Cardiff Energy Corp Announces Work Program for its Eastmain River Lithium Property, and Details Property Transactions

Vancouver, BC / September 1 2016 / TheNewswire - Cardiff Energy Corp. (the "Company") (TSX-V: "CRS", Frankfurt: "C2Z.F", US Pinksheets: "CRRDF") is pleased to announce plans for a fall exploration program of its Eastmain River lithium Property (the "Property") located in the James Bay region of Quebec. Furthermore, as a result of a review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify its disclosure.
The Eastmain River Property consists of three claim blocks, totalling 3,377 hectares (ha), and is considered prospective for lithium bearing spodumene pegmatites. Good infrastructure is present in the area with a gravel road and powerline passing within several kilometres of the Property. The northern claim block totals 2,268 ha in size, with the two southern claim blocks totalling 1,109 ha in size combined.
A Property map may be found at the following link:
http://www.cardiffenergy.com/i/pdf/Eastmain-Lithium-2016.pdf
The Property is situated in the vicinity of the James Bay (Cyr / Eastmain) Deposit of Galaxy Resources, which is reported to contain indicated resources of 11.8 million tonnes (Mt) at 1.30% Li2O and inferred resources of 10.5 Mt at 1.20% Li2O at a 0.75 per cent Li2O cut-off (see Galaxy Resources Ltd.'s technical report dated Dec. 30, 2010).
Management cautions that past results or discoveries on adjacent properties may not necessarily be indicative to the presence of mineralization on the Company's properties. The Company would like to emphasize that the information provided in their June 22, 2016 and July 11, 2016 news releases pertained to adjacent properties and not the Company's, and it is not indicative of the mineralization on the Eastmain River Lithium Property as geology and mineralization could differ substantially. Additionally, in both releases the Company failed to provide the name and relationship to the Company of the qualified person who prepared, supervised the preparation of the information forming the basis of the disclosure, and approved the disclosure.
The Company intends to carry out a fall exploration program that will include prospecting of previously mapped pegmatite occurrences noted on the two southern claim blocks, with an emphasis on identifying spodumene. Pegmatites with lithium bearing mineralogy, if so discovered, will be mapped and undergo surface grab and/or channel sampling for further assessment. In addition, prospecting will be completed on the remainder of the Property in an effort to locate additional pegmatite occurrences of interest.
The Company has retained Dahrouge Geological Consulting Ltd. ("Dahrouge") to manage the exploration of the Eastmain River lithium Property. Dahrouge is a mineral exploration, consulting, and project management group based out of Edmonton, Alberta, Canada, with considerable experience in numerous jurisdictions and over a wide array of commodities (including lithium), and are credited with the discovery of several notable deposits (Upper Fir, Ashram, Parsons Creek, J-Zone, etc.).
Eastmain River Property Agreements
The right to acquire the Eastmain River Property is outlined in two separate purchase agreements; the northern claim block in the first agreement (see news release dated June 22nd, 2016), and the two southern claim blocks in the second agreement (news release July 11th, 2016).
With respect to the northern claim block, the Company may earn a 100% interest from Zimtu Capital Corp. by issuing:
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-$12,000 cash payment upon signing
-$300,000 cash payment on or before November 30th, 2016
-1,500,000 common shares upon Exchange approval
-1,500,000 common shares on 1-year anniversary of signing
The agreement is subject to a 2.0% Net Smelter Royalty (NSR), of which, half (50%) may be repurchased for $1,000,000. The Company must also keep the claim block in good standing for the term of the agreement.
With respect to the two southern claim blocks, the Company may earn a 100% interest by issuing:
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-$20,000 cash payment to DG Resource Management Ltd. upon Exchange approval
-750,000 common shares to DG Resource Management Ltd. upon Exchange approval
-750,000 common shares to Zimtu Capital Corp. upon Exchange approval
-750,000 common shares to DG Resource Management Ltd. 1-year after signing
-750,000 common shares to Zimtu Capital Corp. 1-year year after signing
The agreement is subject to a 2.0% Net Smelter Royalty (NSR), of which, half (50%) may be repurchased for $1,000,000. The Company must also keep the two claim blocks in good standing for the term of the agreement.
The Company has obtained conditional approval from the TSX Venture Exchange contingent on the Company providing an NI 43-101 technical report on the Property, as well as the filing of a financial plan outlining exploration program funding for a period of no less than six months.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geol., Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101, has reviewed the technical information in this news release.
About the Company
Cardiff is an emerging junior oil and gas and resource exploration company engaged in the acquisition, exploration, development and production of projects. Cardiff is listed on the TSX Venture Exchange under the symbol CRS. For additional details please visit Cardiff's website at www.cardiffenergy.com
For additional information contact:
Jack Bal, President and CEO
604-306-5285
jackbalyvr@gmail.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Jack Bal"
Jack Bal,
President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements relating to the future operations of the Company. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are exploration risks detailed from time to time in the filings made by the Company with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.
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