VANCOUVER, BC, May 11, 2022
/CNW/ - Electric Royalties Ltd. (TSXV: ELEC) (OTCQB: ELECF)
("Electric Royalties" or the "Company") is pleased to provide an
asset update on its current royalty portfolio.
Brendan Yurik, CEO of Electric
Royalties, commented: "We are excited that our
Graphmada graphite and Seymour Lake lithium royalty assets are
nearing the completion of mineral resource upgrades. We've already
had 17 development updates across 10 royalties in our portfolio
thus far in 2022, funded at no cost to Electric Royalties. As we
expand our royalty portfolio even further, the value added to our
royalties is a key benefit that we offer our shareholders."
Highlights since the Company's previous development update on
April 13, 2022:
- Graphmada Graphite Royalty – Greenwing Resources Ltd.
(ASX: GW1) announced on April 13,
2022 that it has completed its 3,268-metre drill program in
Madagascar comprising 69 diamond
holes, with results recording significant intercepts of graphite
mineralization. The drill program has significantly expanded the
mineralization footprint of the Graphmada Mineral Resource.
Greenwing expects to complete the update of Graphmada's Mineral
Resources estimate in Q2 2022, while continuing analysis of the
remaining drill samples. Greenwing also plans to assess the
undertaking of further drilling to update resource confidence and
test the mineralization laterally, in width and depth. Feasibility
studies are ongoing to assess the restart and expansion of mining
and processing at the Graphmada Mining Complex.
- Seymour Lake Lithium Royalty – Green Technology Metals
Limited (ASX: GT1) announced on April 12,
2022 the assay results for an additional six holes from its
Phase 1 step-out drilling at the Seymour Lake Project's North Aubry
deposit in Ontario, Canada. The
Phase 1 drilling program was designed to evaluate potential
along-strike and down-dip extensions of the North Aubry deposit
that were open and untested. This inaugural program has been
completed with 16 holes drilled over 5,826 metres. Green Technology
Metals reported thick, high-grade extensional intercepts in
April.
The Phase 1 assays returned to date (nine holes)
indicate substantial potential upside to the existing Seymour Lake
Mineral Resource estimate. Green Technology Metals expects the
updated Mineral Resource estimate for Seymour Lake to incorporate
all Phase 1 results including residual pending assays for seven
holes, during Q2 2022. Phase 2 (Central Aubry zone) and Phase 3
(Pye prospect) drilling at Seymour Lake is underway with a total of
eight holes over 1,201 metres drilled to date across both
areas.
- Cancet Lithium Royalty – Winsome Resources Limited (ASX:
WR1) announced on April 21, 2022 that
it has completed its drill program of 2,142 metres comprising 23
diamond holes at the Cancet Project in Quebec, Canada, designed to provide infill
drilling on known high-grade lithium mineralization identified in
previous exploration, as well as to test geological anomalies
indicated through various geophysical methods including magnetic
surveys. Winsome expects results from the drill program will
provide evidence of the extension of the strike length of the
lithium mineralization, and ultimately underpin its inaugural
resource estimate and delivery of a scoping study, in turn
supporting ongoing strategic partnership end-user discussions.
Visible spodumene crystals were detected in the pegmatites and
these samples have already been sent to the laboratory for assay to
identify if lithium mineralization is present1. Initial
results from the first batch of core samples are expected during
May 2022. In addition, Cancet plans
to conduct ground stripping at the current site of known
mineralization to expose more pegmatite, and channel sampling to
inform detailed geological mapping of the known lithium
mineralization. Findings from these activities will be used to
generate further drill targets.
- Yalbra Graphite Royalty – Buxton Resources Limited (ASX:
BUX) announced on May 5, 2022 that a
program of works has been submitted to the Government of
Western Australia's Department of
Mines, Industry Regulation and Safety for approval to undertake an
infill drilling program at the Yalbra graphite deposit, Gascoyne
Region, Western Australia with a
goal to delineate Indicated Resources at this high-grade deposit.
The drilling program will commence subject to approval of the
program of works and drill rig availability. The combination of
improving market conditions, promising results from metallurgical
work (ongoing) and project terrain which is highly amenable to
siting a mining operation, positions the Yalbra Project for
subsequent advancement through feasibility studies and
permitting.
David Gaunt, P.Geo., a qualified
person who is not independent of Electric Royalties, has reviewed
and approved the technical information in this release.
On Behalf of the Board of Directors,
Brendan Yurik
CEO
1 See
Winsome Resources' press releases dated March 29, 2022 and March
31, 2022.
|
About Electric Royalties
Ltd.
Electric Royalties is a royalty company established to take
advantage of the demand for a wide range of commodities (lithium,
vanadium, manganese, tin, graphite, cobalt, nickel, zinc and
copper) that will benefit from the drive toward electrification of
a variety of consumer products: cars, rechargeable batteries, large
scale energy storage, renewable energy generation and other
applications.
Electric vehicle sales, battery production capacity and
renewable energy generation are slated to increase significantly
over the next several years and with it, the demand for these
targeted commodities. This creates a unique opportunity to invest
in and acquire royalties over the mines and projects that will
supply the materials needed to fuel the electric revolution.
Electric Royalties has a growing portfolio of 18 royalties,
including one royalty that currently generates revenue. The Company
is focused predominantly on acquiring royalties on advanced stage
and operating projects to build a diversified portfolio located in
jurisdictions with low geopolitical risk, which offers investors
exposure to the clean energy transition via the underlying
commodities required to rebuild the global infrastructure over the
next several decades towards a decarbonized global
economy.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange), nor any other regulatory body or securities
exchange platform, accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statements Regarding
Forward-Looking Information and Other Company
Information
This news release includes forward-looking information and
forward-looking statements (collectively, "forward-looking
information") with respect to the Company within the meaning of
Canadian securities laws. This news release includes
information regarding other companies and projects owned by such
other companies in which the Company holds a royalty interest,
based on previously disclosed public information disclosed by those
companies and the Company is not responsible for the accuracy of
that information, and that all information provided herein is
subject to this Cautionary Statement Regarding Forward-Looking
Information and Other Company Information. Forward
looking information is typically identified by words such as:
believe, expect, anticipate, intend, estimate, postulate and
similar expressions, or are those, which, by their nature, refer to
future events. This information represents predictions and actual
events or results may differ materially. Forward-looking
information may relate to the Company's future outlook and
anticipated events and may include statements regarding the
financial results, future financial position, expected growth of
cash flows, business strategy, budgets, projected costs, projected
capital expenditures, taxes, plans, objectives, industry trends and
growth opportunities of the Company and the projects in which it
holds royalty interests.
While management considers these assumptions to be
reasonable, based on information available, they may prove to be
incorrect. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company or these
projects to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. These risks, uncertainties and other
factors include, but are not limited to risks associated with
general economic conditions; adverse industry events; marketing
costs; loss of markets; future legislative and regulatory
developments involving the renewable energy industry; inability to
access sufficient capital from internal and external sources,
and/or inability to access sufficient capital on favourable terms;
the mining industry generally, the Covid-19 pandemic, recent market
volatility, income tax and regulatory matters; the ability of the
Company or the owners of these projects to implement their business
strategies including expansion plans; competition; currency and
interest rate fluctuations, and the other risks.
The reader is referred to the Company's most recent filings
on SEDAR as well as other information filed with the OTC Markets
for a more complete discussion of all applicable risk factors and
their potential effects, copies of which may be accessed through
the Company's profile page at www.sedar.com and at
otcmarkets.com.
SOURCE Electric Royalties Ltd.