This press release is issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
This release is being made by Randy Johnson to report information concerning holdings of Mr. Johnson and Orca Holdings, LLC (collectively, the "Acquiror") in Ucore Rare Metals Inc. (the "Issuer" or "Ucore"). Orca Holdings, LLC ("Orca") is wholly owned by Mr. Johnson, serving as a holding company for Mr. Johnson's securities holdings. Mr. Johnson has been a director of Ucore since October 6, 2020.
On August 16, 2022, the TSX Venture Exchange approved and Ucore issued 2 million common share purchase warrants ("Warrants") to Orca, with each Warrant entitling Orca to acquire one common share of the Company at an exercise price of CAD$0.75 during a term ending on July 20, 2023. The issuance of these Warrants was in consideration for Orca providing Ucore with a secured line of credit facility (the "Line of Credit") in the amount of up to USD$2 million, as detailed in the Ucore's news release dated July 21, 2022. Drawdowns on the Line of Credit will be available in multiples of USD$100,000 and will carry interest at a rate of 9 percent per annum. All amounts owing under the Line of Credit will be repayable by maturity, which is six months from the execution date of the Line of Credit (Jan. 20, 2023), unless such repayment is accelerated due to the Company's completion of an equity financing on terms acceptable to the Company and the investor(s). The Line of Credit is secured by a general security agreement over the assets of the Company. Orca has been a secured creditor of the Company since March 30, 2019 when Orca provided a term loan to Ucore. That term loan, as amended and currently bearing interest at 9%, had principal and accrued interest owing of CAD$1,100,071 as at March 31, 2022 (the end of Q2 2022) and is due for repayment on November 30, 2023.
Immediately prior to the issuance of the Warrants, the Acquiror directly or indirectly held beneficial ownership of, and control and direction over, a total of 5,092,406 common shares, 1,000,000 warrants, and 765,000 options, representing approximately 10.37% of the issued outstanding common shares (on a non-diluted basis) or approximately 13.49% upon the exercise of the warrants and the options (on a partially diluted basis, which assumes the exercise of all of the warrants and the options beneficially owned by Mr. Johnson, and that no other securities, including those convertible into or, exercisable for, the Company's securities, are issued, converted or exercised).
Immediately following the issuance of the 2 million Warrants the Acquiror directly or indirectly held beneficial ownership of, and control and direction over, a total of 5,092,406, common shares, 3,000,000 warrants, and 765,000 options, representing approximately 10.37% of the issued and outstanding common shares (on a non-diluted basis) or approximately 16.76% upon the exercise of the warrants and the options (on a partially diluted basis). Of the 765,000 options that Mr. Johnson currently holds, 500,000 options (with an exercise price of $2.65 per common share) are expected to expire out-of-the-money on August 21, 2022.
The securities referred to above were acquired for investment purposes and not for the purpose of exercising control or direction over the Issuer. The Acquiror may, from time to time, increase or decrease its shareholdings or continue to hold the Issuer's securities as the Acquiror may determine appropriate in the normal course of investment activities.
The Acquiror is an "accredited investor" within the meaning of Rule 501(a) of Regulation D under the United States Securities Act of 1933, as amended ("1933 Act")) and acquired the securities referred to above pursuant to available exemptions from registration under the 1933 Act and applicable state securities laws. In regard to National Instrument 45-106 "Prospectus Exemptions", the Warrants were issued pursuant to the prospectus exemption found at section 2.24 of that instrument.
The Issuer is located in 210 Waterfront Drive, Suite 106, Bedford, Nova Scotia, Canada B4A 0H3, and the Acquiror is located in P.O. Box 8158, Ketchikan, Alaska, USA, 99901. A copy of the report filed under applicable Canadian securities laws by the Acquiror in connection with the transactions referred to in this press release may be obtained from the Acquiror via email (tomc@tylerrental.com) or telephone (907-228-5379), or on the SEDAR profile of the Issuer at www.sedar.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134250
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Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce the receipt of financing by way of a secured line of credit facility in the amount of up to USD$2 million (the "Line of Credit"). Proceeds from the Line of Credit will primarily be used to continue the development of the Company's RapidSXTM Rare Earth Element ("REE") Commercial Demonstration Plant ("Demo Plant"), currently scheduled for commissioning in Q4 of 2022, as detailed in the Company's July 12, 2022 news release.
