VANCOUVER, BC / ACCESSWIRE / December 12, 2019 / Infinite Lithium Corp. (“ILI” or the “Company”) (TSXV:ILI)(OTCQB:ARXRF) is pleased to announce that the Company has acquired a 100% interest in a package of two additional strategic claim groups known as the “Dixie 3” and “Ben Lake” properties from Pistol Bay Mining Inc., in the Red Lake Mining District. The Dixie 3 property is approximately 18 kilometers east of the eastern boundary of Great Bear Resources Corp.’s (GBR-TSX:V) Dixie Project, and approximately 22 kilometers north-east of the active drilling by BTU Metals Corp. (BTU-TSX:V) on the recently reported TNT volcanogenic massive sulphide (VMS) target. The Ben Lake property is contiguous to the north of the Company’s recently acquired “Eastern Vision” properties.
The Dixie 3 and Ben Lake properties are contiguous and comprises 178 single-cell mining claims and 3 boundary cell mining claims, covering approximately 3,680 hectares. Both properties have multiple known VMS mineral occurrences, electromagnetic (EM) and magnetic geophysical anomalies, and favorable alteration patterns. Both properties also have excellent access and logistics from Red Lake or Ear Falls.
The Dixie 3 property hosts the Dixie 3 VMS zone which, to the best of the vendors knowledge, was not assayed for gold. A number of mineralized zones or targets defined by historic diamond drilling, including:
- Breccia Zone, with 3.63% Zn over a intercept of 2.0 metres
- Ten Mile Zone, with a 4.0 metre intercept of 1.25% Zn and 0.11% Cu
- Dixie South – West Zone, with a 24 metre intercept of 0.57% Zn and 0.05% Cu
- Dixie South – Central Zone, with 0.95% Zn over a intercept of 18.4 metres
- Dixie South – East Zone, with a 28 metre intercept of 0.50% Zn and 0.04% Cu, including 5.2 metres of 1.9% Zn and 0.11% Cu
- South Zone Vent Breccia, intercept averaging 6.5 metres of 1.96% Zn
- Vent Zone, with a 30.5 metre intercept of 1.1% Zn and 0.08% Cu.
Source: Assessment reports by Noranda Exploration Company, Selco Mining Company, Hudson Bay Exploration and Development Ltd. and BP Minerals, 1976 to 2003
In 2008, Tribute Minerals carried out a Titan-24 DCIP and MT survey over the Dixie 3 area covering approximately one-sixth of the property. The results of the DCIP were filed for assessment work and demonstrated two target areas at depths of between 300 and 600 metres.
The Ben Lake property covers prospective alteration in rock samples favorable for VMS mineralization with a portion of the property and the contiguous “Eastern Vision” property covered by a high resolution VTEM airborne electromagnetic survey, flown in 2017.
The Company is acquiring a 100% interest in the claims comprising the Dixie 3 and Ben Lake properties from an arms-length party through payments of Cdn $100,000 cash over a 6-month period and the issuance of 2,000,000 shares. The underlying vendor retains a .5 % Net Smelter Royalty (“NSR”) on Dixie 3 which can be bought for $400,000 at any time and a 1.5% NSR on Ben Lake, half of which can be bought back for $400,000 at any time.
Mr. Kelly Malcolm, P.Geo, is the qualified person as defined by National Instrument 43-101 who has examined and described the geological information available from public sources related to the property and is responsible for reviewing and approving the technical contents of this press release.
About Infinite Lithium Corp.
Infinite Lithium is a junior mining exploration company focused on seeking and acquiring world-class lithium projects globally. Our current focus is on the Jackpot Lithium property located in the Georgia Lake Area, Thunder Bay mining division, Ontario. Infinite Lithium also continues to evaluate suitable prospects that fit the mandate of the company. Please visit our website located at http://www.infinitelithium.com/.
ON BEHALF OF THE BOARD
John Masters, Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Toll Free: 1-888-945-4770
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
SOURCE: Infinite Lithium Corp.
View source version on accesswire.com: