Expanded Acquisition of Lithium Project in Quebec
Expanded Acquisition of Lithium Project in Quebec
Vancouver – July 27, 2022 – True North Gems Inc. (TSXV: TGX, or the "Company") reports that
its wholly-owned subsidiary, Laval Critical Elements Inc,. has expanded its transaction with Lithium
One Metals Inc. to acquire a 50% interest in the Simac East Lithium Project held by Lithium One
Metals Inc. ("L1"). This transaction remains subject to regulatory approval.
The Sirmac East Lithium Project of L1 is comprised of 12 mineral claims in five blocks, having a
total area of 656 hectares, in the James Bay area of Quebec.
The Sirmac East lithium project is located roughly 170 kilometres northwest of Chibougamau, Que.,
and is accessible through a network of highways and forestry roads. A 700- kilovolt power line runs
through the area.
The Sirmac East lithium project consists of 12 mineral claims with a total area of 656 hectares, and
is located on the NTS map sheet 32J11. The project is contiguous with Vision Lithium's Sirmac
property, Winsome Resources' Sirmac-Clapier project and Troilus Gold's Troilus gold project.
The project area is considered highly prospective for lithium hosted in spodumene -bearing
pegmatites, with at least two historic lithium occurre nces (Sirmac lithium and Clapier lithium)
mapped in the western part of the region. In the northeast part of the region, at least one lithium -
bearing boulder has been found on land with provincial park status; however, the position of this
boulder indicates that the area between the boulder location and the Sirmac lithium deposit (as well
as the Clapier lithium showing) has strong potential for further discoveries.
Geologically, the Sirmac East lithium project is located in the northeast part of the Superior geological
province in the Frotet-Evans volcanosedimentary belt. Four lithologies are present in the project area:
quartz-biotite-hornblende schists, amphibolitized flows or mafic sills, spodumene-bearing pegmatites
and a syenite pluton measuring about six kilometres in diameter. The structural trend is roughly east-
west. Numerous granitic pegmatite dikes, with thickness ranging up to 100 metres, have been
identified in the area. Lithium mineralization in the region is as sociated with granitic, rare element,
spodumene-bearing pegmatites. Immediately west of the Sirmac East project is the Sirmac lithium
deposit with an estimated 314,328 tonnes grading 2.04 per cent lithium oxide (Wrightbar Mines Ltd.,
1994).
Terms of the Acquisition
Subject to regulatory approval, the Company shall acquire an undivided 50% interest in the Sirmac
East Lithium Property by:
1. Issuing 500,000 units of True North Gems Inc.( each Unit comprises one common share and
and 500,000 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 in the aggregate on the Sirmac East and Cyr -Kapiwak 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.
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) referred to herein. Statements that express predict ions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”,
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negative of any of these terms and similar expressions) 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 untrue, could cause the actual results, performan ces 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 actual 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 explora tion, 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 exhaustive. See also, for example, the risks discl osed 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.