Genius Metals Acquires a 100% interest in the Paka property located in James Bay, Québec
Genius Metals Acquires a 100% interest in the Paka property
located in James Bay, Québec
MONTRÉAL, QUÉBEC, CANADA — (June 29, 2023) - Genius Metals Inc. (TSXV: GENI) (“Genius
Metals” or the “Company”) is pleased to announce that it has completed on June 27th, 2023 the
acquisition of 100% interest in the Paka property located approximately 8 kilometers SE of the
Corvette property owned by Patriot Battery Metals (TSX:PMET). The property is made of 189
contiguous claims covering more than 97 km2 (figure 1).
Figure 1: Location of the Paka lithium property
The Paka Property
The Paka lithium property is located 15km south of the Trans-Taiga government road in the highly
prospective Archean La Grande greenstone belt where recent discoveries of lithium
mineralization (i.e., Cancet, Corvette, Adina, James Bay and Wabouchi) attest to the high lithium
potential of the region. The Paka property is surrounded by numerous biotite-muscovite granitic
plutons which are commonly associated with LCT (lithium-cesium-tantalum) granitic pegmatite
dykes. There are major structural breaks on the property and the surrounding areas which
constitute pathways for the intrusion of late-stage granites and granitic pegmatites with high
lithium potential. The database from the Ministère des Ressources Naturelle s du Québec has
identified several granitic outcrops, often pegmatitic on the Paka propert y and the surrounding
areas. Those outcrops will be investigated by the company as priority targets for their potential
lithium content. The property has received limited exploration - only two assayed samples were
reported on the property . The Company intends to conduct a property -wide prospecting
campaign to identify and sample lithium-bearing pegmatites when the restrictions related to
forest fires are lifted.
*Genius Metals cautions that mineralization hosted on adjacent or nearby properties is not
necessarily indicative of the mineralization hosted on its properties.
The Transaction
Genius Metals has concluded the acquisition of a 100% interest in the Paka property pursuant to
a Sales Purchase Agreement with a private vendor, Mr. Jean-David Moore. In order to complete
the Acquisition and in accordance with the terms of the Agreement:
• Genius Metals will pay a cash consideration of $60,000 at the closing of the transaction.
• Genius Metals will issue 6,000,000 common shares of its capital at the closing of this
transaction.
• The property will be subject to a 2% net smelter returns royalty (NSR) on production in
favour of the Vendor which can be bought back entirely or in two tranches of 1% by paying
an amount of 1,000,000$ per tranche of 1%, for total cash consideration of $2,000,000.
Mr. Moore who was already a shareholder of the company will effectively become the largest
shareholder in Genius Metals with a total of 8.49M shares representing approximately 9.9% of the
outstanding shares of the Company once the Company has completed the current financing. The
shares of the transaction will be held in escrow for a 12-month period. Mr. Moore, is very active
in the Quebec mineral exploration scene, he serves on the Boards of various companies and has
also invested in several mineral exploration projects.
Guy Goulet , President and CEO of Genius Metals stated: ‘’We are pleased to conclude the
acquisition of this highly -prospective lithium property and increase our commit ment to lithium
exploration in the prolific James Bay Territory. Mr. Moore represents a strategic partner to the
company as he has many years of experience in the industry with notable exploration success to
his pedigree.’’
The Acquisition remains subject to receipt of all necessary regulatory and other approvals,
including the approval of the TSX Venture Exchange.
Qualified Person
The technical information contained in this news release was reviewed and approved by Michel
Boily, Ph.D., P. Geo, qualified person under NI 43-101.
About Genius Metals
Genius Metals is a Canadian mineral exploration company focused on the acquisition, exploration
and, if warranted, development of natural resource properties of merit in Canada.
Contact Information
Genius Metals Inc.
Tel.: 579-476-7000
Pierre-Olivier Goulet
Vice-President Corporate Development
Email: [email protected]
1-450-821-5270
Guy Goulet
President and CEO
Email: [email protected]
1-514-294-7000
Forward-Looking Statements and Disclaimer
Certain information contained herein may constitute “forward -looking information” under
Canadian securities legislation. Generally, forward -looking information can be identified using
forward-looking terminology such as, “will be”, “expected” or variations of such words and
phrases or statements that certain actions, events or results “will” occur. Forward -looking
statements, including statements relating to the exercise of the Option under the Option
Agreement and the timing and amount of Expenditures funded by Clarity and statements relating
to the expected findings on the Property, are based on the Corporation’s estimates and are subject
to known and unknown risks, uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Corporation to be materially different from
those expressed or implied by such forward -looking statements or forward-looking information.
There can be no assurance that such statements will prove to be accurate, as actual results and
future events could d iffer materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward -looking statements and forward -looking
information. The Corporation will not update any forward-looking statements or forward-looking
information that are incorporated by reference herein, except as required by applicable securities
laws.
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TSXV) accepts responsibility for the adequacy or accuracy of this news release.