approval of Option Agreement, Investee Co. Hertz Lithium
ORIGINAL: Coloured Ties Subsidiary Announces Approval of Option Agreement, Investee Company Hertz Lithium Begins Trading on CSE
2023-04-11 09:17 ET - News Release
-- Vieux Comptoir option agreement with Superior Mining International approved by the TSX Venture
-- Hertz Lithium commences trading under the symbol (CSE: HZ)
-- Patriot Lithium Inc. (ASX: PAT) continues to highlight prospectivity near Lucky Mica
-- Hertz holds option to license worldwide rights for Penn State lithium extraction technology
Vancouver, British Columbia--(Newsfile Corp. - April 11, 2023) - Coloured Ties Capital Inc. (TSXV: TIE) (OTC Pink: APEOF) (FSE: 97A0) ("Coloured Ties" or the "Company"), an investment company focused on business incubation and opportunities that disrupt their industry, is pleased to provide the following update:
VIEUX COMPTOIR LITHIUM PROJECT OPTION AGREEMENT APPROVED BY TSX-V:
Further to the news release dated December 7, 2022, Quebec Pegmatite ("QPC") is pleased to report the TSX Venture Exchange has formally approved the option of the Vieux Comptoir Lithium Property to Superior Mining International (V.SUI).
Pursuant to the terms of the Option Agreement QPC will receive the following share issuances:
- 7,000,000 common shares of Superior (the "Superior Shares") upon receipt of approval of the TSX Venture Exchange;
- 3,500,000 Superior Shares payable on the one-year anniversary of the Option Agreement; and
- 3,500,000 Superior Shares payable on the eighteen-month anniversary of the Option Agreement.
Additionally, Superior shall grant QPC a 3.0% net smelter return royalty (the "NSR Royalty") and the NSR Royalty may be reduced to 1.5% upon Superior making a cash payment of $3,000,000 to QPC.
The Vieux Comptoir Lithium Property comprises a total of 381 Quebec mineral exploration claims, which amount to a total of 19,533.81 hectares or ~195 square kilometers. Located in the centre of significant lithium discoveries by Patriot Battery Metals (V.PMET) only 45km west and Winsome Resources (ASX:WR1) 45km east.
The La Grande subprovince regional trend has encountered multiple high grade lithium intersections including recently announced 83.7m of 3.13% Li2O, including 19.8m of 5.28% Li2O from Patriot Battery Metals and over 107.6m of 1.34% Li2O from Winsome Resources.
The Vieux Comptoir Property encompasses lithium pegmatite prospective source rocks of the Vieux Comptoir Granitic Suite which have been identified on the Property. The Property sits along the volcanic belt and encompasses various intrusive suites including the lithium pegmatite prospective source rocks of the Vieux Comptoir Granitic Suite which have been mapped 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.
Viuex Comptoir Lithium Property is underlain by the source rock (Vieux Comptoir suite) which would have injected pegmatite dykes into those greenstone rocks in the region. This geological interpretation strongly supports the prospectivity of the Project for further lithium discoveries.
HERTZ LITHIUM (CSE: HZ) COMPLETES IPO AND BEGINS TRADING ON CSE:
Coloured Ties reports that investee company, Hertz Lithium, has completed it's initial public offering and commenced trading on the CSE under symbol HZ. The offering consisted of the sale of 12,852,000 units at a price of $0.125 cents per unit, for aggregate gross proceeds of $1,606,500. Each unit consisted of one common share and one common share purchase warrant. Each warrant is exercisable by the holder to acquire one additional common share at a price of $0.25 cents per share for a period of two years from the listing date.
Coloured Ties owns 4,579,000 shares of Hertz Lithium and 4,379,000 warrants to buy additional shares at $0.25 per share. Hertz Lithium currently has 30,477,001 shares outstanding, which represents a 15% ownership by the Company in the issued and outstanding shares of Hertz Lithium.
ABOUT HERTZ LITHIUM:
Hertz Lithium owns 100% interest in the Lucky Mica Property, which covers 939 hectares in Maricopa Country, Arizona along the Arizona Pegmatite Belt.
