and is located in the Abitibi area in Quebec. In consideration for the Acquisition of Mathers, the Company made a payment of $30,000 in cash and issued an aggregate of 500,000 common shares in the capital of the Company to the vendor. The Company also paid a finder’s fee of 56,380 common shares to an arm’s length party to the Company. Further details about the Property can be found in the Company’s news release dated June 2, 2016.
Continued research into historical exploration undertaken within and near to the Property has identified significant additional lithium occurrences within 25 kilometres to the northwest.
A geological mapping program undertaken in 1956 by Merico Explorations Ltd. over a 323 hectare area identified two lithium bearing pegmatite dykes intruding the country rock which consisted of metamorphosed sedimentary rocks and granitic intrusions.
One pegmatite dyke was traced for over 100 metres and had a width of up to 15 metres wide. This pegmatite extended beyond the 100 metres observed but was covered by overburden on both ends. Within the dyke spodumene, an important lithium bearing mineral, was preferentially concentrated in quartz enriched regions of the pegmatite. The spodumene occurs as stubby crystals up to 10 centimetres in length. Analyses of the spodumene returned lithium oxide contents varying from 6.04% to 7.61%. The report also noted that beryl was also associated contained within the pegmatite.
Approximately 400 metres southwest of the above dyke a second dyke was discovered. This dyke contained spodumene crystals up to 30cm long exposed on surface. The historic report did not contain any analyses of this occurrence and also noted the presence of beryl in the pegmatite.
Though the Mathers Lithium Property has had limited exploration three pegmatite dykes were identified in geological mapping completed in 1956 and 1957. These three pegmatite dykes were reported to contain beryl, similar to those pegmatites discovered by Merico Explorations. It is possible that these pegmatites could also host lithium mineralization in spodumene.
Mr. C. Ulansky, P. Geo., a Qualified Person, has reviewed and verified the technical contents of this release.
To learn more about Altair, please visit www.altairresources.com.
ON BEHALF OF THE BOARD,
“John Huguet”
John Huguet, FCPA, FCMA Chairman and Independent Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.