VANCOUVER, BC, Nov. 29, 2022 /CNW/ - FE Battery Metals Corp (CSE: FE) (OTCQB: FEMFF) (WKN: A2JC89) ("FE" or the "Company) is pleased to announce it has entered into an agreement for the Rose West Lithium Property ("Rose West") in the burgeoning James Bay lithium region of northern Quebec.
The newly acquired land package consists of 32 mining claims within a premier lithium jurisdiction that currently hosts a number of advanced Lithium projects. The property sits within the Eeyou Istchee territory and is accessible by the James Bay Road that connects Matagami and Radisson (highway Route/109 from Val d'Or) as well as accessible by road via the Route du Nord, usable all year round from Chibougamau, QC.
The Rose West project covers approximately 1,695 hectares which sit directly adjacent to the claims of Critical Elements Lithium Corporation (TSX-V: CRE) which hosts their Rose Lithium deposit. The Rose Lithium mineralization is hosted by pegmatite rock and currently has Probable Reserves of 26.8 million tonnes at 0.96% Lithium oxide equivalent (Li2O Eq.) and a 17-year mine plan in place from their Feasibility Study of June 2022.
The Rose West property is underlain by similar geological rock units that occur at the Rose Lithium deposit and are comprised of the Archean Lower- Eastmain Group, consisting of volcano-sedimentary formational units and ultramafic to felsic intrusives. Gabbros, pyroxenites, and diorites cut across the Property and Pegmatites occur as irregular but generally continuous lenses within biotite schists.
Gurminder Sangha, CEO & Director states, "We are very excited to expand our large portfolio of quality Lithium projects within select districts of Quebec. Our next steps will include to plan a Phase 1 exploration program for Rose West which will include soil and rock geochemistry, geological mapping, trenching, and prospecting to evaluate the potential of lithium bearing pegmatites and other types of mineralization."
Cautionary Note: Investors are cautioned that the information on Critical Elements Lithium Corporation's Rose Property is taken from the publicly available sources and the Company has not been able to independently verify the information contained. The information is not necessarily indicative of the mineralization on the Rose West Project.
Transaction Details:
The Company acquired the mining claims comprising the Property from an arm's length seller pursuant to an option agreement dated November 25, 2022, (the "Effective Date"). Under the agreement, the Optionor will sell, transfers and assign to the Company all their interest for and in consideration of: (i) cash payments of CAD $100,000 payable over two years issuing an aggregate of 1,000,000 Shares, common shares of FE Battery Metals Corp. There is a 1.5% of Gross Metal Royalty (GMR) over the Property payable upon the commencement of commercial production on these claims.
The issuance of the common shares is subject to obtaining all required regulatory approvals, including that of the CSE. The common shares will be subject to a "hold" period of four months and one date for their date of issuance.
About FE Battery Metals Corp
FE Battery Metals Corp is focussed on identifying, exploring and advancing early-stage lithium pegmatite projects in Canada. The Company's primary efforts have been on exploration projects located in Quebec, with its flagship property being the Augustus Lithium Property. Augustus is located in the immediate vicinity of Val d'Or Quebec where several historical prospects and a previously active lithium mine is located within a 10km radius from the property. North American Lithium mine (NAL) and the Authier Project are two notable projects in the area that highlight the potential of the Augustus Lithium Property.
ON BEHALF OF THE BOARD OF
FE BATTERY METALS CORP.
"Gurminder Sangha"
Gurminder Sangha
CEO & Director
Neither the Canadian Securities Exchange (CSE) nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release and has neither approved nor disapproved the contents of this news release.
Forward-looking Information
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes information about the Company's intentions, plans and future actions described herein and the terms thereon.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to obtain required approvals. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
SOURCE First Energy Metals Limited
View original content: http://www.newswire.ca/en/releases/archive/November2022/29/c9066.html