Molten Metals Options the Gathering Lake and Triangle Lake Properties Adding Two Highly Prospective Pegmatite Projects
Molten Metals Corp. ("MOLT" or the "Company") (C: MOLT) (FSE: Y44), a North American mineral acquisition and exploration company focused on the development of drill-ready critical and precious metal projects, is pleased to announce that, subject to the approval of the Canadian Securities Exchange (the "Exchange"), the Company has executed an option (the "Option Agreement") with Usha Resources Ltd. ("Usha" or the "Vendor") for the right to purchase an undivided 100% interest in two (2) lithium pegmatite projects located in Ontario: the "Gathering Lake" and "Triangle Lake" Projects (collectively, the "Properties"). "We are very pleased to be able to add such quality projects to our growing portfolio of assets" said Rishi Kwatra, CEO of Molten Metals. "Each of these properties has the technical merit to be the next major discovery in Ontario's growing lithium hotbed."
The acquisition of these assets is a continuation of the Company's strategy to build an accretive portfolio of highly complementary assets.
"This summer will be a very busy time for the Company as we begin exploration at our newly assembled portfolio," Kwatra continued. "We look forward to sharing updates with our shareholders as exploration occurs at each of these very exciting projects in our portfolio."
Property Summary
Gathering Lake and Triangle Lake, collectively covering over 5,000 hectares, are located within the prolific Georgia Lake pegmatite field, east of Rock Tech Lithium's Georgia Lake Deposit, which hosts a 10.6 Mt indicated resource at 0.88% Li2O and 4.22 Mt inferred resource at 1.04% Li2O, and Imagine Lithium's Jackpot Discovery which has identified 25.5 metres at 1.21% Li2O. Lithium occurrences in this field run along a primary fault which runs through Triangle Lake and is adjacent to Gathering Lake, suggesting that the mapped pegmatites on these properties may be highly fractionated LCT-pegmatites that bear spodumene.
Readers are cautioned that the geology of nearby properties are not necessarily indicative of the geology of the Company's properties.
Usha has identified beryl and tantalum within pegmatites within the exploration completed to-date, confirming the presence of an evolved lithium-cesium-tantalum ("LCT") system. The identification of beryl and tantalum is a key finding that confirms that the Gathering Lake Project has a highly evolved LCT?system. As tantalum in particular is present in more evolved phases within an LCT?system, this indicates that the system could contain spodumene, the key lithium-bearing mineral in pegmatites.
The Terms of the Agreements
To earn 100% interest in the Properties, the Company will make a cash payment of $5,000 and issue1,306,250 common shares in the capital of the Company (the "Shares") to Usha, and also issue 68,750 Shares to the original owner of the Properties ("Original Owner"), as per an underlying acquisition agreement that exists between Usha and the original owner, for an aggregate of 1,375,000 Shares, within 10 days of receipt of approval from the Exchange.
Molten Metals will assume a 2% net-smelter returns royalty (the "NSR") of which the Company may purchase half at any time for consideration of $1,000,000 per option.
Qualified person
The technical content of this news release has been reviewed and approved by Mr. Deepak Varshney, P.Geo., a qualified person as defined by National Instrument 43-101.
About Molten Metals Corp.
Molten Metals Corp. is a North American mineral acquisition and exploration company focused on the development of quality critical and precious metal properties that are drill-ready with high-upside and expansion potential.
MOLTEN METALS CORP.
Rishi Kwatra
Chief Executive Officer
Molten Metals Corp.
604.760.3999
ir@moltenmetalscorp.com
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
Forward-looking statements:
This news release may include "forward-looking information" under applicable Canadian securities legislation. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.
The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
