Pursuant to the Transaction, the Company added 64 claims (3304 Ha) to its JB lithium project in the
The Lac Joubert-Tilly (LJ-T) property (the 'Property') is located approximately 60 km due east of the previously announced Riviere Salomon (RS) property on the
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The LJ-T property is underlain mainly by the Archean
Within the property boundaries, the
Riviere Salomon (RS) property
The Trieste Formation, which hosts lithium mineralization on the adjacent Adina property, transects the RS property. Within the property boundaries, this Meso-Archaean age formation is mainly an ensemble of mylonites and banded amphibolites derived from basalt, which have been intruded by various intermediate rocks. A significant band of tonalite, part of the Meso-Archaean age Kamusaawach Intrusion, cuts through the centre of the property. Also cutting through the claims is a band of the Neo-Archaean Richardie Suite, an intrusive biotite-magnetite-hornblende granodiorite. The northern portion of the property is underlain by the Neo-Archaean Sauvolles Pluton, which is mainly of granitic composition. There is also a prominent Paleoproterozoic-age mafic dyke (
During a regional mapping program in 2013 by Government geologists, one outcrop was collected sample from the property, reported in the Quebec Government's online geological database, SIGEOM, an returned a value of 65 ppm Li.
K9 has recently completed a helicopter-borne magnetometer and VLF survey on this property. Results will be reported on completion of data interpretation.
In connection with the Transaction, the Company issued 3,000,000 common shares (the 'Company Shares') to the shareholders of 141 BC in exchange for the issued and outstanding common shares of 141 BC. The Company Shares were issued at a deemed value of
141 BC is now a wholly owned subsidiary of the Company. 141 BC is a party to an option agreement (the 'Option Agreement') whereby, pursuant to the terms of the Option Agreement, 141 BC may acquire a 100% interest in the Property upon the completion of certain expenditures, cash payments or issuances of Company Shares.
Pursuant to the Option Agreement, 141 BC can earn a 100% undivided interest in the Property upon the occurrence of the following milestones (collectively, the 'Milestones'): Payment of
If the Company elects to issue Company Shares in satisfaction of the certain payments under the Option Agreement, an aggregate of 12,714,285 Company Shares may be issuable at a deemed price of
Upon exercise of the Milestones, the Optionor will be granted a 2% net smelter royalty (the 'NSR'), of which 1.5% of the NSR may be purchased by 141 BC for a cash payment of
The Transaction is an Arm's Length Transaction (as such term is used in the
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Contact:
Tel: 604 808-9134
Email: kosta@k9goldcorp.com
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding K9's intention to continue to identify potential transactions and make certain corporate changes and applications. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits K9 will obtain from them. These forward-looking statements reflect managements' current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including K9's inability to identify transactions having satisfactory terms or at all and the results of exploration or review of properties that K9 does acquire. These forward-looking statements are made as of the date of this news release and K9 assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws.
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