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Vancouver, British Columbia, March 20, 2023, Rock Edge Resources (“Rock Edge”, or the “Company”) is pleased to announce that is has entered into an arm’s length letter of intent ("the LOI") to acquire all of the issued and outstanding securities or all or substantially all of the assets of 1403437 BC LTD, including but not limited to the Val-d’Or East Mineral Claims (the “Property”) in the Province of Quebec, Canada. The Property consists of 90 mining claims covering approximately 5,292 hectares or 53 square km. The Property is located 30km southeast of Val-d’Or, accessible via the regional 117 highway.
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. Sayona is also planning for commission of a refinery outputting Lithium Hydroxide approximately 70km southeast of the Property and a third refinery near Becancour some 200km southeast of the Rock Edge’s Val d’Or East Lithium Project.
Quebec will have the only rock to finished battery grade lithium Carbonate and Hydroxide outside of Asia, making Quebec the foremost lithium production hub outside of Asia.
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 contain 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 were ignored until very recently.
The Lac-Granet showing, located on Sayona Mining Limited’s claims is located 3km away from the west limit of the Property and 10km north of the Réservoir Decelles Batholith. A drill program by Canadian Malartic Gold Mines Ltd. in 1955 (GM03673) documented several intercepts of aplite and fine grained granitic dykes as well as pegmatites with greenish muscovite. These pegmatites are likely linked to the batholith being formed at its margin. Such pegmatites are interpreted to being produced during late stages of crystallization, which is a primary condition to form LCT (lithium-tantale-ceasium) pegmatites. The presence of muscovite mineral is also indicative of later stages of crystallization, a key indicative mineral for lithium-bearing pegmatites. Underexplored areas surrounding the Réservoir Decelles Batholith may therefore be considered prospective as they are susceptible to contain LCT type of pegmatites.
Additionally, anomalous lake bottom sediments in Li are found within the Property (5.2 ppm Li, 6.6 ppm Li) or less than 300 m away from its limits (10.2 ppm Li).
Terms of the proposed transaction are cash payments of $30,000 upon closing of the proposed transaction, $30,000 due upon the one year anniversary of closing of the proposed acquisition and the issuance of 750,000 units of the Company (the “Consideration Units”) at a deemed price of $0.10 per Consideration Unit. The Consideration Units will consist of (a) 750,000 common shares of the Company (the “Unit Shares”), and (b) 750,000 common share purchase warrants of the Company (the “Unit Warrants”) entitling holders to purchase one common share of the Company with an exercise price of $0.20 per common share and expiring 3 years from the closing date of the proposed transaction.
Completion of the proposed transaction is subject to a number of conditions, including, but not limited to, execution of a definitive agreement and Canadian Securities Exchange acceptance. There can be no assurance that the definitive agreement will be executed or that the proposed transaction will be completed as proposed or at all.
Figure 1 Area Map with display of Rock Edge’s Val-d’Or East Claims
Technical information relating to the Val d’Or East Lithium property contained in the news release has been approved by Isabelle Robillard, P. Geo, who is a “Qualified Person” within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects.
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
Chief Executive Officer and Director
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.