Vision Lithium Inc. (ABEPF)

[LCJR]

$ABEPF - Vision Lithium Completes Acquisition of Godslith Lithium Property

https://www.otcmarkets.com/stock/ABEPF/news/Vision-Lithium-Completes-Acquisition-of-Godslith-Lithium-Property?id=294528

Canada NewsWire

VAL-D'OR, QC, March 22, 2021

VAL-D'OR, QC, March 22, 2021 /CNW/ - Vision Lithium Inc. (TSXV: VLI) (OTCQB: ABEPF) (Frankfurt: 1AJ2) (the "Company" or "Vision Lithium") is pleased to announce the closing of its acquisition (the "Transaction") of a 100% undivided interest in the non-surveyed, unpatented mining claim known as the Godslith claim from Messrs. James C. Campbell and Peter C. Dunlop (the "Vendors") pursuant to the terms and conditions of a property purchase agreement entered into between the parties, dated March 19, 2021 (the "Purchase Agreement"). In connection with the Transaction, Vision Lithium has applied for a mineral exploration licence, which together with the Godslith claim, covers a total area of approximately 5,560 hectares (the "Property"). The Property is located less than 1 km Northwest of Gods River, Manitoba, within and surrounding the traditional territory of the Manto Sipi Cree Nation (the "MSCN"), in the God's Lake area of the province of Manitoba.

Vision Lithium Inc. Logo (CNW Group/Vision Lithium Inc.)

Yves Rougerie, President and CEO of Vision Lithium commented, "We are keen to commence work on the Property and to bring the historical lithium resource into current NI 43-101 standards. After careful review and modelling of the historical exploration data, I am confident that we can expand on the work done to date and identify additional lithium mineralization on the Property, making for a sizeable and important North American lithium project."

The Transaction

Pursuant to the terms of the Purchase Agreement, Vision Lithium issued to the Vendors 4,000,000 common shares of the Company (the "Shares") and granted the Vendors a 3% net smelter returns royalty on the Property (the "Royalty"). In addition to the statutory hold period of four months and one day from the date of issuance, the Shares are subject to an escrow agreement and will be released in four equal tranches of 1,000,000 Shares over an 18-month period. One-third of the Royalty (1%) may be repurchased by the Company for $1,000,000 and an additional one-third (1%) may be repurchased by the Company for an additional $2,000,000. The Transaction remains subject to the final approval of the TSX Venture Exchange.

A separate exploration agreement is to be negotiated and entered into between Vision Lithium and the MSCN to establish a long-term, mutually beneficial, cooperative and respectful relationship based on trust and certainty concerning the exploration program to be carried out by Vision Lithium on the Property.

The Godslith Property

The historical exploration information presented herein is sourced from an independent technical report on the Property (the "Technical Report"), dated August 26, 2009, that was prepared for First Lithium Resources Inc. by qualified person Mark Fedikow Ph.D., P.Eng., P.Geo., C.P.G. in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

The Godslith pegmatite dyke is classified as a rare metal spodumene pegmatite. The lithium-bearing mineralization has an approximate 2.3 km drill-indicated strike-length and dips 70 degrees North. The Technical Report details the geological setting of the Property's lithium-bearing pegmatite and reviews the historical exploration results. Between 1958-1961, INCO completed 25 wide-spaced drill holes for a total of 9,421 ft (2,871.5 m). In 1986, W.C. Hood Geological Consulting completed an internal report wherein they reported the following resource estimate:

Zone

Resource
Classification

Cut-off Grade
% Li2O

Short
Tons*

Grade
% Li2O

Weighted Average
True Width (Metres)

Upper Zone

Historic Indicated

0.70

4,800,000

1.27

11.04

Lower Zone

Historic Probable

0.70

4,600,000

1.14


*1 short ton = 0.9072 metric tonnes.

While the Company considers these historical estimates to be relevant to investors, as they may indicate the presence of mineralization, a qualified person has not done sufficient work for Vision Lithium to classify the historical estimates as current "mineral resources" or "mineral reserves" (as defined in NI 43-101). The foregoing historical estimates were calculated prior to the implementation of NI 43-101 and the Company is not treating these historical estimates as current "mineral resources" or "mineral reserves".

The Technical Report provides recommendations for future exploration work and includes an initial program of prospecting and geological mapping followed by soil geochemical surveys designed to assess the area for additional pegmatite dykes and base and precious metals. A diamond drill program has also been recommended for the purpose of extending the lithium-bearing pegmatite on the Property to depths below those indicated by the historic Inco drilling.

The scientific and technical information in this release has been reviewed and approved by Yves Rougerie, Geologist, President and CEO of the Company. Mr. Rougerie is a "qualified person" as defined in NI 43–101.


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