Altair Acquires Lithium Property Adjacent to Quebec Lithium Mine
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ALTAIR ACQUIRES LITHIUM PROPERTY ADJACENT TO QUEBEC LITHIUM MINE
VANCOUVER, BRITISH COLUMBIA – OCTOBER 17, 2016: ALTAIR RESOURCES INC. (“Altair” or the “Company”) (TSX-V: AVX; Germany FRA: 90A; ISIN: CA02137W1014; WKN: WKN A2ALMP) is pleased to announce an agreement in principle to purchase 100% of 1077086 B.C. Ltd., the sole asset of which is the 1,360 hectares (13.6 sq. kms) Virium Lithium Property (the "Property") in the Abitibi area of the province of Quebec.
The Property is made up of two claim blocks in close proximity which are located 23km southwest of the municipality of Amos. There are a total of 40 claims with a combined area of 1,360 hectares. The claims were staked directly for 1077086 B.C. Ltd. and are represented as being in good standing. Some details on this Property follow:
Very limited exploration work has been carried out on the Property. The exploration that has been undertaken has focused on base and precious metals. Though there are several nearby lithium occurrences no analyses for lithium, niobium or tantalum have been made.
Geological mapping of the Property was performed in 1955. Eight drill campaigns, drilling a total of 17 holes, have occurred between 1955 and 2003 targeting precious and base metals in volcanosedimentary rocks on the Property.
The Property is adjacent to the shuttered Quebec Lithium Mine which has recently been purchased by
| the Jilin Jien Nickel Industry Co. of China. | The Quebec Lithium Mine has published measured and |
| indicated resources (at a 0.60% Li O cutoff) of 41,556,000 tonnes at 1.09% Li O, and an inferred resource 2 2 | |
| of (at a 0.60% Li O cutoff) of 17,766,000 million tonnes at 1.10% Li O (RB Energy Press Release of 2 2 | |
| October 11, 2012). |
There are numerous other lithium occurrences in the vicinity of the Property. Less than 2km south is the Vallee Lithium showing. Within 7km to the west of the Property are located the Canadian Lithium, Martin-McNeely, Augustus Exploration and Valor Lithium showings. These showings consist of spodumene or beryl mineralization inside pegmatite dykes with a lithium content of up to 1.38%.
Similar pegmatite dykes bearing spodumene or beryl mineralization are the main exploration target on the claims. The pegmatites can contain zoning and can be of substantial dimensions with lengths and widths ranging up to hundreds of metres. In addition to the lithium bearing spodumene economic minerals can include beryl (Be), lepidolite (Li, Rb), colombo-tantalite (Nb, Ta) and cassiterite (Sn).
The acquisition terms for this Property are 1,400,000 common shares of the Company plus a cash payment of $20,000. The Company has negotiated the cash payment to be made in two instalments: $10,000 upon TSX Venture Exchange (the “Exchange”) approval and $10,000 thirty days afterwards. The acquisition shares are also to be released in instalments: 500,000 upon Exchange approval; 400,000 three months later; 250,000 six months after Exchange approval; and 250,000 nine months after Exchange approval. The Company will pay a finder’s fee to Alnoor Buhji. This acquisition and related finder’s fee remains subject to acceptance of filings with the Exchange.
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 http://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.