Lucky Mica Property is an early-stage exploration project, with outcropping pegmatite over 300m, with anomalous Li, Ta, and Nb geochemistry and is well positioned in the Arizona Pegmatite Belt, an emerging high-grade hard rock lithium district with known lithium deposits. In 2017, grab samples performed by SGS Canada indicated ore grade potential with two samples exceeding 20,000 ppm of lithium. The most mineralized grab sample had 34,850 ppm of lithium.
PATRIOT LITHIUM'S (ASX: PAT) NOVA LITHIUM PROJECT SURROUNDING LUCKY MICA RESULTS:
Australian based and ASX listed Patriot Lithium (ASX: PAT)owns mineral claims surrounding the Hertz, Lucky Mica project and have reported promising lithium discoveries at the Dove Pegmatite on their adjoining claim block, SEE MAP.
"Three pegmatites have now been mapped at Dove that exhibit potential for spodumene mineralisation. Their surface expression can be traced along strike for at least ~440m at the Dove West pegmatite and ~430m at the Dove East pegmatites (Figures 1 and 2). The Dove West and East pegmatites are trending subparallel but are separated by ~90-120m. The apparent maximum width of the individual pegmatites is ~15m. A small pegmatite outcrop ~80m east of Dove East may represent a fourth, albeit poorly exposed pegmatite body of the Dove system. " Source
Coloured Ties Subsidiary Announces Approval of Option Agreement, Investee Company Hertz Lithium Begins Trading on CSE
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Hertz Lithium is mobilizing it's own aggressive exploration program at the Lucky Mica Project and will update shareholders as results are obtained.
PENN STATE OPTION TO LICENCE PATENT PENDING EXTRACTION TECHNOLOGY OF LITHIUM FROM HARD ROCK SOURCES:
Hertz Lithium has an option to license the worldwide rights to patent pending technology from Penn State University's, College of Earth and Mineral Sciences. Penn State University is developing this new patent pending technology for the extraction of lithium from Spodumene with upwards of a 90% recovery factor. The current process of lithium extraction requires roasting the spodumene at a temperature of 1050 C to transform the natural crystalline form of spodumene to a form which can be leached at a high temperature. This is a costly, energy-extensive process. Penn State University's College of Earth and Mineral Sciences has submitted patents for a breakthrough technology that offers a way to extract the lithium from hard rock sources with increased economic efficiencies.
About Coloured Ties Capital Inc
Coloured Ties Capital is a TSX-V listed issuer that invests in early-stage commercial ventures and provides investee companies with capital market access and advisory services. The Company offers investors an opportunity to participate in early-stage opportunities that are often only offered to high net worth or institutional investors via investment in the Company's common shares listed on the TSX Venture Exchange under symbol (TSXV: TIE). TIE currently has a diverse portfolio of lithium investments including , Patriot Battery Metals (TSXV: PMET) (ASX: PMT), Azimut Exploration Inc (TSXV: AZM), Midland Exploration (TSXV:MD) Rockland Resources (TSXV: RKL), Hertz Lithium Inc (TSXV: HZ), Superior Mining International (TSXV: SUI), Power Metals (TSXV: PWM), Winsome Resources (ASX:WR1) and privately held Flowing Lithium Inc and Canuck Lithium Inc.
Coloured Ties Capital is a 2022 TSXV 50 Company.
About Quebec Pegmatite:
Quebec Pegmatite Inc is subsidiary of Coloured Ties and holds the Viexu Comptoir and Mazerac Lithium Projects located in the James Bay and Mazerac regions of Quebec. The company plans aggressive and extensive exploration programs for 2023 to explore the lithium potential of these properties.
For further information please contact:
Coloured Ties Capital Inc.
Kal Malhi Chief Executive Officer
kal@colouredtiescapital.com
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.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
The forward-looking statements contained in this news release present the expectations of the Company as of the date hereof and, accordingly, is subject to change after such date. Readers are cautioned not to place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/161955
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