Vancouver, British Columbia--(Newsfile Corp. - April 24, 2023) - Westmount Minerals Corp. (CSE: WMC) ("Westmount" or the "Company") is pleased to announce that it has added to its NW Ontario lithium property portfolio by executing an option agreement to earn a 100% interest in the Kaba lithium claim group (the "Property") comprising 9 claims totaling 3,486 hectares.
Highlights of the Property:
- Located in the Georgia Lake, Ontario lithium-pegmatite region
- Multiple pegmatite showings identified on the property
- Close to infrastructure and easily accessible by road
The well-known Georgia Lake Li-pegmatite field is just west of the Property and represents the largest concentration of rare-element mineralization in northwestern Ontario (Breaks et al., 2008). The field area currently measures 32 km by 105 km and hosts 38 rare-element occurrences and 10 Li-bearing pegmatite dykes.
Within the pegmatite field, Rock Tech Lithium Inc. recently completed a Pre-Feasibility Study (NR-November 16, 2022) stating its Georgia Lake property has 10.6 million tonnes (mt) of Indicated Mineral Resources grading 0.88% Li2O and 4.22 mt of Inferred Mineral Resources at a grade of 1% Li2O (NR- March 7, 2023). Other companies with lithium mineralization prospects in the Georgia Lake pegmatite field include Imagine Lithium Inc. and Ultra Lithium Inc.
The Kaba lithium claim group is located 50 kilometers ("km") northeast of Nipigon, Ontario and is accessible by logging roads from the Trans Canada Highway 17. The property has many geological attributes that make it attractive to host rare-element pegmatites (Lithium, Cesium, Tantalum, Rubidium) that include:
- Multiple white and pink pegmatites with garnet and tourmaline have been documented and mapped on the Property by the Ontario Geological survey ("OGS") in 1970 (Map 2293, Ontario Division of Mines). Garnet and tourmaline are good indicator minerals of fertile granitic melts which could host lithium.
- Several faults transect the Property which provide excellent fracture systems for possible pegmatite dyke deposition.
- The granite is an S-type peraluminous fertile parental granite according to a 2003 Ontario Geological Survey (Breaks et al., 2003) and is considered a high potential target for rare elements.
- The Property geology is dominated by a muscovite-bearing granite in contact with metasediments, both of which are excellent hosts for rare-element pegmatites.
Figure 1. Kaba Lithium Property location
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David Tafel, CEO of Westmount commented: "We are very pleased to be able to add to our NW Ontario lithium portfolio. The Kaba lithium property is well situated within the expanding Georgia Lake lithium region and with multiple pegmatite showings already identified, our geological team has an opportunity to advance exploration efforts quickly. The Property is easily accessible, and we expect to commence reconnaissance exploration and sampling this spring."
Figure 2. Lithium deposits of the Georgia lake Li-pegmatite field
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Transaction Terms
The Company has the right to acquire a 100% interest in the Property by making staged payments over 3 years totaling $86,000 and issuing 300,000 common shares. The Optionors retain a 1.5% net smelter returns royalty ("NSR") and the Company has the right to buy back 0.5% for $500,000.
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. The QP and the Company have not completed sufficient work to verify the historic information on the Properties, particularly regarding historical exploration, neighbouring companies, and government geological work.
References
- Breaks, F.W., Selway, J.B. and Tindle, A.G. 2003. Fertile peraluminous granites and related rare-element mineralization in pegmatites, Superior Province, northwest and northeast Ontario: Operation Treasure Hunt; Ontario Geological Survey, Open File Report 6099, 179p.
- Breaks, F.W., Selway, J.B. and Tindle, A.G. 2008. The Georgia Lake rare-element pegmatite field and related S-type peraluminous granites, Quetico Subprovince, north-central Ontario; Ontario Geological Survey, Open File Report 6199, 176p.
About Westmount Minerals Corp.
Westmount is focused on mineral exploration in the Americas. The Company has advanced the Douay East gold property located within the greater Abitibi Greenstone Belt region in Quebec to the drill stage. In addition, the Company is continuing to explore its Otatakan and East Pilot lithium properties located southwest of Green Technology Metals Ltd. (Root Lithium property) in northwestern Ontario.
On Behalf of the Board of Directors
David Tafel
Chief Executive Officer and Director
For further information, please contact:
David Tafel
Chief Executive Officer and Director
(604) 683-1991
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
This news release includes certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company's projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company's projects and mineral properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Company's properties, that the COVID-19 global pandemic will not affect the ability of the Company to conduct future exploration of the Company's properties, the availability of financing on suitable terms, and the Company's ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the Company's option to acquire the Douay East Project, the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, the Company's limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading "Risk Factors" in the Company's prospectus dated February 14, 2022, and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release except as otherwise required by law.
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