Altair Gold Inc.: Acquisition of the Mathers Lithium Property in Quebec
(firmenpresse) - Altair Gold Inc.: Acquisition of the Mathers Lithium Property in Quebec
Altair Gold Inc. has signed a letter of intent to acquire 100 per cent of the shares of Mathers Lithium Corp., which sole asset is the Mathers lithium property in Quebec.
The Mathers lithium property consists of 213 contiguous claims totalling approximately 12,290 hectares. The claims are located 32 kilometres south of the community of Malarctic and 50 kilometres southwest of RB Energy Inc.'s (formerly Canada Lithium's) Quebec lithium project, which hosts 17.1 million tonnes of 0.94 per cent lithium oxide. Other lithium showings in the vicinity of the project include the Ile du Refuge showing less than 10 kilometres south of the claims which 2.1 per cent lithium; the Lac Simard showing located 10 km west of the claims which contained 1 per cent lithium oxide; and the Wells-Lacourciere showing 23 km northwest of the claims which contained 2.87 per cent lithium. Though there are several lithium occurrences in the vicinity, the property itself has seen limited exploration. Geological mapping and outcrop mapping were conducted in 1956 and 1957, respectively, with the geological mapping being reinterpreted in 2009. This new geologic map revealed the presence of multiple zones of pegmatite and granite. The work on the property in the 1950s identified three beryl showings in pegmatite veins; this is important as these pegmatites could also host lithium mineralization. No drill testing has been recorded on the claim group.
The proposed terms of the acquisition of Mathers Lithium Corp. are the payment of $30,000 and 500,000 common shares of Altair Gold. The shares are to be issued upon TSX Venture Exchange approval. A total of 375,000 shares will be subject to voluntary trading restrictions as follows: 125,000 restricted from trading for three months, 125,000 restricted from trading for six months and 125,000 restricted from trading for nine months. The proposed acquisition is an arm's-length transaction and is subject to a definitive agreement. Upon closing the company will pay a finder's fee of 56,380 shares. This acquisition and related finder's fee remain subject to acceptance of filings with the TSX Venture Exchange.
John Huguet, chairman of the board, said: "The company has now completed its land assembly in the Abitibi region of Quebec having acquired more than 18,000 hectares (180 square kilometres). The province of Quebec is one of the best jurisdictions in the world for resource companies. We believe the shift in the lithium market towards higher-quality properties bodes well for the lithium deposits in Quebec. The company will now plan its work programs for the coming months and the results of these programs will tell us how serious a participant we can become." C. Ulansky, PGeo, a qualified person, has reviewed and verified the technical contents of this release.
To learn more about Altair Gold, please visit http://altairresources.com.
ON BEHALF OF THE BOARD,
John Huguet
John Huguet, FCPA, FCMA
Chairman and Independent Director
ALTAIR GOLD INC.
#1305 - 1090 West Georgia Street
Vancouver, BC, Canada, V6E 3V7
Tel: 604-685-9316
Fax: 604-683-1585
Neither 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.
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Datum: 03.06.2016 - 11:35 Uhr
Sprache: Deutsch
News-ID 475532
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