Rock Edge Executes Agreement To Acquire Val-Or East Rock Edge Resources Executes Definitive Agreement To Acquire Val-d'Or East
VANCOUVER, BC / ACCESSWIRE / April 11, 2023 / Rock Edge Resources ("Rock Edge,"or the "Company") is pleased to announce that it has entered in a definitive agreement to acquire all of the issued and outstanding securities in the capital of 1403437BC Ltd. (the "Acquisition").
1403437 BC Ltd. holds a 100% undivided interest in 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. Currently, three lithium refiners are in the works, with Sayona planning to commission a refinery that will output Lithium Hydroxide, located approximately 70km southeast of the Property. Additionally, there is a third refinery planned by Nameska near Becancour, about 200km southeast of the Rock Edge's Val d'Or East Lithium Project.
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 Rservoir 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 Cr-Villebon), and the search for pegmatites was ignored until very recently.
Charles Desjardins, CEO of Rock Edge, states, "Quebec's commitment to sustainable energy and its strategic position in the global lithium market is paving the way for a brighter, cleaner future. With the Val-Do'Or East Lithium Project, Rock Edge is not only solidifying its presence in this hub of innovation but also contributing to the advancement of sustainable energy on a global scale."
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 Rservoir 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 Rservoir 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).
Pursuant to the terms of the Acquisition, shareholders of 1403437 BC Ltd. will receive cash payments of $30,000 upon closing of the Acquisition, $30,000 on or before the one-year anniversary of the closing of the Acquisition and will be issued 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 Acquisition.
Completion of the Acquisition is subject to a number of conditions, including, but not limited to, receipt of all necessary shareholder and regulatory approvals, the execution of related transaction documents, and Canadian Securities Exchange ("CSE") acceptance. There can be no assurance that the Acquisition will be completed as proposed or at all. All securities issued in connection with the Acquisition will be subject to a four-month-and-one-day statutory hold period from the date of issuance.
Qualified Person
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
Charles Desjardins
Chief Executive Officer and Director
Phone #604-808-3156
Email: info@rockedgeresources.com