I deliberately have refrained from posting on this site all the
news the company has released re a newproject. Shows that no one cares!!
But 2 new areas of potential gold development are now the main interest of management . At LEAST UNTIL THE LITHIUM MARKET SHOWS SIGNOFICENT RENEWED STRENGTH.
(TSX.V:ILI) is pleased to announce that the Company has acquired 5 claims comprising 80 units and 1,425 hectares, known as the "Eastern Vison" property, approximately 20 kilometers due east of the eastern boundary of Great Bear Resources Corp.'s (TSX.V:GBR) Dixie Project located in the Red Lake District of Ontario. Great Bear is an industry exploration leader with multiple gold discoveries along a 3.2-kilometre stretch of the 18-kilometre-long LP fault target, with a 90,000-metre drill program in progress and fully financed drill program.
The Eastern Vision property straddles a projected east-west feature, interpreted as a fault zone with multiple volcanogenic massive sulphides ("VMS") known to occur north of the Eastern Vision property. The Eastern Vision property is approximately 25 kilometers east-north-east of the active drilling by BTU Metals Corp.("BTU") on the recently reported "TNT" VMS target.
ILI Director Gerhard Jacob, MSc, states: "We are pleased to acquire this strategic property, in a district with an exciting new gold discovery by GBR on the Dixie property, and excellent potential for base and precious metal VMS mineralization. The Company's management and consultants have extensive experience in this area of Ontario and these types of deposits."
The Company is acquiring a 100% interest in the claims comprising the Eastern Vision property from an arms-length vendor through cumulative payments of Cdn $72,000 in cash, and the share issuance of 800,000 shares, over a three (3) year period. The vendor retains a 1.5 % Net Smelter Royalty ("NSR"), 50% of which is purchasable by ILI for $1,000,000 at any time.
Infinite Lithium Corp. (“ILI” or the “Company”) (ILI-TSX:V) is pleased to announce that the Company has acquired a second strategic property, known as the “North Buffy Lake Property” approximately 30 kilometers due east of the eastern boundary of Great Bear Resources Ltd.’s (GBR – TSX:V) Dixie Project located in the Red Lake District of Ontario. The North Buffy Lake property comprises 9 claims totaling 193 units and approximately 3,440 hectares.
The North Buffy Lake property covers a projected major east-west feature, interpreted as a fault zone on the northern portion of the property, and covers a belt of mafic-intermediate volcanics, flanked by felsic-intermediate volcanics, that trends SW-NE across the property. Limited previous exploration on the property had uncovered electromagnetic and magnetic anomalies that warrant further investigation with refined geophysical surveys.
The North Buffy Lake property is approximately 35 kilometers east-north-east of the active drilling by BTU Metals Corp.(“BTU”) on the recently reported “TNT” VMS target, and is contiguous and just east of the recently acquired Eastern Vision property (PR December 2, 2019).
ILI director Gerhard Jacob, MSc, states: "We are very pleased to acquire a second strategic property, with prospective geology for both precious and base metal discoveries, in an active exploration district. The North Buffy Lake property was previously difficult to access, limiting exploration activity but is now cut by recent logging roads. The Company’s management and consultants have extensive experience in this area of Ontario and these types of deposits."
The Company is acquiring a 100% interest in the claims comprising the North Buffy Lake property from an arms-length party through payments of Cdn $121,000 in cash and the issuance of 800,000 shares over a three (3) year period. The vendor retains a 1.5 % Net Smelter Royalty (“NSR”), purchasable by ILI for $1,000,000 at any time./b]
