Vancouver, British Columbia--(Newsfile Corp. - December 13, 2021) - Infinite Ore Corp. (TSXV: ILI) (OTCQB: ARXRF) (the "Company") is pleased to announce that it has entered into an agreement (the "Purchase Agreement") with an arms length party increasing the Jackpot lithium project by acquiring a 100% interest in claims adjacent to those holding the historical resource of 2 million tons grading 1.09% Li2O. The newly acquired claims may hold the western extension of the pegmatite dykes that contain the historical resources.
A sampling program completed in 2016 identified pegmatite showings on trend with the Jackpot pegmatite dykes that contain the historical resource. The showings are approximately 1.1 - 1.3 km to the WSW of the main Jackpot dykes. Grab samples results returned values as outlined in the following table:
Assay Result Distribution
| Number of Samples | Li2O (%) |
| | |
| 1 | 7.0 - 8.0 |
| 3 | 6.0 - 7.0 |
| 3 | 5.0 - 6.0 |
| 6 | 4.0 - 5.0 |
| 6 | 3.0 - 4.0 |
| 8 | 2.0 - 3.0 |
| 1 | 1.0 - 2.0 |
| 1 | 0.5 - 1.0 |
| 9 | <0.5 |
| 38 samples assayed | |
(Source: Everton Resources Inc. news release, August 23, 2016)
Figure 1: Map of Jackpot Property
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2962/107464_b4132219344439e3_002full.jpg
Under the terms of the Purchase Agreement, the Company will acquire a 100% interest in 87 claims for a consideration of C$225,000 in cash and 5,000,000 common shares in the capital of the company. In the event that the claims are demonstrated to contain a NI 43-101 compliant inferred resource in excess of 5,000,000 tons of Li2O, the Company shall make a bonus payment of 5,000,000 common shares. The vendor will retain a royalty consisting of a 2.5% Net Smelter Return. The Company, at its discretion, can purchase 1% of the royalty for cancellation for a purchase price of $1,000,000.
Qualified Person
The technical content of this news release was approved by Michel Boily, PhD, P.Geo, an Independent Qualified Person as defined by the National Instrument 43-101.
* The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by the Company. These historical mineral resources do not refer to any category of sections 1.2 and 1.3 of the NI-43-101 Instrument such as mineral resources or mineral reserves as stated in the 2010 CIM Definition Standards on Mineral Resources and Mineral Reserves. The explanation lies in the inability by the Company to verify the data acquired by the various historical drilling campaigns. The Company as not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves.
About Infinite Ore Corp.
Infinite Ore is a junior mining exploration company focused on seeking and acquiring world-class mineral projects. The company holds the Jackpot lithium property located near Nipigon, Ont., which contains known pegmatite showings including two historical resources of 2 million tons grading 1.09% Li2O and 750,000 tons at 1.38% Li2O. In addition, the company holds an interest a large land package with the potential for VMS and gold mineralization in the Confederation Lake assemblage belt near Red Lake, Ont.
ON BEHALF OF THE BOARD
"J.C. St-Amour"
J.C. St-Amour, President
FOR FURTHER INFORMATION, PLEASE CONTACT:
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
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