The Line of Credit has been extended by Orca Holdings, LLC ("Orca"). In consideration for granting the Line of Credit and subject to the approval of the TSX Venture Exchange, two million warrants ("Warrants") will be issued to Orca, with each Warrant entitling Orca to acquire one common share of the Company at an exercise price of CAD$0.75 during a one-year term ending on July 20, 2023. On July 21, 2022, the Company applied to the TSXV for the exchange's approval of the issuance of the Warrants.
"Ucore is committed to its REE commercialization pathway and is very appreciative of Orca's continued financial support as we rapidly approach the commercial demonstration of our RapidSX™ technology through the Demo Plant," stated Pat Ryan, P.Eng., Ucore Chairman and CEO. "As noted in January 2022, Ucore is already working towards developing the funding required to build its first Strategic Metals Complex (SMC) primarily through non-dilutive funding sources. These include debt financing opportunities through government-supported loan programs and prospective advance payment & supply offtake agreements with Western electric vehicle manufacturers and other downstream customers of the SMCs."
Drawdowns on the Line of Credit will be available in multiples of USD$100,000 and carry interest at a rate of 9% per annum. All amounts owing under the Line of Credit will be repayable by maturity, which is six months from the execution date (January 20, 2023), unless such repayment is accelerated due to the Company's completion of additional financing on terms acceptable to the Company and the investor(s). The Line of Credit is secured by a General Security Agreement over the assets of the Company.
Orca is wholly owned by Mr. Randy Johnson, a member of Ucore's Board of Directors. The transaction is considered a related party transaction within the meaning of Multilateral Instrument 61-01 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of the transaction, nor the consideration paid, exceeds 25% of the value of the subject matter of the transaction, nor the consideration paid, exceeds 25% of the Company's market capitalization. No new insiders and no control persons were created in connection with the closing of the transaction. The transaction was reviewed and unanimously approved by the Company's Board of Directors. No special committee was created to negotiate, review and approve the Line of Credit agreement; rather, the agreement was negotiated by the Company with Mr. Johnson declaring his conflict and abstaining from the Board of Directors' deliberations. No cash consideration was paid pursuant to the extension of the Line of Credit, and no commissions or similar fees were paid to any person. This news release and the related material change report are being issued and filed on SEDAR less than 21 days before the date of the Line of Credit agreement and the expected closing of the issuance of the Warrants and the drawdown of the initial tranche from the Line of Credit since the Company was considering and reviewing financing alternates and the Company eventually selected the least dilutive and most current-shareholder-friendly financing transaction from the alternatives available, which was the Line of Credit, the terms of which were not settled and confirmed by Orca until July 20, 2022.
About Ucore Rare Metals Inc.
Ucore is focused on rare- and critical-metals resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore has an effective 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Element Project in Southeast Alaska, USA. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.
Through strategic partnerships, Ucore's vision includes disrupting the People's Republic of China's control of the US REE supply chain through the near-term development of heavy and light rare-earth processing facilities - including the Alaska Strategic Metals Complex in Southeast Alaska and the long-term development of Ucore's heavy-rare-earth-element mineral-resource property located at Bokan Mountain on Prince of Wales Island, Alaska.
Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."
For further information, please visit www.ucore.com.
IMC developed the RapidSX separation technology with early-stage assistance from the United States Department of Defense ("US DoD"), later resulting in the production of commercial-grade, separated rare-earth oxides at the pilot scale. RapidSX combines the time-proven chemistry of conventional solvent extraction ("SX") with a new column-based platform, which significantly reduces time to completion and plant footprint, as well as potentially lowering capital and operating costs. SX is the international rare-earth-element ("REE") industry's standard commercial separation technology and is currently used by 100% of all REE producers worldwide for bulk commercial separation of both heavy and light REEs. Utilizing similar chemistry to conventional SX, RapidSX is not a "new" technology but represents a significant improvement on the well-established, well-understood, proven conventional SX separation technology preferred by REE producers.
This press release includes certain statements that may be deemed "forward-looking statements." All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, approvals or developments that the Company is pursuing, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.
Regarding the disclosure in the "About Ucore Rare Metals Inc." section above, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future Strategic Metals Complex ("SMC"). Ucore has also assumed that sufficient external funding will be found to prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Elements project ("Bokan") is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMC and its construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMC; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMC and/or the continued development of RapidSX; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("AIDEA") regarding the development of Bokan and/or the SMC; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.
Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.
Mark MacDonald Vice President, Investor Relations Ucore Rare Metals Inc. 1.902.482.5214 mark@ucore.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131533
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Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (" Fortune " or the " Company ") ( www.fortuneminerals.com ) is pleased to announce that, further to the company's news release dated August 16, 2022, it has executed definitive documentation with the holders of its debentures issued in 2015 (the " 2015 Debentures ") to extend their maturity date from August 12, 2022 to November 30, 2022.
