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Highlights:
The Fliszar Property has 17 white pegmatites with biotite, muscovite, tourmaline, and garnet, according to the Sigeom website.
The Muscovite Ridge Property has 41 white pegmatites with biotite, tourmaline, and garnet, according to the Sigeom website.
The Rose North Property has 20 pink to white pegmatites with graphic textures, according to the Sigeom website.
All three properties are close to the Opinaca and La Grande Subprovincial boundaries, which is a deep-seated regional structural boundary.
Newmont Mining’s Eleonore underground gold mine is located between the
Fliszar and Muscovite Ridge Properties .The
Rose North property is located 15 km north of Fury Gold Mines’sEau Claire gold project.
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Figure 1 Location of
Technical Information:
The Fliszar Property has 17 white pegmatites hosted by granite and paragneiss and is on the subprovincial boundary between Opinaca and La Grande subprovinces, according to the Sigeom website. One of the Fliszar claim blocks has seven white pegmatites with biotite, muscovite, tourmaline, and garnet. The presence of muscovite, tourmaline, and garnet indicates an increased level of fractionation and more potential to be associated with lithium mineralization.
Newmont Mining’s Eleonore underground gold mine is located between the
The Muscovite Ridge Property has 41 white pegmatites hosted by granite, paragneiss, and migmatited paragneiss within the Opinaca subprovince, according to the Sigeom website. The pegmatites with biotite paragneiss xenoliths also contain biotite, tourmaline, and garnet. The presence of tourmaline and garnet in the pegmatites indicates enrichment in boron and iron from the paragneiss.
The Rose North Property has 20 pink to white pegmatites with graphic textures hosted by granodiorite, granite, and tonalite within the La Grande subprovince according, to the Sigeomwebsite. The Rose North property is located 15 km north of Fury Gold Mines’s
All three properties are close to the Opinaca and La Grande Subprovincial boundaries, which is a deep-seated regional structural boundary. The Opinaca subprovince is composed of Archean paragneiss and migmatites derived from feldspathic wackes. These metasedimentary rocks are intruded by post-tectonic granodiorite, granitic pegmatites, and tonalite. The La Grande subprovince is composed of metasedimentary-mafic metavolcanics greenstone belts intruded by granodiorite, granite, granitic pegmatites, and tonalite. The Corvette, Cancet, and Adina pegmatites are hosted by the greenstone belts of the La Grande subprovince.
Option Agreement Terms:
Pursuant to the Option Agreement, Tearlach may acquire a 100% interest in each of the 3 properties from arm’s length vendors by making cash payments, issuing common shares in the capital of Tearlach (“Common Shares”) per property of:
Payments per property | Cash Payments | Value of shares to be Issued | Milestone |
$ | $ | $ | |
Upon signing the Option Agreement | 62,500 | 62,500 | - |
1stYear Anniversary | 62,500 | 62,500 | - |
2ndYear Anniversary | 62,500 | 62,500 | - |
3rdYear Anniversary | 62,500 | 62,500 | - |
The vendors will retain a 2% 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
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer
Suite
Tel: 604-688-5007
www.tearlach.ca
https://tearlach.ca/contact/
Neither the
Forward-looking statements
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities laws (collectively, “forward-looking statements”). Statements and information that are not historical facts are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible” and similar expressions or statements that events, conditions or results “will”, “may”, “could” or “should” occur or be achieved. Forward-looking statements and the assumptions made in respect thereof involve known and unknown risks, uncertainties, and other factors beyond the Company’s control. Forward-looking statements in this press release include statements regarding beliefs, plans, expectations or intentions of the Company. Mineral exploration is highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. Forward-looking statements in this press release are made as of the date herein. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements in this press release are reasonable, undue reliance should not be placed on such statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information or future events or otherwise, except as may be required by law.
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