VANCOUVER, BC / ACCESSWIRE / January 27, 2021 / Infinite Ore Corp. (the "Company") (TSXV:ILI)(OTCQB:ARXRF) is pleased to announce the acquisition of four additional lithium claims in Ontario having a historic resource of 750,000 tons yielding 1.38% Li2O*. This is in addition to the historical resource of 2 million tons at 1.09% Li2O* currently present on the Jackpot property. The new claims are contiguous to, and located within, the Company's Jackpot Property (see Figure 1). The claims contain the Newkirk-Vegan lithium showing that was discovered through exploration in the 1950's. Drilling at the time traced the Newkirk dike for 609 meters with an average thickness of 5 m.
Figure 1: Location of acquired claims shown in yellow.
J.C. St-Amour, President of Infinite Ore commented, "This property acquisition adds to our existing historical resources of 2,000,000 tons grading 1.09% Li2O*. We are pleased to be able to provide our shareholders an exposure to lithium, gold and base metals exploration through our Jackpot and Eastern Vision properties."
The Company's 100% owned Jackpot Lithium project is located in close proximity to the Georgia Lake lithium deposit, for which Rock Tech Lithium Inc. recently announced its intent to develop a lithium sulphate production facility located in Thunder Bay, Ontario.
Infinite Ore acquired the claims through payments to an arms-length party of $10,000 cash and 300,000 common shares. The vendor retains a royalty of 1.0% on revenue generated from non-smelter elements from the Jackpot Claims and a 1.0% NSR. This may be purchased at any time for $500,000.00.
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 is earning into a large land package with the potential for VMS and gold mineralization in the Confederation Lake assemblage belt near Red Lake, Ont. The company also holds the Jackpot lithium property located near Nipigon, 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).
SOURCE: Infinite Ore Corp.
View source version on accesswire.com:
https://www.accesswire.com/626146/Infinite-Ore-Adds-to-Historical-Resources-on-Jackpot-Lithium-Project 