The amended and restated debentures (the " Amended Debentures ") have an aggregate principal amount of $12,363,518, being the total principal amount and all accrued interest on the 2015 Debentures as at August 12, 2022, bear interest at a rate of 10% per annum for the extension period and are secured by all of the assets of the Company (including the NICO cobalt-gold-bismuth-copper project (" NICO Project ")). As additional consideration for the extension of the maturity date, the Company has issued to the holders of the Amended Debentures an aggregate of 3,500,000 common shares of the Company. The shares are subject to a hold period of four months and one day from the date of issuance.
Fortune is a Canadian mining company focused on developing the NICO Project in the Northwest Territories and Alberta. Fortune also owns the satellite Sue-Dianne copper-silver-gold deposit located 25 km north of the NICO Deposit and is a potential future source of incremental mill feed to extend the life of the NICO mill and concentrator.
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This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. This forward-looking information includes statements with respect to, among other things, the issuance of the Amended Debentures and the Company's plants to develop the NICO Project. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date the information is given (including, in respect of the forward-looking information contained in this press release, assumptions regarding: the Company's ability to secure the necessary financing to repay the Amended Debentures; the Company's ability to complete construction of a NICO Project refinery; the Company's ability to arrange the necessary financing to continue operations and develop the NICO Project; the receipt of all necessary regulatory approvals for the extension shares and the construction and operation of the NICO Project, including the planned NICO cobalt-gold-bismuth-copper mine and concentrator and the timing thereof; growth in the demand for cobalt; the time required to construct the NICO Project; and the economic environment in which the Company will operate in the future, including the price of gold, cobalt and other by-product metals, anticipated costs and the volumes of metals to be produced at the NICO Project). However, such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the risks that the COVID-19 pandemic or global geopolitical situations may interfere with the Company's ability to continue development of the NICO Project; the Company may not be able to secure financing to repay the Amended Debentures; the Company may not be able to finance and develop NICO on favourable terms or at all, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the development of the NICO Project, including the related hydrometallurgical refinery, the construction of the NICO Project may take longer than anticipated, the Company may not be able to secure offtake agreements for the metals to be produced at the NICO Project, the Sue-Dianne Property may not be developed to the point where it can provide mill feed to the NICO Project, the inherent risks involved in the exploration and development of mineral properties and in the mining industry in general, the market for products that use cobalt or bismuth may not grow to the extent anticipated, the future supply of cobalt and bismuth may not be as limited as anticipated, the risk of decreases in the market prices of cobalt, bismuth and other metals to be produced by the NICO Project, discrepancies between actual and estimated Mineral Resources or between actual and estimated metallurgical recoveries, uncertainties associated with estimating Mineral Resources and Reserves and the risk that even if such Mineral Resources prove accurate the risk that such Mineral Resources may not be converted into Mineral Reserves once economic conditions are applied, the Company's production of cobalt, bismuth and other metals may be less than anticipated and other operational and development risks, market risks and regulatory risks. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220818005142/en/
Fortune Minerals Limited Troy Nazarewicz Investor Relations Manager info@fortuneminerals.com Tel: (519) 858-8188 www.fortuneminerals.com
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ACME Lithium Inc. (CSE: ACME) (OTCQX: ACLHF) based in Vancouver, British Columbia, Canada focused on lithium exploration today announced that Stephen Hanson, CEO will present live at VirtualInvestorConferences.com on August 23rd, 2022. This battery metals focused event is co-sponsored by Virtual Investor Conferences and Independent Investment Research LLC.
DATE: August 23rd, 2022 TIME: 11:30 AM ET LINK: https://bit.ly/3JSF8GE Available for 1x1 meetings: August 24 th , 25 th , 26 th
This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.
Learn more about the event at www.virtualinvestorconferences.com .
About ACME Lithium Inc. Led by an experienced team, ACME Lithium is a mineral exploration Company focused on acquiring, exploring, and developing battery metal projects in partnership with leading technology and commodity companies. ACME has acquired or is under option to acquire a 100-per-cent interest in projects located in Clayton Valley and Fish Lake Valley, Esmeralda County Nevada, and at Cat-Euclid and Shatford Lakes in southeastern Manitoba.
