Currie Rose Acquires Two Advanced Battery Metal Projects in North Queensland Australia
Currie Rose Acquires Two Advanced Battery
Metal Projects in North Queensland Australia
Toronto, Ontario--(Newsfile Corp. - October 27, 2021) - Currie Rose Resources Inc. (TSXV: CUI)
("Currie" or the "Company") is pleased to advise the company will acquire 100% of two Vanadium
(Battery Metal) Projects (the "Project") located in Central North Queensland, Australia (Figure 1).
Highlights:
Currie to acquire 100% of two advanced Vanadium (Battery Metal) assets in North
Queensland.
On completion of all approvals, Currie will have two ASX listed companies as equal major
shareholders:
Chalice Mining Limited (Market cap ~C$2.3B) and
Liontown Resources Limited (Market Cap ~C$3.23B)
The Project includes:
the historic Cambridge Vanadium deposit that:
–
hosts a JORC 12 compliant Inferred Resource of [email protected] V
2
O
5
%
1
–
is the easterly continuation of the Lilyvale Vanadium deposit that contains a JORC
compliant, Indicated & Inferred resource of 560Mt @ 0.48 V2O5% (currently in Feasibility -
ASX: Horizon Minerals LTD)
2
Promising initial independent metallurgical test work on the historical Cambridge deposit
3
Significant Vanadium intercepts at several drilled locations including:
–
Flinders River,
–
Runnymede and
–
Silver Hills
Large areas of underexplored, prospective, outcropping, vanadium rich host strata (Toolebuc
Formation)
Significant historic exploration data from previous explorers
The Project is:
A District scale package, covering approximately 1,240km
2
(124,000Ha)
Close to infrastructure (rail, power & road) and enroute to Townsville Port
Vanadium has been listed by the Canadian, Australian and United States of America
Governments as a critical mineral for both steel alloys and low carbon battery
technologies, notably the Vanadium Redox Flow Thru Battery which is building
momentum for commercial battery storage applications
Governments are providing substantial incentives to Company's working in the
Vanadium Redox Flow Battery technology sector
The deposits are located in the North West Queensland Mt Isa Townsville Economic Zone
(MITEZ) corridor which has been flagged as an area which will receive substantial
funding for infrastructure to encourage development of critical minerals, other
commodities and industry in the region.
Figure 1 - North Queensland Vanadium Project Location
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2005/101060_3c07f5db24b8090b_002full.jpg
Michael Griffiths, Currie's President and CEO, commented
. "Today's 100% acquisition of two highly
rated brown field Queensland Vanadium Projects within the World class Vanadium Hub in North
Queensland is a watershed day for the Company. It marks the first steps into a Battery Metal strategy
which is expected to expand as the world decarbonises."
"
The Liontown acquisition
comes with an expansive, underexplored package and a significant
historical resource at Cambridge that occupies the immediate easterly extension of the neighbouring
2
Lilyvale Vanadium deposit that is currently in feasibility."
"The CGM package
(see details below) also hosts encouraging vanadium drill intercepts and high
calibre exploration data that will potentially deliver further resources with additional infill drilling."
"The combination of the two projects into one entity, provides tremendous opportunity to create a large-
scale focused project and we look forward to commencing the next phase of test work as soon as
possible.
We also welcome two very successful ASX listed Companies to our register as a result of the
transaction and look forward to working with both companies as major shareholders."
Figure 2 - Regional Vanadium Resources (including the Historic Cambridge Deposit)
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2005/101060_3c07f5db24b8090b_003full.jpg
Project Details
The North Queensland Vanadium Project ("NQVP") is the merger of the Toolebuc and Flinders River
Vanadium Projects and is situated approximately 400km west of the port of Townsville (Figure1).
NQVP covers an area of approximately 124,000Ha and is close to rail, road and power infrastructure.
Third party developments in the area have identified the region as a potential Vanadium Hub (Figure 2).
Work by previous explorers and both Vendors, has culminated in the delineation of an historic vanadium
resource (Cambridge Resource) and, has identified several drill ready areas (Runnymede, Silver Hills
and Forrest Creek) with potential to define additional large scale vanadium resources.
The historic maiden Inferred Mineral Resource at Cambridge was released to the ASX in July 2018
1
. A
historic resource of [email protected] V
2
O
5
% was identified and remains open to the north. Cambridge is
located immediately east of the Lillyvale vanadium deposit
2
, within a flat-lying geological horizon, close
to the surface (<30m) and hosted by marine sediments of the Early Cretaceous Toolebuc Formation.
Currie Rose will seek to verify the historic Cambridge resource as soon as practicable and as required
under National Instrument 43-101 (Table 1).
Table 1 - Historic Cambridge Inferred Resource Estimate
1
Resource Category
Million tonnes
V
2
O
5
%
MoO
3
ppm
Inferred
83.7
0.30
188
Total
83.7
0.30
188
Notes
- See Footnote 1
Reported above a V
2
O
5
cut-off grade of 0.25%
Tonnages and grade have been rounded to reflect the relative uncertainty of the estimate
Preliminary independent metallurgical studies by Liontown, have confirmed that the historic Cambridge
Resource is shallow, oxidised, soft, friable and free digging. The ore is considered suitable for pre-
concentration with potential pathways to economic processing.
Wide spaced geological and geophysical data is also at hand and priority targets for first pass
exploration have also been identified.
Further details on the overall package will be released once verification processes have been
completed.
