Infinity Stone Signs Option Agreement for Buda Pegmatite Property Near Thunder Bay, Ontario
Vancouver, British Columbia–(Newsfile Corp. – June 2, 2022) – Infinity Stone Ventures Corp. (CSE: GEMS) (OTC Pink: TLOOF) (FSE: B2I0) (the “Company” or “Infinity Stone“) is pleased to announce that it has entered into an option agreement to acquire a 100% interest in the 1,451-hectare (3,585-acre) Buda Pegmatite Property, near Thunder Bay Ontario.
Highlights
- Property hosts 7 LCT (lithium-cesium-tantalum) pegmatites mapped in the early 1980s
- Historic sampling data reveals elevated values of lithium, cesium, tantalum, niobium, and rubidium. Systematic testing for lithium was not completed in past programs.
- Steep Rock Main Pegmatite Dike, the largest known pegmatite dike on the property, is 450 metres in strike length with an apparent width varying from 40 to 140 metres (1)
- Buda Dike has an exposed strike length of 360 metres and a maximum exposed thickness of 25 metres (1)(3)
- 50km from Thunder Bay, Ontario, where Avalon Advanced Materials Inc intends to build a new lithium refinery (2)
- 26km north of Infinity Stone’s Rockstone Graphite Property
Buda Pegmatite Property
The Buda Pegmatite Property is located 50 kilometres west of the City of Thunder Bay, Ontario, along Highway 17/11. Access to the property is excellent, via Highway 17/11 which traverses the western edge of the property, and a network of bush roads which provide access throughout the interior of the property. The property consists of a single block of 68 cells covering 1,451 hectares (3,585 acres).
The last significant program on the property was conducted in the early 1980s by Steep Rock Iron Mines, which was exploring for feldspar. According to documentation by Steep Rock, Buda Station area hosts a “significantly large pegmatite dike worthy of economic consideration”. Seven pegmatite dikes were mapped on the property, the largest being Steep Rock Dike. (1)
In 2009, three grab samples were extracted from exposed pegmatite near Buda Station. One of the specimens returned 210 ppm lithium and two of the samples returned elevated niobium (102 ppm and 143 ppm) and rubidium (764 ppm and 1080 ppm). Cesium and tantalum values were also found to be moderately elevated. *
* Note: Grab samples are selective in nature and mineralization and grades are not necessarily reflective of the mineralization hosted by the property.
Figure 1: Property Location
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Figure 2: Property Boundary
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Option Agreement
Pursuant to the property option agreement with 5042078 Ontario Inc., the company has a right to acquire a 100% interest in and to the Buda Pegmatite Property upon (i) payment to the optionor of an aggregate sum totaling US$1 million in cash payable over four years and issuing to the optionor 2,000,000 class A subordinate voting shares over the first year. The project will be subject to a 3% NSR royalty in favor of the optionor with a 1% NSR buyout option for US$1 million.
Qualified Person
Technical information in this news release has been reviewed and approved by Case Lewis, P.Geo., a “Qualified Person” as defined under NI 43-101 Standards of Disclosure for Mineral Projects.
References:
(1) Bernatchez, R.A., 1981. “Geological mapping of the Peterson-Skalesky feldspar property for Steep Rock Iron Mines Limited, Atikokan, Ontario”. MNDM Assessment Report 51A12NW0003.
(2) Avalon Advanced Materials Inc news release dated April 4, 2022: “Avalon announces partnership agreement to establish Ontario’s first regional Lithium Battery Materials Refinery in Thunder Bay”
https://www.newswire.ca/news-releases/avalon-announces-partnership-agreement-to-establish-ontario-s-first-regional-lithium-battery-materials-refinery-in-thunder-bay-830175516.html
(3) Carter, M.W., 1990. “Geology of Goldie and Horne Townships”. Ontario Geological Survey Open File Report 5720.
About Infinity Stone Ventures
Infinity Stone’s mission is to be a diversified, single source supplier for the critical energy metals being used in the clean energy revolution alongside its established SaaS solution portfolio. The Company’s primary business units include HealthCheck (Stratum Health Technologies LLC) and its energy metals portfolio. Infinity Stone is meeting the demand from battery and wind turbine manufacturers, nuclear and hydrogen energy producers, and energy metals speculators by acquiring 100% interest in critical mineral deposits and occurrences in stable mining-friendly jurisdictions, close to final use destinations in North American manufacturing hubs.
To register for investor updates please visit https://infinitystone.ventures.
Infinity Stone Ventures Corp.
Zayn Kalyan
CEO and Director
zayn@altuscapital.ca
Direct: 778-938-3367
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Forward-Looking Statements Disclaimer
This press release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “projects”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements, including statements respecting: the option agreement and the milestones required to earn in under the option. Although forward-looking statements contained in this press release are based upon what management of Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements may also be affected by risks and uncertainties in the business of the Company, including those described in the Company’s public filings available on www.SEDAR.com. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
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