About Virtual Investor Conferences ® Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
ACME Lithium Inc Stephen Hanson Chief Executive Officer, President and Director +1 (604) 564-9045 info@acmelithium.com
Virtual Investor Conferences John M. Viglotti SVP Corporate Services, Investor Access OTC Markets Group (212) 220-2221 johnv@otcmarkets.com
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Company Executives Share Vision and Answer Questions Live at VirtualInvestorConferences.com
Virtual Investor Conferences, the leading proprietary investor conference series, today announced the agenda for the upcoming Battery Metals Virtual Investor Conference to be held on August 23 rd .
Individual investors, institutional investors, advisors, and analysts are invited to attend this virtual event showcasing live executive presentations from companies addressing worldwide opportunities in battery and technology metals.
REGISTER NOW AT : https://bit.ly/3dFIr88 It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. There is no cost to log-in, attend live presentations and schedule 1x1 meetings with management.
"OTC Markets is excited to host the upcoming Battery and Technology Metals Virtual Investor Conference," said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group. "We appreciate the collaboration of our co-sponsor Independent Investment Research and look forward to strategic discussions from leaders on the forefront of this industry."
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com .
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Media Contact: OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com
Virtual Investor Conferences Contact: John M. Viglotti SVP Corporate Services, Investor Access OTC Markets Group (212) 220-2221 johnv@otcmarkets.com
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Avalon Advanced Materials Inc. (AVL:TSX, AVLNF:OTCQB), based in Toronto focused on Lithium Battery Materials Supply Chains today announced that Don Bubar, President & CEO, will present live at VirtualInvestorConferences.com on August 23rd, 2022. This battery metals focused event is co-sponsored by Virtual Investor Conferences and Independent Investment Research LLC.
DATE: August 23rd, 2022 TIME: 10:00 am ET LINK: https://bit.ly/3JSF8GE
Available for 1x1 meetings: August 24, 2022
This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.
Learn more about the event at www.virtualinvestorconferences.com .
About Avalon Advanced Materials Avalon Advanced Materials Inc. is a Canadian mineral development company specializing in sustainably-produced materials for clean technology. The Company now has four advanced stage projects, providing investors with exposure to lithium, tin and indium, as well as rare earth elements, tantalum, cesium and zirconium. Avalon is currently focusing on developing its Separation Rapids Lithium Project near Kenora, Ontario while continuing to advance other projects, including its 100%-owned Lilypad Cesium-Tantalum-Lithium Project located near Fort Hope, Ontario. Social responsibility and environmental stewardship are corporate cornerstones.
About Virtual Investor Conferences ® Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
CONTACTS: Avalon Advanced Materials Inc. Don Bubar President & CEO 416-723-9132 dsbubar@avalonAM.com
Virtual Investor Conferences John M. Viglotti SVP Corporate Services, Investor Access OTC Markets Group (212) 220-2221 johnv@otcmarkets.com
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TinOne Resources. Inc. (TSXV: TORC) (OTCQB: TORCF) (FRA: 57Z0) (" TinOne " or the " Company ") is pleased to announce that it has qualified to trade on the OTCQB® Venture Market in the United States and its common shares are now trading on the OTCQB under the ticker symbol "TORCF". TinOne will continue to trade on the TSX Venture Exchange in Canada under the symbol "TORC" and on the Frankfurt Exchange under the symbol "57Z0".
" TinOne's entry onto the OTCQB marks another milestone in the Company's growth ," said Chris Donaldson , Executive Chairman. " We are very excited to start trading on the OTCQB, which will increase exposure and liquidity for TinOne in the United States ".
TinOne is a TSX Venture Exchange listed Canadian public company with a high-quality portfolio of tin projects in the Tier 1 mining jurisdictions of Tasmania and New South Wales, Australia . The Company is focussed on advancing its highly prospective portfolio while also evaluating additional tin opportunities. TinOne is supported by Inventa Capital Corp.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain "Forward‐Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward‐looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward‐looking statements or information. These forward‐looking statements or information relate to, among other things: the development of the Company's projects, including drilling programs and mobilization of drill rigs; future mineral exploration, development and production; the release of drilling results; and completion of a drilling program.
Forward‐looking statements and forward‐looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of TinOne, future growth potential for TinOne and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of gold and other metals; no escalation in the severity of the COVID-19 pandemic; costs of exploration and development; the estimated costs of development of exploration projects; TinOne's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect TinOne's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward‐looking statements or forward-looking information and TinOne has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's ability to meet the continued listing requirements of markets on which the Company's securities are traded; the Company's dependence on early stage mineral projects; metal price volatility; risks associated with the conduct of the Company's mining activities in Australia ; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks regarding mineral resources and reserves; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of COVID-19; the economic and financial implications of COVID-19 to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities and artisanal miners; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption "Risk Factors" in TinOne's management discussion and analysis. Readers are cautioned against attributing undue certainty to forward‐looking statements or forward-looking information. Although TinOne has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. TinOne does not intend, and does not assume any obligation, to update these forward‐looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
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ACME Lithium Inc. (CSE: ACME) (OTCQB: ACLHF) (the "Company", or "ACME") is pleased to report positive sample results from the recently drilled DH-1 hole at its Clayton Valley lithium brine project located in Esmeralda County, Nevada. The Company's significant new lithium discovery has initiated Phase 2 planning and procurement of an expanded drilling and pump test program.
