Infinite Ore Corp.
19.7.2021 14:04:12 CEST | ACCESS Newswire | Press release
- Infinite Ore to Refocus on Jackpot Lithium Project -
VANCOUVER, BC / ACCESSWIRE / July 19, 2021 / Infinite Ore Corp. (the "Company" or "Infinite") (TSXV:ILI)(OTCQB:ARXRF) announced today that it has entered into a non-binding Letter of Intent ("LOI") with Trillium Gold Mines Inc. (TSXV:TGM) ("Trillium") whereby Trillium will acquire, subject to certain terms and conditions, all of Infinite's property holdings known as the Eastern Vision Project located in the Confederation Lake assemblage of the Birch-Uchi greenstone belt near Red Lake, Ontario (the "Proposed Transaction").
Under the Proposed Transaction upon signing of a definitive agreement Trillium would issue 4,000,000 common shares of Trillium and pay $175,000 in cash to Infinite. In addition, Trillium would assume all of Infinite's cash payment commitments under its existing option agreements. Infinite would retain its share issuance obligations. The Eastern Vision project covers 19,438 hectares between the Fredart, Garnet Lake, Confederation North, and Confederation South properties.
J.C. St-Amour, President of Infinite Ore, commented, "The Proposed Transaction will give Infinite exposure to a larger consolidated land package extending greater than 100 km in length in the Red Lake area as well as allow us to focus our exploration efforts on our 100% owned Jackpot Lithium project, located near Thunder Bay, Ontario. This project is proximal to Rock Tech Lithium's Georgia Lake lithium project. Rock Tech's intention to build a lithium processing facility in the area considerably changes the dynamics of the Jackpot project. That, coupled with the renewed market interest and growing demand for lithium, has compelled us to redouble our exploration on Jackpot. Keeping our capital structure in mind, today's proposed transaction would allow us to explore the potential of Jackpot without further shareholder dilution and still enable us to participate in the upside of Trillium's work in the Red Lake Mining District."
The Jackpot Lithium property, located in the Georgia Lake Area about 140 km NNE of Thunder Bay, Ontario, is situated approximately 12 km by air from the TransCanada Highway (Hwy 11) and the main railroad which connects to the port town of Nipigon, on Lake Superior. The property contains known lithium bearing pegmatite showings, including two that contain historical resources of 2 million tons at 1.09% Li2O and 750,000 tons at 1.38% Li2O*. The Company recently completed a magnetic survey on Jackpot to identify structures on the property that would assist in locating high priority lithium targets for future drilling to add to the existing historical resources.
Qualified Person
The technical content of this news release was approved by Michel Boily, PhD, P.Geo, an Independent Qualified Person as defined by the National Instrument 43-101.
*The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by the Company. These historical mineral resources do not refer to any category of sections 1.2 and 1.3 of the NI-43-101 Instrument such as mineral resources or mineral reserves as stated in the 2010 CIM Definition Standards on Mineral Resources and Mineral Reserves. The explanation lies in the inability by the Company to verify the data acquired by the various historical drilling campaigns. The Company has not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves.
About Infinite Ore Corp.
Infinite Ore is a junior mining exploration company focused on seeking and acquiring world-class mineral projects. The company is earning into a large land package with the potential for VMS and gold mineralization in the Confederation Lake assemblage belt near Red Lake, Ont. The company also holds the Jackpot lithium property located near Nipigon, Ont.
ON BEHALF OF THE BOARD
"J.C. St-Amour"
J.C. St-Amour, President
FOR FURTHER INFORMATION, PLEASE CONTACT:
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
SOURCE: Infinite Ore Corp.
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