(via TheNewswire)
![]() | |||||||||
![]() | ![]() |
The Shelby Properties are adjacent to Patriot Battery Metals Inc.’s (TSXV: PMET) (“PMET”) Corvette Lithium Property located in theJames Bay Region ofQuebec (theCorvette Property”) and Winsome Resources Ltd.’s (ASX: WR1) (“Winsome”) Cancet discovery drill hole (the “Cancet Property”).The Shelby Properties also cover approximately 11,226 hectares. The region has gravel highway access and an airport at the power generating station at La Grande Quatre. (Figure 1).
“These strategic acquisitions in
CEO
Click Image To View Full Size
Figure 1:Tearlach’s
The “Shelby Project” consists of six properties: Patriot West (2 claim blocks), Patriot North, Patriot North Spodumene, Patriot North East, Patriot East and Patriot South.
All properties are underexplored and have been acquired on very favourable terms by our highly experienced team with access to a unique pipeline of projects through fostered business relationships.
#1) The Patriot South Property (the“PSL”)
The PSL comprises 28 claims totalling 1,446 hectares of lithium potential claims in close proximity to several other significant lithium showings. The Property is located: south east of the Corvette Property and south west of Winsome’s
According to Ministère de l'Énergie et des Ressources Naturelles (the “MERN”), the property may contain spodumene pegmatites in theSuite granitique du Vieux Comptoir rock unit.
#2) The Patriot North Property (the“PNL”)
The PNL comprising 20 claims totalling 1,023 Hectares of lithium potential claims, directly adjacent to the Corvette Property, which hosts significant mineral potential over multiple deposit types.The Corvette Lithium Trend is an emerging spodumene pegmatite district discovered by PMET in 2017.PMET’s best drill intercept to date of 1.65% Li2O over 159.7 metres including 4.12% Li2O over 9.0 metres as reported in their press release dated
#3) The Patriot East Property (the“PEL”)
The PEL comprising 36 claims totalling 1,887 hectares, is located east of the Corvette Property.
Patriot East Property has two pegmatite outcrops of which one is hosted in biotite magnetite tonalite and the other is hosted by hornblende diorite according to Quebec’s Sigeom website.
#4) Patriot North East Property (the “PNEL”)
The PNEL comprising 44 claims totalling 2,224 hectares, is located northeast of the Corvette Property and is adjacent to Midland Exploration Inc. (TSXV: MD) and
The Patriot North East Property consists of foliated medium-grained biotite magnetite with white to pink pegmatite dykes identified in 12 outcrops according to Quebec’s Sigeom website.
#5) The Patriot North Spodumene Property (the“PNSL’’)
The PNSL comprising 30 claims totalling 1,530 hectares, is located northeast of the CorvetteProperty. The PNSL is located directly adjacent to
The Patriot North Spodumene property consists of foliated fine-grained biotite magnetite tonalite with white to pink pegmatite dykes identified in seven outcrops according to Quebec’s Sigeom website. No spodumene or lithium mineralization has been identified on the property yet.
According to Ministère de l'Énergie et des Ressources Naturelles (the “MERN”), the property may contain spodumene pegmatites in theSuite granitique
#6) The Patriot West Property (the “PWL”)
The PWL comprising two claim blocks with 60 claims totalling 3124 hectares, is located adjacent and near adjacent to Winsome's Cancet Property.
The Patriot West claim block south of Cancet consists of foliated biotite-magnetite tonalite with four outcrops of pink to white pegmatite veins according to Quebec’s Sigeom website.
The Region
The
James Bay Lithium Deposit – Proven Probable Reserve 37.2Mt at 1.3% LiO (
Alkem Limited press release datedDec. 21, 2021 )Rose Deposit – Probable Reserve – 26.3 Mt at 0.87% LiO 138 ppm Ta(Critical Elements Lithium Corporation press release dated
June 13, 2022 )Whabouchi Deposit – Proven Probable Reserve – 27.9Mt at 1.33% LiO (Nemaska Lithium Inc, NI 43-101 Technical Report dated
May 31, 2019 )Moblan Deposit– Proven Probable Reserve – 10.7Mt at 1.40% LiO (Sayona Mining Limited, dated
Aug. 24, 2019 )
The Qualified Person has not verified the regional reserve estimates listed in this press release. The QP has mentioned the regional lithium reserves as an indication of the potential of lithium mineralization in the region. Regional reserves does not necessarily indicate lithium mineralization on Tearlach’s ShelbyProperties. Key assumptions, parameters and methods used to prepare the reserves are given by the companies in the sources. The regional reserves are the most current reserves publicly disclosed on the properties to the best of the QP’s knowledge.
