Lithoquest Acquires Fourth High-Grade Gold Project in NW Ontario Provides Update on Miminiska Project
News Release
May 3, 2022
TSX-V: LDI
Lithoquest Acquires Fourth High-Grade Gold Project in NW Ontario
Provides Update on Miminiska Project
Vancouver, B.C., May 3, 2022 – Lithoquest Resources Inc. (TSX-V: LDI) (“Lithoquest” or the
“Company”) today announced that it has entered into an Option Agreement to acquire a 100% interest
in the 615ha Gold Standard Project located in northwest Ontario. The Company has also staked an
additional 252 mineral claims surrounding the Gold Standard property, bringing the total project area
to 5,953 ha.
“Gold Standard augments the Company’s portfolio of projects in northwest Ontario,” commented Bruce
Counts, President and CEO of Lithoquest Resources Inc. “Historical work on the property supports the
potential for a major discovery, the area is under-explored, and it can be acquired and advanced
inexpensively.”
Gold Standard Project Highlights
• Option to earn a 100% interest in claims covering historical high-grade gold workings
• Results from work conducted by the vendors near the historical workings include 471 g/t Au* and
450 g/t Au* from bedrock grab samples as well as 113 g/t Au over 1.2m* from a chip sample
• Minimal exploration work has been completed in the project area. No holes have been drilled near
the historical workings and there are only 4 holes on the property with the last completed in 1971.
• Accessible year-round
• Low acquisition cost
Gold Standard Project Transaction
The Option Agreement contemplates Lithoquest earning a 100% interest in the Gold Standard mineral
claims (see Figure 1) from Messrs. Allan Onchulenko and Peter Gehrels (the “Vendors”) by making the
scheduled payments defined in Table 1. The Option Agreement is subject to TSX Venture Exchange
acceptance
Table 1: Option Payments for 100% interest in the Gold Standard Property
Payment Date Cash Lithoquest
Common Shares
On signing of the LOI $5,000 Nil
10 days after Effective Date $10,000 $15,000
12 months after the Effective Date $20,000 $20,000
24 months after the Effective Date $25,000 $25,000
Total $60,000 $60,000
• The “Effective Date” is defined as the date the Option Agreement receives TSX Venture Exchange
acceptance
• The Vendors will retain a 2% Net Smelter Royalty on both projects. Lithoquest can buy back 1% of
the NSR by paying the Vendors $750,000 at any time
Figure 1: Gold Standard Project
This acquisition is part of the Company’s ongoing process to actively review mineral properties with the
objective of securing projects that offer significant discovery potential. Taken together with the
Company’s commanding land position in the Fort Hope Greenstone Belt, Lithoquest now has projects
that range from grassroots to early discovery.
* Historical results have not been independently verified by Lithoquest; and, there is no
guarantee that the Company can reproduce the results in whole or in part. Potential investors
should not rely on these historical results when making an investment decision
Miminiska Update
The Miminiska Project continues to be the Company’s primary focus. Core from the recent drill program
has now been logged in detail and approximately 800 samples have been submitted to an accredited
laboratory for assay. Results are expected before the end of Q2.
Miminiska is located within the traditional territory of the Eabametoong First Nation (the “EFN”).
Lithoquest has submitted project information to the EFN that follows their engagement protocols and
the Company looks forward to feedback from community members.
Stock Option Grant
The Company has granted incentive stock options to certain of its directors, officers and consultants to
purchase up to an aggregate of 2,450,000 common shares of the Company (the “Options”). The
Options are exercisable for a period of five years, at a price of $0.20 per common share. All Options
were granted in accordance with the Company’s stock option plan.
Qualified Person
The technical contents of this news release have been reviewed and approved by Bruce Counts, P.
Geo., President, CEO and a Director of Lithoquest Resources Inc. and Qualified Person under National
Instrument 43-101.
About Lithoquest Resources Inc.
Lithoquest is a Canadian mineral exploration company focused on the discovery and development of
economic precious and base metal deposits on four district-scale projects in northwest Ontario:
Miminiska, Keezhik, Attwood and Gold Standard.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or
accuracy of this release.
Forward Looking Information
This news release includes certain information that may constitute “forward-looking information” under
applicable Canadian securities legislation. Forward-looking information includes, but is not limited to,
the Company’s strategic plans, future operations, future work programs and objectives. Forward-
looking information is necessarily based upon a number of estimates and assumptions that, while
considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which
may cause the actual results and future events to differ materially from those expressed or implied by
such forward-looking information. There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue reliance on forward-looking information. All
forward-looking information contained in this press release is given as of the date hereof and is based
upon the opinions and estimates of management and information available to management as at the
date hereof. The Company disclaims any intention or obligation to update or revise any forward -looking
information, whether as a result of new information, future events or otherwise, except as required by
law.
For further information, please contact:
Lithoquest Resources Inc.
+1 (604) 506-2804
SOURCE: Lithoquest Resources Inc.