Canada Strategic Signs an Agreement with Lomiko Metals to Sell 40% Interest in La Loutre Graphite Property
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 09/23/14 -- Canada Strategic Metals Inc. ("Canada Strategic Metals" or "the Company") (TSX VENTURE: CJC)(FRANKFURT: YXEN)(OTCBB: CJCFF) is pleased to announce that it has completed the sale of an undivided interest of 40% in the La Loutre property located in Quebec to Lomiko Metals Inc. ("Lomiko").
Lomiko will acquire an undivided interest of 40% in the La Loutre Property by issuing an aggregate of 1,250,000 common shares, at a deemed price of $0.07 per share, by paying $12,500 cash and by incurring $500,000 in Exploration Expenditures, as follows:
The La Loutre Property consists of 1 large contiguous block of 42 mineral claims totaling 2,508.97 hectares (25.09 km2) located approximately 53 km east of Timcal's Lac des Iles graphite mine, 117 km northwest of Montreal in southern Quebec.
The La Loutre Property was originally explored for base and precious metals by Soquem in 1989. Based on the results of a helicopter-borne electromagnetic (EM) survey, prospecting and reconnaissance geological mapping, their work identified several zones of parallel conductors each measuring as much as 2 kilometers long. Ground exploration followed in 1990, and according to historical reports by Levesque and Marchand, graphite is present in different lithologies on the property. The geology is consistent with the Central Metasedimentary Belt of the Grenville Province and includes quartzofeldspathic rocks, quartzite, biotite gneiss, marble and locally pegmatitic quartzofeldspathic rocks. Graphite is locally present in quartzite and biotite gneiss and in shear zones where the graphite content usually ranges from 1-10% graphite on surface, including visible flakes, with the showings indicating an apparent strike length of approximately 5 kilometers, giving a large prospective area to explore for a graphite resource.
Graphite grab sample assay results derived from the Company's recent sampling and mapping program on the La Loutre property. The sampling program has confirmed a graphite bearing structure covering an area approximately 7 kilometers by 1 kilometer with results of up to 22.04% graphite in multiple parallel zones of 30-50 meters wide. Another area has also been identified covering approximately 2 kilometers by 1 kilometer in multiple parallel zones of 20-50 meters wide which includes results up to 18% graphite.
La Loutre graphite purity results
Graphite results
Jean-Sebastien Lavallee (OGQ #773), geologist, shareholder and President and Chief Executive Officer of the Company and a Qualified Person under NI 43-101, has reviewed and approved the technical content of this release.
About Canada Strategic Metals
Canada Strategic Metals is an emerging company focused on the exploration and development of a number of projects covering over 20,000 hectares in Quebec. With broad management experience in green technology and junior resource exploration and development, Canada Strategic Metals is well positioned to aggressively advance this promising property portfolio for its shareholders.
For more information on the Company, please visit .
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.
Contacts:
Jean-Sebastien Lavallee, P. Geo
President & Chief Executive Officer
819-354-5146
Paradox Public Relations
514-341-0408
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Datum: 23.09.2014 - 12:30 Uhr
Sprache: Deutsch
News-ID 338273
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MONTREAL, QUEBEC
Kategorie:
Mining & Metals
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