Imagine Lithium Completes Sale of Red Lake Properties
Imagine Lithium Completes Sale of Red Lake
Properties
June 22, 202 2 Vancouver, BC, Canada – IMAGINE LITHIUM INC. (the
“Company” or “Imagine”) (TSX-V:ILI) (OTCQB:ARXRF) announced today that it has
completed the sale of all of its holdings in the Red Lake area to Trillium Gold Mines
Inc. (“Trillium”) (TSXV:TGM), and Pegasus Resources Inc. (“Pegasus”) (TSXV:PEGA).
Further to the news releases dated April 27, 2022 and December 15, 2021, Trillium
and I magine have closed the Definitive Agreement (the “Definitive Agreement”)
whereby Trillium has acquired a majority of Imagine’s property holdings known as
the Eastern Vision Project, located in the Confederation Lake assemblage of the Birch-
Uchi greenstone belt in the Red Lake District, Ontario. Under the terms of the
transaction, Trillium has acquired an interest in 13,958 hectares between the Fredart,
Confederation North, and Confederation South properties for a consideration of
2,800,000 common shares of Trillium and $175,000 in cash. These properties include
a mix of properties that Trillium has acquired directly and others for which Trillium as
assumed option agreements as optionee.
In addition, Imagine has closed an Amending, Settlement and Termination Agreement
with Pegasus (the “Pegasus Agreement”) with respect to the February 3, 2020
agreements relating to the Garnet Lake property and portions of the Fredart property
(the “Option Agreements”). Under the Pegasus Agreement, Pegasus has issued to
Imagine 5,000,000 common shares of Pegasus in exchange for delivery of certain
payment obligations under the Option Agreements and Imagine relinquishing its right
to complete the option for the claims under the Option Agreements. The Definitive
Agreement and t he Pegasus Agreement remain subject to TSX Venture Exchange
approval.
Imagine lithium is focused on exploring its Jackpot Lithium property, located in the
Georgia Lake Area about 140 km NNE of Thunder Bay, Ontario.
About Jackpot
The Jackpot Lithium property, located in the Georgia Lake Area about 140 km NNE of
Thunder Bay, Ontario, is approximately 12 km by air from the TransCanada Highway
(Hwy 11) and the main railroad which connects to the port town of Nipigon, on Lake
Superior. The property contains known lithium bearing granitic pegmatite dikes, of
which two provided estimated historical resources of 2 million tons at 1.09% Li2O and
750,000 tons at 1.38% Li2O*. The Company recently acquired additional claims with
additional lithium showings located on strike to the main historical resources.
Qualified Person
The technical content of this news release was approved by Michel Boily, PhD, P.Geo,
an Independent Qualified Person as defined by the National Instrument 43-101.
* The estimates presented above are treated as historic information and have not been verified or relied
upon for economic evaluation by the Company. These historical mineral resources do not refer to any
category of sections 1.2 and 1.3 of NI-43-101 such as mineral resources or mineral reserves as stated in the
2010 CIM Definition Standards on Mineral Resources and Mineral Reserves. The explanation lies in the
inability by the Company to verif y the data acquired by the various historical drilling campaigns. The
Company has not done sufficient work yet to classify the historical estimates as current mineral resources
or mineral reserves.
About Imagine Lithium
Imagine Lithium is a junior mining exploration company focused on seeking and
acquiring world -class mineral projects. The company holds the Jackpot lithium
property located near Nipigon, Ont. , which contains known pegmatite showings
including two historical resources of 2 million ton s grading 1.09% Li2O and 750,000
tons at 1.38% Li2O.
ON BEHALF OF THE BOARD
“J.C. St-Amour”
J.C. St-Amour, President
FOR FURTHER INFORMATION, PLEASE CONTACT:
Telephone: +1-604-683-3995
Toll Free: 1-888-945-4770
Neither the 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.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements,
which relate to future events or future performance and reflect management’s current
expectations and assumptions. Such forward -looking statements reflect management’s
current beliefs and are based on assumptions made by and information currently available to
the Company. Investors are cautioned that these forward-looking statements are neither
promises nor guarantees and are subject to risks and uncertainties that may cause future
results to differ materially from those expected. These forward -looking statements are made
as of the date hereof and, except as required under applicable securities legislation, the
Company does not assume any obligation to update or revise them to reflect new events or
circumstances. All the forward-looking statements made in this press release are qualified by
these cautionary statements and by those made in our filings with SEDAR in Canada (available
at WWW.SEDAR.COM).