Vision Lithium to Acquire 3 Properties in New Brunswick - Historic Work Returned Values of up to 15% Zinc and up to 2.62 g/t Gold and 0.5% Copper
Vision Lithium to Acquire 3 Properties in New
Brunswick
-
Historic Work Returned Values of up to 15% Zinc and up to 2.62 g/t Gold and 0.5% Copper
-
VAL-D'OR
, QB,
June 3, 2020
Vision Lithium Inc. (TSXV: VLI) (OTC PINK: ABEPF) (the "
Company
"
or "
Vision Lithium
") is pleased to announce the signing of a definitive purchase agreement for the
arm's length acquisition (the "
Transaction
") of a 100% undivided interest in the
Red Brook
,
Epithermal and Benjamin mineral exploration properties (the "
Properties
") from 9248-7792 Quebec
Inc. ("
9248
") and Prospect Or Corp. ("
POC
"). The three contiguous Properties comprise 17 mineral
claims covering 4,760 hectares (47.6 km
2
) located approximately 60 km West of the mining centre
of
Bathurst
in
Northern New Brunswick
. The Properties are easily accessible by year-round, well-
maintained forestry road infrastructure.
Under the agreement, Vision Lithium will issue 6,000,000 common shares of the Company to 9248
and 4,000,000 common shares to POC and will grant the vendors a 2% net smelter return royalty on
the Properties, one-half of which may be repurchased by Vision Lithium for
$1,000,000
. The
Transaction remains subject to the approval of the TSX Venture Exchange.
The Properties are located west of the Bathurst VMS District. A sequence of Ordovician and Silurian
supracrustal rocks is intruded by Middle Devonian Granodiorite as well as other Siluro-Devonian
felsic intrusions with which porphyry, skarn and other mineralization is genetically and spatially
related. Similar Cu porphyry-base metal skarn related mineralization occurs at Gaspé-Needle
Mountain porphyry copper deposit and at the Company's Dome Lemieux property associated with
Devonian intrusives in the Gaspésie region of
Quebec
.
Yves Rougerie
, President and CEO of Vision Lithium commented, "This large group of contiguous
properties contain several significant gold, zinc, copper and silver occurrences which show
excellent potential for expansion of existing mineralized zones as well as discovery of new
mineralized bodies and trends. The Properties have undergone only partial evaluation and much
work must be done to further develop their potential. Based on the historical work done by previous
explorers we have already identified high priority targets where we will focus our exploration
program beginning this summer."
Red Brook Property
Following the discovery by prospectors of rocks with a high zinc content of up to 13%, a large
stripping program was completed on two highly altered zones (A and B). Zone "A" returned values of
up to 15% Zn as well as gold and copper values up to 2.62 g/t Au and 0.5% Cu.
Best Selected Samples from Zone "A" on the Red Brook Property:
Zinc Zone
Zn %
Cu %
Au g/t
15.05
0.21
0.04
12.10
0.19
0.04
8.79
0.25
0.03
8.20
0.20
<0.01
8.13
0.18
<0.01
7.70
0.17
0,02
7.02
0.17
<0.01
6.98
0.18
0.01
Gold-Copper Zone
Cu %
Au g/t
Zn %
0.55
0.79
0.02
0.47
0.28
0.02
0.45
0.95
0.02
0.45
0.27
0.06
0.44
2.62
0.01
0.43
0.21
0.01
0.43
0.53
0.02
0.36
1.61
0.01
0.34
0.33
0.01
0.33
0.22
0.07
0.32
0.19
0.03
0.31
0.24
0.01
0.29
0.44
0.01
0.26
0.32
0.01
0.22
0.13
0.02
0.18
0.91
0.00
The stripping and sampling of zone "B" also returned anomalous values of up to 0.33 g/t Au and
0.48% Cu. Subsequent to this work, Rio Tinto optioned the
Red Brook
property and adjacent claims
in order to evaluate the near surface Copper Porphyry and related Cu-Zn skarn type potential. They
completed a large IP survey on the property itself and adjacent claims. The results of the IP survey
indicated the presence of high chargeability IP anomalies. The high chargeability anomalies appear
to be related to pyrrhotite mineralization, which is ubiquitous in the high-grade lens from zone "A".
The altered areas from zone "A" with values up to 2.62 g/t Au, 0.55% Cu, 15% Zn, all contain
massive pyrrhotite.
The high-grade Zone "A" lens on the
Red Brook
property has never been tested by drilling. The
strong chargeability anomalies which extend over more than 4 km have also not been drill tested.
Both represent high priority drill targets. Further field exploration, stripping and sampling are also
warranted on this property.
Epithermal Property
The Epithermal property is located in between and contiguous to both the
Red Brook
and Benjamin
properties. It was only recently staked following construction of new forestry access roads. The
vendors discovered a large outcrop of sericite-altered rhyolite with apparent breccia textures and
quartz veins. A single sample assayed 40 ppb Au, indicating a fertile environment for gold
mineralization. The occurrence has no reported prospecting or drilling history. Field work is required
to advance this new and exciting prospect.
Benjamin Property
The Benjamin property is located east of the Epithermal property. The property covers
approximately 15 sq. km. and is host to a copper-molybdenum porphyry type deposit in intensely
altered and fractured granodiorite porphyry, part of a Devonian intrusive complex. Best historical
intersections include
218m
@ 0.22% Cu,
312m
@ 0.12% Cu,
52m
@ 0.20% Cu,
10m
@ 0.39% Cu
and
10m
@ 0.30% Cu.
Stratmat first explored the area in 1954, followed by Soquem-Temex in the 1970's. In the summer of
2019, the Vendors located two old trenches using a Lidar map, and resampled the old trench of hole
7014, as well as the old trench in the South C zone. The trenches exhibit altered and mineralized
rocks. The trench along hole 7014 returned values of up to 1.14 g/t Au. The description of the drill
hole in the Soquem report describes a
200m
hole with mineralized rhyolite, which appears to
coincide with the surface rocks found in the trench. Drill holes were not assayed for gold at the time
of drilling. The core for several of the historic drill holes is preserved and may be available for
resampling and assaying for gold.
The Benjamin property has been recognized as a porphyry copper-moly type. It is near a large
granite intrusive. Only a relatively small area near the intrusive has been tested. A thorough
prospecting program is recommended along with trenching and sampling and ground IP surveys. In
addition, a review of the porphyry deposit is warranted to model the deposit, evaluate its potential at
depth and its gold potential. The property warrants a further evaluation for porphyry deposits and
contact related skarn deposits and their gold potential.
The Company is planning an exploration program for these Properties in 2020 and looks forward to
developing all three projects.
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 National Instrument 43-101
Standards of Disclosure for Mineral Projects
("
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 gold, copper and lithium 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 its Dôme
Lemieux
copper property and Sirmac lithium property, both
located in
Quebec, Canada
, and the Company's
New Brunswick
properties.
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:
potential mineralization, estimates of cut-off grade, the Company's plans for further drilling and
exploration, the Company's ability to obtain all required approvals to complete the Transaction, and
the business and operations of the Company upon completion of the proposed Transaction.
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: additional drilling and exploration may lead to a determination that there is no
potentially viable mine plan for the Properties; general business, economic, competitive, political and
social uncertainties; delay or failure to receive board, shareholder 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.
View original content:
http://www.newswire.ca/en/releases/archive/June2020/03/c1078.html
%SEDAR: 00003760E
For further 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: [email protected]
CO: Vision Lithium Inc.
CNW 08:30e 03-JUN-20