Stelmine to Acquire Properties in Direct Vicinity of Rare Metals and High Grade Lithium Discovery Done by First Gold Ressources
03 Februar 2010 - 10:00PM
Marketwired
Stelmine Canada Ltd. ("Stelmine"), (TSX VENTURE: STH) today
announced the closing of an acquisition agreement under which the
company can acquire up to a 100% interest in 9 mining claims,
covering an area of 477 hectares in Eastmain Township on map NTSC
33C01 on a contiguous block of land in direct vicinity of the
recent lithium discovery announced by First Gold Exploration on
press releases dated January 21, 2010.
The company has now 7,952 hectares of land with high Lithium and
REE potential.
First Gold announced on Jan. 21, 2010, the discovery of rare
metals on its Pivert-Rose property in Quebec, along with up to 4.6
per cent Li2O. According to its news release, the results for these
two samples show that a zone very rich in lithium and containing
significant quantities of rare metals (rubidium, tantalum,
beryllium, niobium and gallium) has been discovered on the
company's property. This discovery is in a zone more than 2.4
kilometres northeast of the Rose showing and 2.5 km south of the
Pivert showing.
First Gold also announced on January 25, 2010, the drill results
on its hole LR-09-02 with 2,922 gram per ton of Rubidium over 6.7
meters.
This is a highly strategic acquisition for the company, which is
part of a continuous pattern of rare earth acquisitions.
Stelmine can acquire an initial 75% property interest, the
Company must pay to arm's length parties a total of $25 000 and
issue a total of 250 000 shares at the signing of the Final
Agreement and upon regulatory approval and an additional $25 000
and 250 000 shares at the transfert of the claims, in addition to
completing $100 000 in exploration and/or development work on or
before the First Anniversary of the signing of the Final Agreement.
On the first Anniversary date Stelmine will have an Option to
acquire an additional 25% interest in the property by paying $ 30
000 and issuing 500 000 shares of the company. The vendor will
retain a 2% Net Smelter Returns Royalty of which 1% could be bought
back by Stelmine for $1 million
On November 23, 2009, the company already announced the
acquisition of rare earth properties in the Kipawa alkaline region,
which covers an area of 1,775 hectares where showings were
announced of 11.3% REE by Matamec Resources and 4.4 % REE by
Fieldex Exploration.
On December 3, 2009, the company announced the closing of an
acquisition agreement, under which the company can acquire up to a
100% interest in 6 mining claims covering an area of 360 hectares,
divided into 3 blocks, located in the Wakefield Alkaline Complex
north of Gatineau, Quebec, where the compilation of historical work
has shown three major rare earth anomalies with values ranging up
to more than 4% REE.
On December 15, 2009, the company announced the closing of an
acquisition agreement, under which the company can acquire up to a
100% interest in 80 mining claims covering an area of 4,800
hectares divided into 5 blocks, located in the Wakefield Alkaline
Complex north of Gatineau, Quebec.
Michel Lemay President of Stelmine stated: This new acquisition
is part of Stelmine's strategy of aggressively acquiring properties
with high rare earth potential in Quebec in different geological
environments well known for their potential for this type of
mineralization to become a significant lithium and rare earth
player. Combined with our others recently acquired properties,
Stelmine in very well positioned to capitalize on this market. To
date, the company holds rare earth properties in five regions of
the Province of Quebec for a total of 7,952 hectares.
Stelmine Canada Ltd. is a junior exploration company listed on
the TSX Venture Exchange under the symbol STH with 16,8 million
shares issued.
The TSX Venture Exchange does not accept responsibility for the
relevance or accuracy of this press release.
Contacts: Stelmine Canada Ltd. Michel Lemay President and Chief
Executive Officer 514-866-8209
Stelmine Canada (TSXV:STH)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Stelmine Canada (TSXV:STH)
Historical Stock Chart
Von Jun 2023 bis Jun 2024