Vision Lithium Completes Acquisition of Godslith Lithium Property
Vision Lithium Completes Acquisition of
Godslith Lithium Property
VAL-D'OR, QC
,
March 22, 2021
/CNW/ - Vision Lithium Inc. (TSXV: VLI) (OTCQB: ABEPF)
(
Frankfurt
: 1AJ2) (the "
Company
" or "
Vision Lithium
") is pleased to announce the closing of its
acquisition (the "
Transaction
") of a 100% undivided interest in the non-surveyed, unpatented mining
claim known as the Godslith claim from Messrs.
James C. Campbell
and
Peter C. Dunlop
(the
"
Vendors
") pursuant to the terms and conditions of a property purchase agreement entered into
between the parties, dated
March 19, 2021
(the "
Purchase Agreement
"). In connection with the
Transaction, Vision Lithium has applied for a mineral exploration licence, which together with the
Godslith claim, covers a total area of approximately 5,560 hectares (the "
Property
"). The Property
is located less than 1 km Northwest of
Gods River, Manitoba
, within and surrounding the traditional
territory of the Manto Sipi Cree Nation (the "
MSCN
"), in the God's Lake area of the province of
Manitoba.
Yves Rougerie
, President and CEO of Vision Lithium commented, "We are keen to commence work
on the Property and to bring the historical lithium resource into current NI 43-101 standards. After
careful review and modelling of the historical exploration data, I am confident that we can expand on
the work done to date and identify additional lithium mineralization on the Property, making for a
sizeable and important North American lithium project."
The Transaction
Pursuant to the terms of the Purchase Agreement, Vision Lithium issued to the Vendors 4,000,000
common shares of the Company (the "
Shares
") and granted the Vendors a 3% net smelter returns
royalty on the Property (the "
Royalty
"). In addition to the statutory hold period of four months and
one day from the date of issuance, the Shares are subject to an escrow agreement and will be
released in four equal tranches of 1,000,000 Shares over an 18-month period. One-third of the
Royalty (1%) may be repurchased by the Company for
$1,000,000
and an additional one-third (1%)
may be repurchased by the Company for an additional
$2,000,000
. The Transaction remains subject
to the final approval of the TSX Venture Exchange.
A separate exploration agreement is to be negotiated and entered into between Vision Lithium and
the MSCN to establish a long-term, mutually beneficial, cooperative and respectful relationship
based on trust and certainty concerning the exploration program to be carried out by Vision Lithium
on the Property.
The Godslith Property
The historical exploration information presented herein is sourced from an independent technical
report on the Property (the "
Technical Report
"), dated
August 26, 2009
, that was prepared for
First Lithium Resources Inc. by qualified person Mark Fedikow Ph.D., P.Eng., P.Geo., C.P.G. in
accordance with National Instrument 43-101 –
Standards of Disclosure for Mineral Projects
("
NI 43-
101
").
The Godslith pegmatite dyke is classified as a rare metal spodumene pegmatite. The lithium-bearing
mineralization has an approximate 2.3 km drill-indicated strike-length and dips 70 degrees North. The
Technical Report details the geological setting of the Property's lithium-bearing pegmatite and
reviews the historical exploration results. Between 1958-1961, INCO completed 25 wide-spaced drill
holes for a total of 9,421 ft (
2,871.5 m
). In 1986, W.C. Hood Geological Consulting completed an
internal report wherein they reported the following resource estimate:
Zone
Resource
Classification
Cut-off Grade
% Li
2
O
Short
Tons*
Grade
% Li
2
O
Weighted Average
True Width (Metres)
Upper Zone
Historic Indicated
0.70
4,800,000
1.27
11.04
Lower Zone
Historic Probable
0.70
4,600,000
1.14
*1 short ton = 0.9072 metric tonnes.
While the Company considers these historical estimates to be relevant to investors, as they may
indicate the presence of mineralization, a qualified person has not done sufficient work for Vision
Lithium to classify the historical estimates as current "mineral resources" or "mineral reserves" (as
defined in NI 43-101). The foregoing historical estimates were calculated prior to the implementation
of NI 43-101 and the Company is not treating these historical estimates as current "mineral
resources" or "mineral reserves".
The Technical Report provides recommendations for future exploration work and includes an initial
program of prospecting and geological mapping followed by soil geochemical surveys designed to
assess the area for additional pegmatite dykes and base and precious metals. A diamond drill
program has also been recommended for the purpose of extending the lithium-bearing pegmatite on
the Property to depths below those indicated by the historic Inco drilling.
The scientific and technical information in this release has been reviewed and approved by
Yves
Rougerie
, Geologist, President and CEO of the Company. Mr. Rougerie is a "qualified person" as
defined in NI 43–101.
About Vision Lithium Inc.
Vision Lithium Inc. is a junior exploration company focused on exploring and developing high quality
mineral assets including lithium, gold and base metals in safe jurisdictions, primarily in
Canada
. The
Company is led by skilled and qualified mineral exploration experts and business professionals.
Vision Lithium is committed to discovering new world class assets and bringing these assets to
production, starting with the Sirmac lithium property located in
Northern Quebec
, the Dôme
Lemieux
copper-zinc property in Québec's Gaspé region, and its recently acquired polymetallic properties in
New Brunswick
.
For further information on the Company, please visit our website at
www.visionlithium.com
or contact
us at
.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS
DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news
release includes certain "forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements include, but are not limited to, statements with respect to:
the historical estimates, the estimates of cut-off grade and other factors underlying the historical
estimates, the potential to extend the historical estimates to other portions of the Property, the
Company's plans for further drilling and exploration, the Company's ability to obtain all required
approvals, the long-term prospects of the lithium market, and the business and operations of the
Company in the future. Forward-looking statements are 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 statements. Such risks and
other factors include, but are not limited to: the historical estimates may never become mineral
reserves and do not have demonstrated economic viability; the assumptions made to calculate the
historical estimates may turn out to the inaccurate; additional drilling and exploration may lead to a
determination that there is no potentially viable mine plan for the Property; general business,
economic, competitive, political and social uncertainties; delay or failure to receive board,
stakeholder or regulatory approvals; and the ability of the Company to execute and achieve its
business objectives. There can be no assurance that the forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on forward-looking statements.
The Company disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise, except as required
by law.
SOURCE
Vision Lithium Inc.
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For further information:
For additional information regarding the Transaction, please contact:
Victor Cantore, Executive Chairman, Tel: 514-831-3809, Email: [email protected]; Yves
Rougerie, President and Chief Executive Officer, Tel: 819-316-0474, Email:
CO: Vision Lithium Inc.
CNW 06:30e 22-MAR-21