VANCOUVER, BC / ACCESSWIRE / June 14, 2023 / Rock Edge Resources Ltd. (the "Company" or "Rock Edge") (CSE:REDG) is pleased to announce that the Company has acquired additional land after concluding its 2023 field program on their Pag North property (the "Property") located 30 km southeast of Longlac, Ontario. The Property has been mapped and sampled for its rare-element pegmatite-hosted mineralization and gold potential.
Prospecting has uncovered several pegmatite dykes ranging in size from 0.5 to 15 m or more. Overburden stripping will need to be completed to determine actual widths. The pegmatites are typically white to yellowish in colour. Quartz and plagioclase graphic crystal intergrowth with subordinate muscovite (sometimes abundant), tourmaline, biotite and garnet are recognizable minerals in outcrop with possible beryl and a black mineral possibly identified as tantalite or columbite. These are favourable indicator minerals for possible fractionating rare-element pegmatites from a fertile parental melt. Analytical results will be needed to confirm rare-element levels. Sampling has been completed utilizing a rock saw.
The following salient features gained from the boots-on-the-ground field program underpin the potential of the Property to host rare-element pegmatite-hosted mineralization:
- A total of 241 waypoints collected, with 54% of those being pegmatites.
- A total of 144 samples were taken, with 72% of those comprising rock saw channel samples of pegmatites.
- Of the pegmatite channel samples, 29% ranged between 0.5 to 1.0 m wide.
- Pegmatite dyke geometry has been documented with widths between 10 cm and 30+ m wide traceable along strike up to 200 m in length.
- Pegmatites are typically yellowish to white in colour with quartz and white feldspar graphic crystal intergrowth and contain coarse muscovite, tourmaline, biotite, garnet, possible beryl or apatite and a black mineral thought to be tantalite or columbite. These are favourable indicator minerals for possible fractionating rare-element pegmatites from a fertile parental melt (Breaks et al., 2003). Analytical results will be needed to confirm rare-element levels.
Charles Desjardins, CEO of Rock Edge, states, "We are incredibly excited about the Pag North property's immense potential. With these additional claims, Rock Edge looks to expand on Pag North's recently concluded exploration, which uncovered a high percentage of pegmatite samples, and their mineralogical characteristics underscore the untapped opportunities within this area. Pag North could be a game-changer for our Company representing a significant milestone in our quest to secure valuable lithium mineral resources."
The Transaction
Rock Edge acquired an additional 12 claims (244 cells) from two third parties, Gravel Ridge Resources Ltd. and 1544230 Ontario Inc. (collectively the "Vendors") for an aggregate cash payment of $12,200. Subject to an amending agreement dated June 12, 2023, between the Vendors and the Company, the additional claims will be added to Schedule "A" and subject to the terms and conditions of the original Purchase Option Agreement Pagwachuan Lithium, dated February 6, 2023, between the Vendors and the Company.
Maun Lithium Property
The Maun Lithium Property consists of 51 mining claims totaling 1,454 hectares. The property straddles the terrane boundary between the East Wabigoon and English River subprovinces. These terrane boundaries are integrally related to the location of northwestern Ontario lithium deposits and occurrences, as they act as deep-seated sutures for parental granitic melts (Breaks et al., 20031). The Maun Lithium Property is located approximately 2.3 km east of Superb Lake.
Terrier Lithium Property
The Terrier Lithium property consists of 19 mining claims totaling 2,636 hectares. The property lies 8 km north of the English River-East Wabigoon terrane boundary. The property is located along the edge of a muscovite-bearing granitic pluton, a peraluminous S-type fertile parental granite (Breaks et al., 20031) and in contact with metasediments. Metasediments make excellent exo-contact hosts for rare-element pegmatites fractionating from a fertile granitic parent (Breaks et al., 20031). An east-trending structural feature mapped by the OGS transects the property providing possible pathways for parental granitic melts. Reconnaissance mapping by the Ontario Department of Mines in 1931 along river and lake systems identified several pegmatites hosted within muscovite-bearing granites and metasediments. Some of these occurrences are located on the Terrier Lithium Property. Diamond drilling by Anaconda Mining in 1956 investigating iron formations to the north of the property noted white pegmatites containing garnet, tourmaline, muscovite and some instances fluorite with downhole intervals up to 30 m (OGS assessment file 42L10NE0004). These minerals are good indicators of fractionation from a fertile parental granite (Breaks et al., 20031). Anaconda did not assay the pegmatites.
Superb Lake Lithium Property
The property consists of approximately 2,378 hectares land in the O' Sullivan Lake / Maun Lake area of the Thunder Bay Mining District of Northwestern Ontario, Canada. Geologically, the property is situated in the eastern part of Wabigoon Subprovince of the Superior Geological Province. The Superb Lake area has historical exploration work carried out since the 1950s with the discovery of lithium along the shores of Superb Lake. The Superb Lake pegmatite has a minimum outcrop exposure of a strike length of 16 m, and its width varies from 2.5 m at the shoreline to a maximum of 3.7 m, where an old blast pit was excavated. The results of four samples taken in 2020 from spodumene-rich part indicate lithium oxide (Li2O) values in the range of 1.77 % to 4.03%, and from December 14, 2022, a recorded surface channel #3 of 2.47% Li2O over 3.2 m, which includes 5.84% Li2O over 1.1 m.