Recent drilling by Winsome has highlighted more than 160 metres of pegmatite collectively intercepted in drilling below the recently discovered Jamar outcrop at Adina(see Winsome press release dated October 28, 2022). In addition, most recent assays from the Jamar outcrop have yielded exceptional grades of up to 4.89% Li2O(see Winsome press release dated October 28, 2022). Winsome has made a very important discovery in their recent drilling program at Adina, highlighting the potential for another significant lithium deposit in
The Transaction
Pursuant to the Option Agreement, Tearlach may acquire a 100% interest in each of the 6 properties from arm’s length vendors by making cash payments, issuing common shares in the capital of Tearlach (“Common Shares”) with milestone bonuses. An initial 300,000 shares will be paid to the vendor as a one-time payment in addition to the payments listed below per property:
Cash Payments | Value of shares to be Issued | Milestone | |
$ | $ | $ | |
Upon signing the Option Agreement | 545,454,54 | 545,454,54 | - |
1stYear Anniversary | 545,454,54 | 545,454,54 | - |
2ndYear Anniversary | 545,454,54 | 545,454,54 | - |
3rdYear Anniversary | 545,454,54 | 545,454,54 | - |
Upon successful drilling result of 10 meters of 1% or greaterLi2O over a 6 year period | - | - | 2,000,000 |
The vendors will retain a 3% net smelter return (“NSR”) royalty on the Properties with a one-half of a percentage point buyback for
The transactions contemplated by the Option Agreement, including the issuance of Common Shares thereunder, are subject to the approval of the
Qualified Person
About Tearlach
Tearlach is a Canadian exploration company engaged in the acquisition, exploration and development of lithium projects. Tearlach holds an interest in the
Omnibus Option Plan Adoption
The Company has adopted a hybrid omnibus incentive plan (the “Plan”) which consists of a 10% rolling component for stock options and a fixed number component for equity awards other than stock options, including restricted share units, performance share units and deferred share units. The fixed number component reserves an aggregate maximum amount of 8,144,350 shares in the capital of the Company for future issuance. The Plan has been approved by the board of directors of the Company and remains subject to approval by the
If the Company elects to grant equity awards under the Plan prior to TSX-V and shareholder approval, the vesting of such awards will, in addition to any other vesting criteria required by the Company, be subject to disinterested shareholder approval at the Company’s next annual general and special meeting.
Following initial shareholder approval of the Plan, shareholder approval must be obtained annually at the Company’s future annual general and special meetings as long as the Plan is effective. In addition, the Plan must be submitted for TSX-V review and acceptance on an annual basis.
ON BEHALF OF THE BOARD OF DIRECTORS,
Chief Executive Officer
Suite
Tel: 604-688-5007
www.tearlach.ca
www.tearlach.ca/contact/
The Company has engaged the OGIB Corporate Bulletin (“OGIB”) to publish a series of articles on the Company over the next six months to increase awareness of the Company, the Company will pay a fee of
Corporate Relations
M) 604-512-0972
frank@tearlach.ca
Neither the
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, including, without limitation, the closing of the Agreement and the exercise of the Option, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will receive all necessary approvals in connection with the Agreement, market fundamentals will result in sustained Lithium demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Properties in a timely manner, the availability of financing on suitable terms for the development and continued operation of the Company’s projects and its ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, requirements for additional capital, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Properties, the estimation or realization of mineral reserves and mineral resources, the fact that the Company’s interests in the Properties are an option only and there is no guarantee that such interests, if earned, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of lithium, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals (including of the
Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.
Copyright (c) 2023 TheNewswire - All rights reserved.
Copyright (c) 2023 TheNewswire - All rights reserved., source