VANCOUVER, BC / ACCESSWIRE / December 2, 2019 / Infinite Lithium Corp. ("ILI" or the "Company") (TSX.V:ILI) is pleased to announce that the Company has acquired 5 claims comprising 80 units and 1,425 hectares, known as the "Eastern Vison" property, approximately 20 kilometers due east of the eastern boundary of Great Bear Resources Corp.'s (TSX.V:GBR) Dixie Project located in the Red Lake District of Ontario. Great Bear is an industry exploration leader with multiple gold discoveries along a 3.2-kilometre stretch of the 18-kilometre-long LP fault target, with a 90,000-metre drill program in progress and fully financed drill program.
The Eastern Vision property straddles a projected east-west feature, interpreted as a fault zone with multiple volcanogenic massive sulphides ("VMS") known to occur north of the Eastern Vision property. The Eastern Vision property is approximately 25 kilometers east-north-east of the active drilling by BTU Metals Corp.("BTU") on the recently reported "TNT" VMS target.
ILI Director Gerhard Jacob, MSc, states: "We are pleased to acquire this strategic property, in a district with an exciting new gold discovery by GBR on the Dixie property, and excellent potential for base and precious metal VMS mineralization. The Company's management and consultants have extensive experience in this area of Ontario and these types of deposits."
The Company is acquiring a 100% interest in the claims comprising the Eastern Vision property from an arms-length vendor through cumulative payments of Cdn $72,000 in cash, and the share issuance of 800,000 shares, over a three (3) year period. The vendor retains a 1.5 % Net Smelter Royalty ("NSR"), 50% of which is purchasable by ILI for $1,000,000 at any time.
Mr. Kelly Malcolm, P.Geo, is the qualified person as defined by National Instrument 43-101 who has examined and described the geological information available from public sources related to the property, and is responsible for reviewing and approving the technical contents of this press release.
About Infinite Lithium Corp.
Infinite Lithium is a junior mining exploration company focused on seeking and acquiring world-class mining exploration projects globally for the benefit of its stakeholders.
ON BEHALF OF THE BOARD
"John Masters"
John Masters, Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770
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.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
SOURCE: Infinite Lithium Corp.
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https://www.accesswire.com/568671/Infinite-Acquires-Eastern-Vision-Property-in-The-Red-Lake-District-Canada
