Infinity Stone Options Taiga Lithium Project Adjacent to Patriot Battery Metals Corvette Project
Highlights
- Infinity Stone options Taiga Lithium Project.
- Combined with Camaro Project, Infinity Stone expands land position to over 1,282 hectares in James Bay Lithium District adjacent to Patriot Battery Metals.
- Taiga Project has 4 mapped pegmatites, with the largest measuring over 900 square metres in size.
- PMET’s CV8 pegmatite, with grab samples averaging 4.6% Li2O, is located 1,400 metres north of the Taiga Project. PMET’s newly-discovered CV13 pegmatite cluster is located 1,500 metres north of the Taiga Project.
Vancouver, British Columbia–(Newsfile Corp. – September 1, 2022) – Infinity Stone Ventures Corp. (CSE: GEMS) (OTC Pink: TLOOF) (FSE: B2I) (the “Company” or “Infinity Stone“), is pleased to announce that it has entered into an option agreement to acquire, from an arm’s length party, a 100% interest in and to the Taiga Lithium Project (the “Taiga Lithium Project” or “Project“) adjacent to Patriot Battery Metals’ Corvette Lithium discovery in the James Bay Region of Quebec. Patriot Battery Metals has made several recent announcements with regard to their project, including their announcement on August 10, 2022 identifying “a total of thirty-one (31) spodumene-bearing pegmatite outcrops identified, including twenty (20) outcrops with estimated >5% modal spodumene content”.(1)
About the Taiga Lithium Project
The 923-hectare Taiga Lithium Project is located 3.4 kilometres west of Infinity Stone’s Camaro Property, directly adjacent to Patriot Battery Metals Inc.’s (“Patriot” or “PMET“) Corvette Property, in the James Bay Region of Quebec, approximately 235 kilometres east of Radisson, Quebec and 245 kilometres northeast of the Cree village municipality of Nemaska. The northern edge of the Project is located approximately 15 kilometres south of the Trans-Taiga road and transmission line. The region has been historically explored for its rich gold, copper, silver, base metal and PGE deposits.
The Project hosts four historically mapped pegmatite occurrences, with the largest measuring over 900 square metres in size. Three pegmatites occur at the western portion of the Project and one near the eastern edge.
“Infinity Stone is excited to further increase our position in the rapidly expanding James Bay Lithium District. Our team is hopeful that the identified LCT pegmatite trend in the corridor presents a number of occurrences trending northeast to southwest,” said Michael Townsend, Executive Chairman of Infinity Stone. “The Taiga Lithium Project is strategically positioned with existing mapped pegmatites that present significant discovery potential given recent developments from other operators in the region,” further stated Mr. Townsend. “It is evident from regional mapping that there is a high potential there are additional pegmatites present on the Project,” concluded Mr. Townsend.
The addition of the Taiga Lithium Project to Infinity Stone’s existing land position in the area, being the Camaro Project, brings the Company’s total land position in the area to 1,282 hectares.
Patriot has been conducting grassroots exploration on the gold, copper, silver, molybdenum and PGE showings across its FCI and Corvette properties for several years. In 2017, Patriot discovered the CV Lithium Trend.
The CV Lithium Trend is an emerging lithium-bearing pegmatite district that spans Patriot’s Corvette Property with a reported length of over 25 kilometres, remaining open further along strike. This new discovery on the Corvette Property has been attributed to the fact that previous historical work has never specifically targeted lithium. (1)(2)
Four grab samples taken from the CV8 showing on the Corvette Property, located approximately 1,400 metres north of Infinity Stone’s Taiga Lithium Property, averaged 4.6% Li2O.(2)
In 2019, a work program on the Corvette Property identified several new high grade copper-gold mineralized areas located 700 to 1,500 metres north of the Taiga Lithium Property. Through limited exploration, Patriot also identified seven “well mineralized” new lithium occurrences (CV5 – CV11).(3)
Figure 1. Property Location
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8151/135624_3afd3143b4c6ea25_001full.jpg
Options Terms
Pursuant to the property option agreement (the “Agreement“), the Company has the option to acquire a 100% interest in the Project (subject to the NSR Royalty described below) from Andrew Sostad and Christopher Sostad (the “Optionors“) by (i) making cash payments totaling $305,000 in installments over the course of three (3) years, (ii) issuing a total of 3,000,000 Class A Subordinate Voting Shares of the Company in tranches over the course of seven (7) months, (iii) incurring a total of $550,000 in exploration expenditures over the course of three (3) years, and (iv) issuing upon execution (complete) a total of 1,500,000 share purchase warrants (“Warrants“), 750,000 of which are exercisable at a price of $0.30 and 750,000 of which are exercisable at a price of $0.40, vesting over a period of seven (7) months. The Warrants are exercisable for three (3) years from the applicable vesting date.
Upon the Company completing the above and exercising its option to acquire the Project, the Company will grant the Optionors a 2% net smelter returns royalty (the “NSR Royalty“), with the Company retaining the right to buy back from the Optionors half (or 1%) of the NSR Royalty for $1,000,000.
References
(1) Patriot Battery Metals news release dated Aug 11, 2022. “Patriot Discovers New Lithium Pegmatite Cluster On-Trend with the CV5 Pegmatite and Samples 3.73% Li2O, Corvette Property, Quebec”.
https://patriotbatterymetals.com/patriot-discovers-new-lithium-pegmatite-cluster-on-trend-with-the-cv5-pegmatite-and-samples-3-73-li2o-corvette-property-quebec/
(2) Patriot Battery Metals Website, retrieved Aug 29, 2022. Corporate Presentation (July 2022).
https://patriotbatterymetals.com/wp-content/uploads/2022/07/220718-1-PatriotBatteryMetals-_-website-2022_FINAL.pdf
(3) Patriot Battery Metals (as 92 Resources Corp.) news release dated Sep 24, 2019. “92 Resources Corp. Samples 4.72% Li2O and Announces Multiple Discoveries of High-grade Lithium-Pegmatite at Corvette-FCI, Quebec”
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 and a director of the Company.
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 Contact
Zayn Kalyan
CEO and Director
Direct: 778-938-3367
zayn@altuscapital.ca
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 Project; exploration plans and prospects at the Project; exploration plans and prospects of Patriot; the Option and the Company’s earn-in under the Option; and the NSR Royalty. 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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