Transaction Details
Liontown Resources Limited Acquisition
On October 27, 2021 Currie Rose entered into an arm's length agreement to
acquire 100% of the
Toolebuc Vanadium Project from Liontown Resources. Subject to TSX Venture Exchange approval,
Currie Rose will:
issue 12,500,000 ordinary shares at a deemed value of A$475,000.
issue 4,000,000 share purchase warrants at C$0.10 with a 2-year expiry.
Grant a 2% Net Gross Revenue Royalty with the Company holding the right to purchase 50% of the
Royalty by making a payment to the Royalty Holder of $1,000,000, in cash.
CGM Lithium Pty Ltd (a wholly owned subsidiary of Chalice Mining Limited) Acquisition
On October 27, 2021 Currie Rose entered into an arm's length agreement to
acquire 100% of the
Flinders River Vanadium Project from CGM Lithium. Subject to TSX Venture Exchange approval, Currie
Rose will:
issue 12,500,000 ordinary shares at a deem value of A$475,000.
issue 4,000,000 share purchase warrants at C$0.10 with a 2-year expiry.
Grant a 2% Net Gross Revenue Royalty with the Company holding the right to purchase 50% of the
Royalty by making a payment to the Royalty Holder of $1,000,000, in cash.
Private Placement Financing
The private placement offering is for a maximum 22,000,000 units (the "Units") of the Company at a
price of $0.05 per Unit (the "Offering"), with each Unit comprised of one share and one common share
purchase warrant (a "Warrant"). Each Warrant will be exercisable to purchase an additional share of the
Company for a period of 24 months from the closing date at a price of CAD$0.10.
The Company anticipates a closing date of November 30, 2021. Proceeds from this offering will be used
for work programs on the Company's exploration properties in Queensland (Australia), the Rossland
Project in British Columbia and for general working capital purposes.
The private placement offering is integral to the proposed acquisitions of Liontown Resources Limited
and CGM Lithium Pty Ltd and therefore the Company expects to rely on the "part and parcel pricing"
exemption outlined in Section 1.7 of TSXV Policy 4.1
The Company may pay finders' fees comprised of cash and non-transferable warrants in connection with
the Offering, subject to compliance with the policies of the TSX Venture Exchange. All securities issued
and sold under the Offering will be subject to a hold period expiring four months and one day from their
date of issuance. Completion of the Offering and the payment of any finders' fees remain subject to the
receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
Why Vanadium
Vanadium has been identified by the Canadian, United States and Australian Governments as a critical
mineral for both alloy steel production and large low carbon power applications - Vanadium Redox Flow
Batteries (
VRB
) for large scale modular energy storage.
Currie Management is of the view that demand for Vanadium will increase over the next few years driven
by battery production and steel industry demand resulting from significant global infrastructure
developments planned because of the global pandemic. Some commodity groups are forecasting
significant Vanadium shortages due to steel demand and further exacerbated with the expected
commercialisation and supply of VRB.
The North Queensland Vanadium Project ("NQVP") has large scale potential in a mining friendly, 1
st
world jurisdiction and is well poised to be a strong contributor to the world market. The Project is well
advanced in terms of drilling and preliminary metallurgical testing.
VRB development is advancing at pace. Compared to other commercial scale renewable battery
solutions the VRB offers:
Low carbon footprint in the making and life of the battery
Fast charging, batteries charge significantly faster than peers
Significantly higher charging
Large scalable energy storage for grid and microgrids
Rapid release of large quantities of energy
Increased safety - non-flammable
Reduced Cost v's Lithium Energy Storage and Batteries
Vanadium electrolyte re-usable, recyclable longer life span compared to other batteries
For Additional Information please contact:
Mike Griffiths, CEO
Office: 905-688-9115
Email:
Catherine Beckett, Manager Corporate Affairs
Office: 905-688-9115
Email:
About Currie Rose Resources Inc.
Currie Rose is a precious and battery metal explorer focused on identifying high value assets in Canada
and Australia. Our immediate focus is the advanced North Queensland Vanadium Project in Queensland
Australia.
Please visit our website located at
www.currierose.com
Qualified Persons
The Currie Rose scientific and technical information in this news release has been prepared in
accordance with the Canadian regulatory requirements set out in National Instrument 43-101
(Standards of Disclosure for Mineral Projects) and reviewed and approved on behalf Currie Rose
Resources by Michael Griffiths, FAusIMM, President & CEO for Currie Rose Resources, a Qualified
Person.
Forward-Looking Statements
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 news release may contain forward-looking statements that are based on the Company's
expectations, estimates and projections regarding its business and the economic environment in
which it operates. Statements about the closing of the transaction, expected terms of the transaction,
the number of securities of Currie Rose that may be issued in connection with the transaction, and the
parties' ability to satisfy closing conditions and receive necessary approvals are all forward-looking
information.
These statements are not guarantees of future performance and involve risks and
uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ
materially from those expressed in these forward-looking statements and readers should not place
undue reliance on such statements. Statements speak only as of the date on which they are made,
and the Company undertakes no obligation to update them publicly to reflect new information or the
occurrence of future events or circumstances, unless otherwise required to do so by law.
1
ASX:LTR - Liontown Announces Maiden 84Mt Vanadium Resource for Toolebuc Project, NW Queensland -
30
th
July 2018)
2
ASX:HRZ - Richmond-Julia Creek Vanadium Project Update -16 June 2020
3
Inception Consulting Engineers Pty Ltd (Met Review on the Historical Data on Toolebuc Vanadium Project, 30-8-2019
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