Black Tusk Resources Inc. Enters Agreement to Acquire Pegalith Lithium Project Gatineau Region, Quebec
BLACK TUSK RESOURCES INC.
500- 666 Burrard Street
Vancouver, BC, V6C 3P6
www.blacktuskresources.com
BLACK TUSK RESOURCES INC. ENTERS AGREEMENT TO ACQUIRE PEGALITH
LITHIUM PROJECT
GATINEAU REGION, QUEBEC
February 6, 2023, Vancouver, BC – Black Tusk Resour ces Inc. (“Black Tusk” or the “Company)
(C: TUSK) is pleased to announce that they have ent ered into a share purchase agreement to
acquire 1396427 BC Ltd. (“427 BC”). 427 B.C. is the beneficial holder of the PegaLith project
claims that cover strong geological and mineralogical indicators for lithium potential. The claims
cover 636 hectares in 11 contiguous claims located within 25 kilometers north of Gatineau,
Quebec.
The claims were originally staked to cover part of an extensive belt of granitic and gneissic rocks
that host pegmatitic mineralogy. Four historic show ings were small-scale mined for coarse-
grained feldspar and quartz as industrial minerals during the early 1900’s. A fifth historic mine is
located several hundred metres west of the claims. The geologic summary for these historic mines
indicate the presence of mica in the pegmatite, one possible source for lithium (Natural Resources
Quebec, Sigéom website). As well, the historic Mine Leduc, located approximately six kilometres
southwest of the PegaLith property contains a small lithium-bearing body (approximately 230
tonnes of 5.39% Li 2O) from pegmatitic materials (GM62505, Geotech Exploration, 2006, not 43-
101 compliant ). The reader is cautioned that potential lithium reso urces that exist on
properties outside of the PegaLith claims are not direct indicators of lithium mineralization
on the PegaLith property.
The Black Tusk exploration programs in Quebec are supervised by Dr. Mathieu Piché, OGQ, who
is also a Black Tusk company director.
Black Tusk’s geologic team are currently compiling all available data for the PegaLith project in
preparation for a 2023 Phase I exploration program. The claims have good existing available
access for exploration, including initial sampling of pegmatitic outcrops for lithium.
The Transaction
The Company entered into a share purchase agreement dated Feb. 2, 2023, among the
Company, 1396427 B.C. Ltd and the shareholders of 4 27 B.C. pursuant to which the Company
has agreed to acquire all of the issued and outstan ding shares of 427 B.C. from the 427 B.C.
shareholders. As consideration under the agreement, The Company has made an initial
aggregate cash payment of $16,000 to the 427 B.C. s hareholders and has agreed to issue
4,600,000 units of the Company (the “Units”) to the 427 B.C. shareholders at a deemed price of
$0.075 per Unit, representing an aggregate value fo r the securities of $345,000. Each Unit
consists of one common share and one share purchase warrant exercisable at a price of $0.10
per share for a period of two years from the date of issuance.
The securities issued under this transaction will be subject to resale restrictions for a period ending
four months and one day from the date of issuance.
The transaction is subject to the approval of the Canadian Securities Exchange. The transaction
as proposed, is an arm's-length transaction for the Company, and does not constitute a
fundamental change or result in a change of control of the Company, within the meaning of the
policies of the CSE.
Perry Grunenberg, P.Geo, a “Qualified Person” as t hat term is defined under NI 43-101, has
reviewed and approved the technical information contained in this news release. Mr. Grunenberg
is also a former Director of the Company.
On behalf of the Board of Directors
Richard Penn
CEO
(778) 384-8923
Cautionary Statement
his news release contains “forward-looking informat ion” within the meaning of applicable
Canadian securities legislation. Often, but not alw ays, forward-looking information and
information can be identified by the use of words such as “plans”, “expects” or “does not expect”,
“is expected”, “estimates”, “intends”, “anticipates ” or “does not anticipate”, or “believes”, or
variations of such words and phrases or state that certain actions, events or results “may”, “could”,
“would”, “might” or “will” be taken, occur or be achieved. Actual future results may differ materially.
In particular, this release contains forward-looking information relating to the Company's expected
benefits of the Transaction and opportunities which will arise from the acquisition of the Property.
The forward-looking information reflects management 's current expectations based on
information currently available and are subject to a number of risks and uncertainties that may
cause outcomes to differ materially from those discussed in the forward-looking information. Such
risk factors may include, among others, but are not limited to: general economic conditions in
Canada and globally; industry conditions, including governmental regulation and environmental
regulation; the availability of capital on acceptab le terms; the need to obtain required approvals
from regulatory authorities; stock market volatilit y; competition for, among other things, skilled
personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical,
processing and transportation problems; changes in tax laws and incentive programs; failure to
realize the anticipated benefits of acquisitions an d dispositions; and the other factors. Although
the Company believes that the assumptions and facto rs used in preparing the forward-looking
information are reasonable, undue reliance should n ot be placed on such information and no
assurance can be given that such events will occur in the disclosed time frames or at all. Factors
that could cause actual results or events to differ materially from current expectations include: (i)
adverse market conditions; and (ii) other factors b eyond the control of the Company. New risk
factors emerge from time to time, and it is impossible for the Company’s management to predict
all risk factors, nor can the Company assess the im pact of all factors on Company’s business or
the extent to which any factor, or combination of f actors, may cause actual results to differ from
those contained in any forward-looking information. The forward-looking information included in
this news release are made as of the date of this n ews release and the Company expressly
disclaims any intention or obligation to update or revise any forward-looking information whether
as a result of new information, future events or ot herwise, except as required by applicable law.
Additional information identifying risks and uncert ainties that could affect financial results is
contained in the Company’s filings with Canadian se curities regulators, which are available at
www.sedar.com.