– Historic Work Returned Values of up to 15% Zinc and up to 2.62 g/t Gold and 0.5% Copper –
Val-d’Or, Québec, June 3, 2020 – Vision Lithium Inc. (TSXV: VLI) (OTC PINK: ABEPF) (the “Company” or “Vision Lithium”) is pleased to announce the signing of a definitive purchase agreement for the arm’s length acquisition (the “Transaction”) of a 100% undivided interest in the Red Brook, Epithermal and Benjamin mineral exploration properties (the “Properties”) from 9248-7792 Quebec Inc. (“9248”) and Prospect Or Corp. (“POC”). The three contiguous Properties comprise 17 mineral claims covering 4,760 hectares (47.6 km2) located approximately 60 km West of the mining centre of Bathurst in Northern New Brunswick. The Properties are easily accessible by year-round, well-maintained forestry road infrastructure.
Under the agreement, Vision Lithium will issue 6,000,000 common shares of the Company to 9248 and 4,000,000 common shares to POC and will grant the vendors a 2% net smelter return royalty on the Properties, one-half of which may be repurchased by Vision Lithium for $1,000,000. The Transaction remains subject to the approval of the TSX Venture Exchange.
The Properties are located west of the Bathurst VMS District. A sequence of Ordovician and Silurian supracrustal rocks is intruded by Middle Devonian Granodiorite as well as other Siluro-Devonian felsic intrusions with which porphyry, skarn and other mineralization is genetically and spatially related. Similar Cu porphyry-base metal skarn related mineralization occurs at Gaspé-Needle Mountain porphyry copper deposit and at the Company’s Dome Lemieux property associated with Devonian intrusives in the Gaspésie region of Quebec.
Yves Rougerie, President and CEO of Vision Lithium commented, “This large group of contiguous properties contain several significant gold, zinc, copper and silver occurrences which show excellent potential for expansion of existing mineralized zones as well as discovery of new mineralized bodies and trends. The Properties have undergone only partial evaluation and much work must be done to further develop their potential. Based on the historical work done by previous explorers we have already identified high priority targets where we will focus our exploration program beginning this summer.”
Red Brook Property
Following the discovery by prospectors of rocks with a high zinc content of up to 13%, a large stripping program was completed on two highly altered zones (A and B). Zone “A” returned values of up to 15% Zn as well as gold and copper values up to 2.62 g/t Au and 0.5% Cu.
Best Selected Samples from Zone “A” on the Red Brook Property:
|Zn %||Cu %||Au g/t|
|Cu %||Au g/t||Zn %|
The stripping and sampling of zone “B” also returned anomalous values of up to 0.33 g/t Au and 0.48% Cu. Subsequent to this work, Rio Tinto optioned the Red Brook property and adjacent claims in order to evaluate the near surface Copper Porphyry and related Cu-Zn skarn type potential. They completed a large IP survey on the property itself and adjacent claims. The results of the IP survey indicated the presence of high chargeability IP anomalies. The high chargeability anomalies appear to be related to pyrrhotite mineralization, which is ubiquitous in the high-grade lens from zone “A”. The altered areas from zone “A” with values up to 2.62 g/t Au, 0.55% Cu, 15% Zn, all contain massive pyrrhotite.
The high-grade Zone “A” lens on the Red Brook property has never been tested by drilling. The strong chargeability anomalies which extend over more than 4 km have also not been drill tested. Both represent high priority drill targets. Further field exploration, stripping and sampling are also warranted on this property.
The Epithermal property is located in between and contiguous to both the Red Brook and Benjamin properties. It was only recently staked following construction of new forestry access roads. The vendors discovered a large outcrop of sericite-altered rhyolite with apparent breccia textures and quartz veins. A single sample assayed 40 ppb Au, indicating a fertile environment for gold mineralization. The occurrence has no reported prospecting or drilling history. Field work is required to advance this new and exciting prospect.
The Benjamin property is located east of the Epithermal property. The property covers approximately 15 sq. km. and is host to a copper-molybdenum porphyry type deposit in intensely altered and fractured granodiorite porphyry, part of a Devonian intrusive complex. Best historical intersections include 218m @ 0.22% Cu, 312m @ 0.12% Cu, 52m @ 0.20% Cu, 10m @ 0.39% Cu and 10m @ 0.30% Cu.
Stratmat first explored the area in 1954, followed by Soquem-Temex in the 1970’s. In the summer of 2019, the Vendors located two old trenches using a Lidar map, and resampled the old trench of hole 7014, as well as the old trench in the South C zone. The trenches exhibit altered and mineralized rocks. The trench along hole 7014 returned values of up to 1.14 g/t Au. The description of the drill hole in the Soquem report describes a 200m hole with mineralized rhyolite, which appears to coincide with the surface rocks found in the trench. Drill holes were not assayed for gold at the time of drilling. The core for several of the historic drill holes is preserved and may be available for resampling and assaying for gold.
The Benjamin property has been recognized as a porphyry copper-moly type. It is near a large granite intrusive. Only a relatively small area near the intrusive has been tested. A thorough prospecting program is recommended along with trenching and sampling and ground IP surveys. In addition, a review of the porphyry deposit is warranted to model the deposit, evaluate its potential at depth and its gold potential. The property warrants a further evaluation for porphyry deposits and contact related skarn deposits and their gold potential.
The Company is planning an exploration program for these Properties in 2020 and looks forward to developing all three projects.
The scientific and technical information in this release has been reviewed and approved by Yves Rougerie, Geologist, President and CEO of the Company. Mr. Rougerie is a “qualified person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
About Vision Lithium Inc.
Vision Lithium Inc. is a junior exploration company focused on exploring and developing high quality mineral assets including gold, copper and lithium in safe jurisdictions, primarily in Canada. The Company is led by skilled and qualified mineral exploration experts and business professionals. Vision Lithium is committed to discovering new world class assets and bringing these assets to production, starting with its Dôme Lemieux copper property and Sirmac lithium property, both located in Quebec, Canada, and the Company’s New Brunswick properties.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: potential mineralization, estimates of cut-off grade, the Company’s plans for further drilling and exploration, the Company’s ability to obtain all required approvals to complete the Transaction, and the business and operations of the Company upon completion of the proposed Transaction. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks and other factors include, but are not limited to: additional drilling and exploration may lead to a determination that there is no potentially viable mine plan for the Properties; general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the ability of the Company to execute and achieve its business objectives. There can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For additional information regarding the Transaction, please contact:
President and Chief Executive Officer
Email: [email protected]