ILI.v $ARXRF Infinite Ore Expands Jackpot Lithium Project and Closes Acquisition of Claims in Eastern Vision Property Package in Red Lake
by @accesswire on 18 Jan 2021, 03:01
VANCOUVER, BC / ACCESSWIRE / January 18, 2021 / Infinite Ore Corp. (the "Company") (TSXV:ILI)(OTCQB:ARXRF) is pleased to announce that it has added to its Jackpot Lithium project holdings through the acquisition of a 100% interest in 9 claims. The claims are contiguous to and located within the Company's Jackpot Property (see Figure 1). The Company's 100% owned Jackpot Lithium project is located in close proximity to the Georgia Lake lithium deposit, for which Rock Tech Lithium Inc. recently announced its intent to develop a lithium sulphate production facility located in Thunder Bay, Ontario.
Figure 1: Location of acquired claims shown in pink.
J.C. St-Amour, President of Infinite Ore commented, "This property acquisition enhances our land position in a burgeoning lithium camp. We are pleased to be able to provide our shareholders with exposure to lithium, gold and base metals exploration through our Jackpot and Eastern Vision properties."
The acquired claims are known to contain lithium showings based on historical work, including the M.N.W. dyke*. The claims contain lithium showings based on historical work including a pegmatite dyke that ranges in thickness up to 14 m and has been traced intermittently for 427 m. The core of the dyke was sampled in 1956 and was found to average 1.5% Li2O over a 122 m strike having widths up to 9 m.
Infinite Ore acquired the claims through payments to an arms-length party of $10,000 cash and 300,000 common shares. The vendor retains a royalty of 1.0% on revenue generated from non-smelter elements from the Jackpot Claims and a 1.0% NSR. This may be purchased at any time for $500,000.00.
Closing of Eastern Vision Claim Acquisition
The Company is also pleased to announce that, further to its press release of January 6, 2021, the company has closed the acquisition of 100% in 7 minerals claims located within its Eastern Vision project. Infinite Ore acquired the claims through payments to an arms-length party of $7,500 cash and 100,000 common shares. The vendor retains a 1.5% Net Smelter Royalty which can be bought back for $1.5 million at any time.
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.
*Reference: Pye, E.G. (1965) Geology and Lithium Deposits of Georgia Lake Area, p. 84.
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, President
FOR FURTHER INFORMATION, PLEASE CONTACT:
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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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