LIBERTY ONE LITHIUM ENTERS INTO OPTION AGREEMENT
FOR JACKFISH LAKE PROPERTY
VANCOUVER, BC (June 26, 2020) -- Liberty One Lithium Corp. (“Liberty One” or the
“Company”) (TSX.V: LBY) (FRANKFURT: L1T), is pleased to announce that it has entered into
an option agreement with Wahl’s Prospecting (the “Optionor”) to earn a 100% interest in certain
gold claims comprising the Jackfish Lake Property (the “Property”) located in Thunder Bay,
Ontario (the “Option Agreement”).
Pursuant to the Option Agreement and in order to exercise the option, the Company would need
to make the following payments to the Optionor:
• Cash payments totaling $110,000 CDN, payable over four years as follows:
o $15,000 within 5 business days of the effective date of the Option Agreement;
o an additional $15,000 on or before each of the first, second and third anniversaries
of the date the TSX Venture Exchange approves the Option Agreement (the
“Exchange Approval Date”); and
o $50,000 on or before the fourth anniversary of the Exchange Approval Date.
• 1,600,000 common shares of Liberty One (the “Shares”), issuable over four years as
follows:
o 500,000 Shares within 10 business days of the Exchange Approval Date;
o an additional 200,000 Shares on or before each of the first, second and third
anniversary of the Exchange Approval Date; and
o an additional 500,000 Shares on or before the fourth anniversary of the Exchange
Approval Date.
In addition, the Optionor will retain a 2% Net Smelter Royalty (the “NSR”), subject to the
Company’s right to purchase half of the NSR by paying $1,000,000 to the Optionor.
Closing of the proposed transaction is subject to TSX Venture Exchange acceptance of a filing
required to be made in respect of the Option Agreement and all other necessary regulatory
approvals and acceptances, as well as other conditions precedents. There can be no assurance that
the proposed transaction will be completed as proposed, or, at all.
All securities issued in connection with the Option Agreement will be subject to a statutory hold
period of four months plus a day from the date of issuance in accordance with applicable securities laws.
The Jackfish Lake Property
The Property is located on the northern shores of Lake Superior, 20 km east of Terrace Bay via
Highway 17, Ontario.
The Property comprises 34 mining claims covering 3,664 hectares (9,054 acres). Geologically,
the Property lies within the Wawa subprovince of the superior province of the Canadian Shield,
specifically the metavolcano-sedimentary Schreiber-Hemlo greenstone belt. The belt is known for
its namesake Hemlo Gold Mine. Geology and mineralization on adjacent or properties in the area
may not be representative of mineralization on the Jackfish Lake Property. The Company will
focus exploration on the previously identified gold bearing veins hosted within the eastern margin
of the Terrace Bay Batholith, that underlie the Property
The Company is currently preparing an independent NI 43-101 Technical Report on the Property
(the “Report”). The Report will contain additional detail on the history and nature of business
previously conducted on the Property and any available financial information regarding it.
Mr. Garry Clark, P. Geo., of Clark Exploration Consulting, is the “Qualified Person” as defined in
NI 43-101, who has reviewed and approved the technical content in this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
“Brad Nichol”
Brad Nichol
President & CEO
