Acquisition of Lithium Project
Acquisition of Lithium Project
Vancouver – July 4, 2022 – True North Gems Inc. (TSXV: TGX, or the "Company") reports that it
has organized a wholly owned subsidiary to be named Laval Critical Elements Inc,. to acquire,
pursuant to an agreement dated June 30, 2022, a 50% interest in the Cyr-Kapiwak Lithium Project
held by Lithium One Metals Inc. ("L1"). This transaction remains subject to regulatory approval.
The Cyr-K Lithium Project is comprised 42 mineral claims in a group of three non-contiguous
lithium properties, Key lithium, Amisk West lithium and Amisk East lithium, having a total area of
2,220.02 hectares, in the James Bay area of Quebec.
The Cyr-Kapiwak project consists of 42 mineral claims with a total area of 2,220 hectares (22.20
square kilometres) located roughly 100 km east of the town of Eastmain and 170 km south of the
town of Radisson.
The Key lithium property is contiguous with Allkem Ltd.'s James Bay lithium mine property and
three km from the James Bay lithium mine project (planned mine) itself. The Amisk West and
Amisk East lithium properties are located several kilometres south of the Key lithium property and
are both contiguous with Medaro Mining Corp.'s Cyr South lithium property. The Amisk properties
encompass large tracts of pegmatite-bearing granites that remain largely unexplored.
The Cyr-Kapiwak project area is considered highly prospective for lithium hosted in spodumene-
bearing pegmatites, with several historic occurrences mapped in the region. The Key property
contains three unique locations along a 1.5-kilometre east-west structural geological trend where
lithium-bearing boulders have been recorded.
Terms of the Acquisition
Subject to regulatory approval, the Company shall acquire an undivided 50% interest in the Cyr-
Kapiwak Lithium Property by:
1. Issuing 1,000,000 units of True North Gems Inc.(each Unit comprises one common share
and and 1,000,000 warrants exercisable at 20 cents for 24 months from the date of issuance
of the underlying common shares) to L1 within 10 days of regulatory approval;
2. Expending $250,000 on exploration within 24 months;
3. The original vendor to L1 retains a 2% Net Smelter Royalty on the property. L1 has
the right to buy 1% of the royalty for at any time for CAN$1 million.
In addition, the Company reports that its field work on its Cobalt Hill and Chuchinka REE, although
delayed by heavy snowpack, is scheduled to commence in the third week of July.
On behalf of the Board of Directors of True North Gems Inc.
"Owen King" (signed)
Owen King
CEO & Director
604-618-1835
For further information, contact:
Email: [email protected]
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.
This document contains “forward- looking information” and “forward- looking statements” (together, “forward -looking
statements”) within the meaning of applicable securities legislation, which are made as of the date of this document or
the document(s) referr ed to herein. Statements that express predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”,
“anticipates”, “plans”, “projects”, “estimates”, “intends”, “strategy”, “goals”, “objectives” or variations thereof or stating
that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the
negative of any of these terms and similar expr essions) are not statements of historical fact and may be forward -looking
statements. Forward -looking statements include, without limitation, statements with respect to:. The forward -looking
statements are made based upon certain assumptions which, if untr ue, could cause the actual results, performances or
achievements of the Company to be materially different from future results, performances or achievements expressed or
implied by the forward -looking statements. By their very nature, forward- looking statements involve inherent risks and
uncertainties that could cause actual results, performances or achievements to differ materially from those in the forward-
looking statements. These include, without limitation: price volatility, discrepancies between actua l and estimated
production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks,
regulatory restrictions (including environmental regulatory restrictions and liability), activities by governmental
authorities, the speculative nature of mineral exploration, the global economic climate, dilution, share price volatility,
competition, loss of key employees; additional funding requirements and defective title to mineral claims or property].
This list is not exhau stive. See also, for example, the risks disclosed in the Company’s other disclosure documents filed
at www.sedar.com, including, without limitation, those disclosed in the Company’s management’s discussion & analysis.
The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, except
as otherwise required by applicable securities legislation.