Vision Lithium To Acquire New Lithium Property in Quebec
Vision Lithium To Acquire New Lithium
Property in Quebec
VAL-D'OR, QC
,
Dec. 1, 2021
/CNW/ - Vision Lithium Inc. (TSXV: VLI) (OTCQB: ABEPF) (FSE:
1AJ2) (the "
Company
" or "
Vision Lithium
") is pleased to announce the signing of definitive property
purchase agreements (the "
Purchase
Agreements
") for the arm's length acquisition (the
"
Transaction
") of a 100% undivided interest in 215 contiguous mining claims in the province of
Quebec, Canada
from four different vendor groups, which, together with an additional 105 claims
staked by the Company, will be collectively referred to as the
Cadillac
lithium property (the
"
Property
"). Pursuant to the Purchase Agreements, Vision Lithium will pay to the vendors aggregate
cash consideration of
$102,427.92
, issue a total of 4,300,000 common shares of the Company (the
"
Shares
"), and will grant each vendor group a 2% net smelter return royalty on the claims
comprising the Property to be acquired from such vendor group (each, an "
NSR Royalty
").
The claims acquired from the vendors cover 12,331 hectares (123 km
2
) and, together with the
claims staked by the Company, the Property comprises a total of 320 claims covering 18,378
hectares (184 km
2
). The Property is located approximately 10 km south of the historic mining town
of
Cadillac
and approximately halfway between the major mining centres of
Rouyn-Noranda
and
Val-
d'Or
, in the province of
Quebec, Canada
(
Figure 1
). The Property is easily accessible by year-
round, well-maintained roads and a regional powerline runs parallel to the road through the Property.
The Property hosts at least 4 pegmatite dikes which are spaced approximately 100 metres apart
and traced for at least 300 metres along strike (
Figure 2
). Lithium crystals have been observed in all
4 dikes on the Property, with large lithium crystals visible in some areas (
Figure 3
). In 2016, two
high grade grab samples were taken from the Property that returned 2.67% and 7.34% Li
2
O.
Figure 1 – Vision Lithium Property Portfolio – Cadillac lithium property located approximately 40 km
west of Val-d’Or (CNW Group/Vision Lithium Inc.)
Yves Rougerie
, President & CEO commented, "The
Cadillac
lithium project is an exciting addition to
our growing portfolio of lithium properties. The Property is located 10 km south of the Trans-Canada
highway and only metres from the secondary road, ensuring easy access for logistics, materials and
qualified manpower. The Property hosts a cluster of close-spaced parallel lithium-bearing dikes.
Spodumene has been observed in the outcropping dikes and we believe there are likely more dikes
in the cluster. The dikes have seen surprisingly little historical exploration with only a handful of
samples and no drilling to date. We believe the potential for additional lithium discoveries within the
main cluster area is excellent and the larger property also has tremendous upside potential for
discovery. The entire area acquired and staked is very large at almost 200 square kilometres. We
plan to aggressively explore the Property over the winter by drilling the main cluster of dikes and to
plan and complete field work next summer over the large tract of land."
Figure 2 – Cadillac lithium property spodumene bearing dike (CNW Group/Vision Lithium Inc.)
Figure 3 – Large lithium crystals at surface of Cadillac lithium property (for scale card in the photos
is 8 cm wide) (CNW Group/Vision Lithium Inc.)
The Transaction
The Company, as purchaser, has entered into four separate Purchase Agreements, one with each
of the following vendor groups (collectively, the "
Vendor Groups
"): (i) 9248-7792 Quebec Inc.,
Prospect Or Corp., and Stéphane Leblanc (collectively, the "
Leblanc-Lavoie Group
"); (ii) Fancamp
Exploration Ltd. ("
Fancamp
"); (iii) 9219-8845 Quebec Inc. (o/a Canadian Mining House), Réjean
Raymond, and
Steve Labranche
(collectively, the "
CMH Group
"); and (iv)
Denis Tremblay
and
Mireille Tremblay
(collectively, the "
Tremblay Group
").
Pursuant to the Purchase Agreements, the Company will:
a
.
pay to the Vendor Groups aggregate cash consideration of
$102,427.92
;
b
.
issue a total of 4,300,000 Shares to the Vendor Groups as follows: (i) 1,000,000 Shares to
the Leblanc-Lavoie Group; (ii) 1,500,000 Shares to Fancamp; (iii) 1,500,000 Shares to the
CMH Group; and (iv) 300,000 Shares to the Tremblay Group; and
c
.
grant to each Vendor Group a 2% NSR Royalty on the portion of the Property acquired
from such Vendor Group, one-half of which may be repurchased by the Company for
$500,000.00
from each Vendor Group, except Fancamp.
The Transaction remains subject to a number of closing conditions and post-closing obligations,
including, the concurrent closing of the transactions contemplated by each of the Purchase
Agreements, the execution of certain deeds and instruments of conveyance, the approval of the TSX
Venture Exchange (the "
TSXV
"), and standard closing conditions for transactions of this nature.
Completion of the Transaction is expected to occur in the coming days.
The information regarding potential grades presented herein is sourced from a work report in
respect of a portion of the Property, dated
June 18, 2018
, that was prepared for Lithium
MétalsTech Wells-Lacourcière Inc. (a subsidiary of MetalsTech Ltd.) by
Darren L. Smith
, M.Sc.,
P.Geol. The potential grades of exploration targets disclosed in this news release are conceptual in
nature. There has been insufficient exploration to define a mineral resource and it is uncertain if
further exploration will result in the target being delineated as a mineral resource. The Company has
not independently verified and cannot guarantee the accuracy or completeness of the third-party
data contained in this news release and investors should use caution in placing reliance on such
information.
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
.
About Vision Lithium Inc.
Vision Lithium Inc. is a junior exploration company focused on exploring and developing high quality
mineral assets including lithium and copper in
Canada
. The Company is led by skilled and qualified
mineral exploration experts and business professionals with a deep understanding of the battery
materials market, which is driven by lithium-ion batteries. Vision Lithium is committed to discovering
new, world-class assets and bringing these assets to production, starting with the Property to be
acquired pursuant to the Transaction, its Godslith lithium property located in
Manitoba
; the Sirmac
lithium property and the Dôme
Lemieux
porphyry/skarn copper-zinc property, both located in
Quebec
; and its skarn and breccia polymetallic
Red Brook
and Benjamin properties in
Northern 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:
potential mineralization, 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 to complete the Transaction, the long-term prospects of the lithium market, 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: 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, 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.
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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 03:15e 01-DEC-21