Vancouver, British Columbia--(Newsfile Corp. - August 10, 2023) - Norris Lithium Inc. (CSE: CHCK) (the "Company" or "Norris") is pleased to announce that it has entered into a purchase agreement (the "Agreement") to acquire a 100% interest in the Alice lithium property located in the Red Lake Mining Division of Northern Ontario (the "Alice Property"). The Alice Property is located on the Allison Lake Batholith, in an area identified by government mapping for its high potential for lithium exploration. There are multiple mapped pegmatites on the property which require further investigation.
Dale Ginn, the Company's President and CEO stated, "This acquisition gives Norris the opportunity to explore for LCT pegmatites in Ontario adjacent to Lithium One's Allison property. We are able to conduct surface exploration on this ground while awaiting imminent road access to our Highway and Bus properties in the Eeyou Istchee James Bay Region of Quebec, near the Corvette Deposit."
Figure 1: Location Norris Lithium's Alice Property
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9293/176695_41dc4971942ca963_001full.jpg
The Alice Property consists of 184 claims covering 3743 ha. It is located 100 km east of Red Lake, Ontario with road access. It is adjacent to Lithium One's Allison South project, proximal to Green Technology Metals' Allison Lake lithium project, and 40 km southeast of their Root lithium project. The project is underlain by the Allison Lake Batholith, a peraluminous, S-type fertile granite with multiple pink and white pegmatites mapped on the property. The margins of the batholith have been identified by government mapping as an underexplored and highly prospective area.
Agreement Terms
Under the terms of the Agreement, the Company will acquire a 100% interest in the Alice Property from 1252272 B.C. Ltd. (the "Vendor"), an arm's length private company, in exchange for the payment of $100,000 and the issuance of 1,000,000 common shares within five business days of filing of final required documents with the Canadian Securities Exchange.
The Alice Property will be subject to a 2% net smelter returns royalty in favor of the Vendor, one-half of which can be purchased by the Company at any time for a cash payment of $1,000,000.
Qualified Persons
This news release has been reviewed and approved by R. Dale Ginn, P.Geo., the President, Chief Executive Officer and a director of the Company and a Qualified Person pursuant to National Instrument 43-101.
About Norris Lithium Inc.
Norris is engaged in the acquisition, exploration, and development of mineral property assets in Canada. Norris holds the Highway and Bus Lithium properties in the James Bay region of Québec and the Solitude Lake Property located near the Savant Lake area in the Patricia Mining Division, Ontario. Norris' objectives are to conduct exploration programs on its Solitude Lake Property and Québec Lithium properties and to locate and develop other economic mineral properties of merit.
ON BEHALF OF THE BOARD OF DIRECTORS
R. Dale Ginn, Chief Executive Officer
For further information, please contact:
R. Dale Ginn
Email: dale@rsdcapital.com
Telephone: 204-794-5818
The Canadian Securities Exchange has not approved nor disapproved of the content of this press release.
This news release may contain certain "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/176695