Val-d'Or East Lithium Property
The property is located approximately 65km southeast from The NAL Lithium Processing Plant (A Piedmont/Sayona Joint Venture), which just announced it produced its first batch of spodumene concentrate (SC6) and 30km southwest of Val-d'Or, a logistics hub for mining service. Currently, three lithium refiners are in the works, with Sayona planning to commission a refinery that will output Lithium Hydroxide, located approximately 70km southeast of the property. Additionally, there is a third refinery planned by Nameska near Becancour, about 200km southeast of the Rock Edge's Val d'Or East Lithium Project.
The property is contiguous to Sayona Mining Limited's (ASX: SYA) Property and to Brunswick exploration property. The Property lies chiefly on the metagraywackes of the Pontiac Geological Subprovince. The Réservoir Decelles Batholith is located 1-3km away from the Property and consists of a heterogeneous granite which contains muscovite-pegmatites. The vicinity of the Property was prospected for Cu-Ni (Lac Granet, Lac Louvicourt-South and Céré-Villebon), and the search for pegmatites was ignored until very recently.
References
- Breaks, F.W., Selway, J.B. and Tindle, A.G. 2003. Fertile peraluminous granites and related rare-element mineralization in pegmatites, Superior Province, northwest and northeast Ontario: Operation Treasure Hunt; Ontario Geological Survey, Open File Report 6099, 179p
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P. Geo., who is an independent Qualified Person (QP) as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Rock Edge announces that it will not be proceeding with the private placement announced on April 17, 2023. Furthermore, the Company is pleased to announce that it has arranged a non-brokered private placement of up to 4.0 million units ("Units") at a price of $0.05 per Unit for aggregate gross proceeds of up to $200,000.00 (the "Offering"). Each Unit will be comprised of one common share ("Share") and one transferable share purchase warrant ("Warrant") of the Company. Each Warrant will entitle the holder to purchase one Share of the Company at a price of $0.08 per Share for a period of 24 months from the date of issuance. Proceeds raised from the Offering will be used for exploration activities on the Company's lithium properties in Ontario and for general working capital and unallocated funds as per Tier 2 status requirements. The Company has also arranged a non-brokered Critical Minerals flow through private placement of up to 3.0 million units ("FT Units") of the Company at a price of $0.07 per FT Unit for aggregate gross proceeds of up to $210,000. Each Critical Minerals FT Unit consists of one flow through share ("FT Share") of the Company that qualifies as a Critical Minerals flow through share (for purposes of the Income Tax Act (Canada)) and one transferable non- flow-through share purchase warrant of the Company ("NFT Warrant"). Each NFT Warrant will entitle the holder to acquire an additional Share of the Company at a price of $0.10 per Share for a period of 24 months from the date of issuance.
The Company intends to use the gross proceeds of the flow-through private placement to incur "Canadian exploration expenses" and "flow-through critical mineral mining expenditures" as defined in the Income Tax Act (Canada).
The Shares, Warrants and NFT Warrants and Shares underlying the Warrants and NFT Warrants will be subject to a four-month-and-one-day statutory hold period from the date of issuance.
About Rock Edge Resources Ltd.
Rock Edge Resources Ltd. is focused on acquiring and exploring mineral property assets, with a specific emphasis on the Northwestern Ontario Lithium belt and the province of Quebec. Its objective is to locate, develop and bring to market economically viable properties that contain critical minerals, base metals and precious metals. With the support of the Ontario government's Critical Minerals Strategy, Rock Edge is poised to take advantage of the growing demand for these essential minerals and contribute to the region's economic growth.
On Behalf of the Board of Directors
Charles Desjardins
Chief Executive Officer and Director
Phone #604-808-3156
Email: info@rockedgeresources.com
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
Forward Looking Statements
This news release contains "forward-looking statements" and "forward looking information" (as defined under applicable securities laws), based on management's best estimates, assumptions, and current expectations. Such statements include but are not limited to, statements with respect to the plans for future exploration and development of the Company's properties and the acquisition of additional exploration projects. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", "anticipates" "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such statements, including but not limited to: risks related to the receipt of all necessary regulatory and third party approvals for the proposed operations of the Company's business and exploration activities, risks related to the Company's exploration properties; risks related to international operations; risks related to general economic conditions, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of commodities including lithium and gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in reserves; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of exploration, development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in jurisdictions in which the Company operates. . Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements and forward-looking information are made as of the date hereof and are qualified in their entirety by this cautionary statement. The Company disclaims any obligation to revise or update any such factors or to publicly announce the result of any revisions to any forward-looking statements or forward-looking information contained herein to reflect future results, events or developments, except as require by law. Accordingly, readers should not place undue reliance on forward-looking statements and information. Please refer to the Company's most recent filings under its profile at www.sedar.com for further information respecting the risks affecting the Company and its business.
SOURCE: Rock Edge Resources Ltd.
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