DH-1 was drilled to a total depth of 1400 feet (427) meters below ground surface and intersected multiple productive horizons including the targeted basal gravel aquifer at an approximate depth of 1,250 feet (381 meters) below ground surface (bgs).
Samples of brine were taken from DH-1 at various intervals and were sent to an independent lab and analyzed for lithium and other elements typical of lithium enriched brine systems. Target sampling zones and depths were based on the results of the geophysical surveys, interpretations of the drilled lithology, and field observations including fluid conductivity and salt precipitation on the exposed core.
The following provides a summary and preliminary assessment of the laboratory analytical results and lithium assays from DH-1:
Lithium Concentrations Across Test Intervals
Figure 1 To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7776/134080_18a407ae047cfb3e_003full.jpg
Additional aquifers were intercepted above the basal gravel layer including the main ash layer which is believed to be one of the targeted production horizons of Albemarle's neighbouring Silver Peak lithium project.
A preliminary assessment of major contacts encountered in DH-1 as they may apply to those described in regional historical data is provided below:
Geologic and geophysical data including sample results will help identify specific horizons to be tested in a Phase 2 drill program which will include a separate, larger diameter test well (TW-1) for completion of brine aquifer permeability testing and sampling. Phase 2 will also include up to three (3) new exploration holes DH-1A, DH-2, and DH-3 with objectives to examine deeper horizons through zonal isolated testing, assess stratigraphy, and the potential for continuity between the stratigraphic units encountered in DH-1. The Phase 2 exploration holes will be completed with grouted in vibrating wire piezometers which will be used to monitor aquifer response during future pumping test. Phase 2 is expected to commence during the 4th quarter of 2022 subject to further permitting and availability of drilling equipment and services.
Based on prior Clayton Valley drilling experience intercepting a high-flow brine horizon marking the gravel/bedrock contact, ACME's team is particularly focussed on advancing drilling to test this highly prospective brine zone.
ACME's Clayton Valley, Nevada lithium brine project is contiguous to the northwest of Albermarle's Silver Peak lithium deposit which has been in production since 1966. Located in one of the best resource jurisdictions in the world, Clayton Valley is the only lithium producing region in the United States.
ACME is well funded by strategic investors and positioned to complete its exploration and development objectives thru the near term with the goal of providing a domestic supply of lithium to the US and Canadian markets.
Analytical Quality Assurance & Quality Control
All analytical data reported in this news release were generated by Western Environmental Testing Laboratory ("WETLAB") of Sparks, Nevada. WETLAB is accredited by the Nevada State Division of Environmental Protection for determination of lithium, magnesium and other elements in non-potable water by EPA method 200.7. Analytical results for investigative samples met laboratory quality assurance and quality control criteria.
ACME's project location adjacent to or nearby lithium brine projects does not guarantee exploration success or that mineral resources or reserves will be defined on ACME's properties. Exploration, development, and activities conducted by regional companies provide assistance and additional data for exploration work being completed by ACME.
William Feyerabend, Certified Professional Geologist, is a qualified person as defined by NI 43-101 and has supervised the preparation of the scientific and technical information that forms the basis for this news release.
Led by an experienced team, ACME Lithium is a mineral exploration Company focused on acquiring, exploring, and developing battery metal projects in partnership with leading technology and commodity companies. ACME has acquired or is under option to acquire a 100-per-cent interest in projects located in Clayton Valley and Fish Lake Valley, Esmeralda County, Nevada, and at Cat-Euclid and Shatford Lakes in southeastern Manitoba.
On behalf of the Board of Directors
Steve Hanson Chief Executive Officer, President and Director Telephone: (604) 564-9045 info@acmelithium.com
Neither the CSE nor its regulations service providers accept responsibility for the adequacy or accuracy of this news release. This news release may contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur and in this news release include but are not limited to the attributes of, timing for and expected benefits to be derived from exploration, drilling or development at ACME's project properties. Information inferred from the interpretation of drilling, sampling and other technical results may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from the Company's operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made 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.
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