Leading Edge Materials Announces Exploration License Application in Romania
Canada NewsWire
VANCOUVER, Oct. 4, 2019
VANCOUVER, Oct. 4, 2019 /CNW/ - Leading Edge Materials Corp. ("Leading Edge Materials" or the "Company") (TSXV: LEM) (OTCQB: LEMIF) (Nasdaq First North: LEMSE) is pleased to advise of the submission of the Company's first Exploration License application to the Agentia Nationala pentru Resurse Minerale ("NAMR").
The application covers the same area as the Bihor Sud Prospecting Permit (see Press Release dated 6th November 2018) in western Romania (Figure 1), and was applied for by LEM Resources SRL ("LEM Resources"). LEM Resources is a Joint Venture company where Leading Edge Materials has the right to earn 90% ownership by achieving various project milestones.
The Bihor Sud Exploration License application is for a 5-year license covering 25 square kilometers in the Northern Apuseni Mountains of Transylvania. Bihor Sud lies within the Western Tethyan Metallogenic Belt, a well-mineralized district that includes the Timok copper-gold project along with the Skouries, Chelopech, Bor and Majdanpek deposits. The Northern Apuseni Mountains are famous for high grade skarn and carbonate replacement mineralization with historic production of Cu, Mo, Ag, Au, Zn, U and Pb associated with Tethyan Arc intrusions. The area under application includes a substantial former mine that was closed in 1998.
Mr. Mark Saxon, Interim CEO stated, "Leading Edge Materials have been active in Romania for a number of years, and through our work have put ourselves in the strongest possible position to be granted the Exploration License within the coming weeks. We look forward to sharing details of the application process and timelines over coming weeks."
Application for an Exploration License in Romania is via a competitive tender, following on from public advertising of a pending area for bid. In the current tender round, twenty-one Exploration Licenses were available for bid including the Bihor Sud license. The tender process is adjudicated on the basis of technical and financial merit, with substantial credit given to the work completed under the prior Prospecting Permit. Leading Edge Materials, via subsidiary LEM Resources, is the only company to have held a Prospecting Permit over the entire Exploration License application area. Leading Edge Materials will be advised in the coming week of the presence of competing bids, and the timeline to being notified of whether granting is successful.
On behalf of the Board of Directors, Leading Edge Materials Corp.
Mr. Mark Saxon, Interim CEO
About Leading Edge Materials
Leading Edge Materials is a Canadian public company focused on production of high value critical raw materials for the European market. LEM's assets and research focus are towards the raw materials for Li-ion batteries, high thermal efficiency and materials that improve the efficiency of energy generation. Investments are linked to the global shift to low-carbon energy generation and energy storage.
Additional Information
The information was submitted for publication through the agency of the contact person set out above, at 4th of October 2019 at 8:00 am Vancouver time.
Leading Edge Materials is listed on the TSXV under the symbol "LEM" and Nasdaq First North Stockholm under the symbol "LEMSE". Mangold Fondkommission AB is the Company's CA on Nasdaq First North and may be contacted at +46 (0) 8 5030 1550.
