Superior Mining options Vieux Comptoir from Coloured
Superior Mining options Vieux Comptoir from Coloured
2022-12-07 10:37 ET - News Release
Mr. Brent Butler reports
SUPERIOR MINING INTERNATIONAL CORP. OPTIONS VIEUX COMPTOIR LITHIUM PROPERTY IN PROLIFIC JAMES BAY REGION, QUEBEC
Superior Mining International Corp. has entered into an option agreement to acquire the Vieux Comptoir lithium property from Coloured Ties Capital Inc.'s subsidiary, Quebec Pegmatite Corp. (QPC), whereby Superior has the option to earn a 100-per-cent interest in the Vieux Comptoir lithium property in certain circumstances. The Vieux Comptoir lithium property was acquired to explore for lithium and is located in the James Bay region, Quebec, and includes rocks of the prospective Vieux Comptoir granitic suite. The property is located along the strike from Winsome Resources' Adina project and Patriot Battery Metals' Corvette project. The property is an early-stage exploration opportunity, comprising a total of 333 Quebec mineral exploration claims, which amount to a total of 17,079.2 hectares or 170 square kilometres.
Vieux Comptoir lithium property highlights
The Vieux Comptoir property is located in the James Bay region on Quebec, in the La Grande subprovince of the Superior province. The property encompasses lithium pegmatite prospective source rocks of the Vieux Comptoir granitic suite which have been identified on the property. Regionally, the Vieux Comptoir granitic suite is known to host K-feldspar granite phases in pegmatite form which may host an abundance of spodumene.
The property is located along the La Grande greenstone belt trend. The Corvette shear zone passes through the property and such regional structures are known to focus pegmatite emplacement in the surrounding district.
The project area was targeted by the company and the claims were acquired to obtain a strategic land position within the lithium prospective James Bay region. The property is adjacent to established lithium pegmatite occurrences and active successful projects:
- Approximately 45 km east of Patriot Battery Metals' Corvette project, where numerous spodumene-bearing pegmatites have been discovered, and recent drilling includes intersections up to 1.25 per cent Li2O (lithium oxide) and 194 parts per million Ta2O5 (tantalum pentoxide) over 58.1 metres;
- Approximately 45 km west of Winsome Resources' Adina project, where early-stage explorations have identified outcropping pegmatites across the property returned results up to 4.89 per cent Li2O.
Pursuant to the terms of the option agreement, upon execution of the option agreement, Superior shall pay QPC a cash payment of $7,500 and Superior shall have a right to conduct due diligence on the property until Jan. 15, 2023. In the event Superior wishes to proceed with the option agreement following the completion of the due diligence period, Superior shall notify QPC of its intention no later than Jan. 15, 2023. In the event notice is not provided by Jan. 15, 2023, then the option agreement shall be deemed to be terminated.
Under the terms of the option agreement, Superior may exercise the option to acquire 100-per-cent interest in the property upon the issuance to QPC of the following share issuances:
- Seven million common shares of Superior upon receipt of approval of the TSX Venture Exchange;
- 3.5 million Superior shares payable on the one-year anniversary of the option agreement;
- 3.5 million Superior shares payable on the 18-month anniversary of the option agreement.
The option agreement remains subject to the approval of the TSX Venture Exchange.
Pursuant to the terms of the option agreement, in the event Superior exercises its option in full and acquires the property, Superior shall grant QPC a 3-per-cent net smelter return royalty and the NSR royalty may be reduced to 1.5 per cent upon Superior making a cash payment of $3-million to QPC.
Dr. Julie Selway states: "The Vieux Comptoir granite correlates with spodumene pegmatites in the James Bay region of Quebec. The Vieux Comptoir property has potential to host lithium mineralization."
Qualified person: Luke van der Meer (PGeo), a consultant to the company, is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and has reviewed the technical information of this news release.
We seek Safe Harbor.