Vancouver, Canada – TheNewswire – January 24th, 2022 – Arbor Metals Corp. (the “Company”) () (FWB:432) announces that it has been granted the right to acquire the Jarnet Lithium Project, located in the James Bay Region of Quebec, which consists of forty-seven map designated claims, covering an area of approximately 2,430 hectares.
The Jarnet Project is contiguous to the Corvette-FCI Property, where diamond drilling has confirmed significant lithium mineralization; hole (CF21-001) returned a 146.8 m interval of near continuous pegmatite, assaying 0.93% Li2O and 114 ppm Ta2O5, including1.09% Li2O and 108 ppm Ta2O5 over 73.0 m, and 1.04% Li2O and 145 ppm Ta2O5 over 54.6 m. This interval returned numerous samples over 2.0% Li2O, including a peak assay of 4.16% Li2O and 233 ppm Ta2O5 over 1.01 m. (November 29, 2021)
Preliminary interpretations of geophysics and geological datasets suggest that the Jarnet Lithium Project hosts extensions of lithium trend identified at the Corvette-FCI.
Mark Ferguson, President of the Company, commented “We are very pleased with the acquisition. The Jarnet Lithium Project is a great addition to Arbor’s highly prospective projects around the world. The Company is committed to identifying and advancing world class projects that add significant value for the Company’s shareholders.”
The right to acquire the Jarnet Project was granted pursuant to a mineral property option agreement (the “Option Agreement”) entered into with an arms-length vendor. Under the terms of the Option Agreement, the Company can acquire all rights to the Project, subject to a one percent net smelter returns royalty on commercial production to be granted to the vendor, which can be purchased by the Company at any time for a cash payment of $1,000,000. In order to exercise the option and acquire the Project, the Company must make a series of cash payments and incur work expenditures on the Project over a three-year term.
Dr. Peter Born, P.Geo., is the designated qualified person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release.
About Arbor Metals Corp
Arbor Metal Corp. is a mining exploration company specializing in the development of high-value, geographic significant mineral projects around the world. As industry leaders, we are paving the way for advanced mineral exploration as we oversee world-class mining projects. We believe quality project, combined with proven strategies and a professional team will deliver superior results. We hold three exceptional mineral projects.
The Miller’s Crossing Lithium Project, comprised of approximately 3800 acres of contiguous placer claims, located in the Big Smoky Valley, Esmeralda County, Nevada. The Big Smoky Valley is located immediately north of the Clayton Valley, home to Albemarle’s Silver Peak Lithium Brine Mine (in continuous operation since 1967.)
Jarnet Lithium Project, located in the James Bay Region of Quebec, which comprises of forty-seven map designated claims, covering an area of approximately 2430 hectares. The Jarnet project is contiguous to the Corvette-FCI Property, where diamond drilling has confirmed significant lithium mineralization; hole (CF21-001) returned a 146.8 m interval of near continuous pegmatite, assaying 0.93% Li2O and 114 ppm Ta2O5, including1.09% Li2O and 108 ppm Ta2O5 over 73.0 m, and 1.04% Li2O and 145 ppm Ta2O5 over 54.6 m. This interval returned numerous samples over 2.0% Li2O, including a peak assay of 4.16% Li2O and 233 ppm Ta2O5 over 1.01 m. (November 29, 2021)
The Rakounga Gold Project consists of an exploration permit covering a two-hundred-and-fifty square kilometer area located along the Goren Greenstone Belt in central Burkina Faso. The Company, through its wholly owned subsidiary Kruger Gold Corp. (“Kruger”), holds the right to acquire up to a one-hundred percent interest in and to the Project, subject only to pre-existing royalty obligations. Kruger has control over operations conducted on the Project and will look to expand on historical drilling and survey work conducted on the Project.
For further information, contact Mark Ferguson, Chief Executive Officer, at [email protected], or visit the Company’s website at www.arbormetalscorp.com.
On behalf of the Council,
Mark Ferguson, Managing Director
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.
This press release may contain certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this press release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “expect”, “may”, “program” and similar words or phrases identify forward-looking statements or information. These forward-looking statements or information may relate to the development of the Jarnet Lithium project and other factors or information. These statements represent the Company’s current views with respect to future events and are necessarily based on a number of assumptions and estimates which, although considered reasonable by the Company, are inherently subject to important business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, known and unknown, could cause actual results, performance or achievements to differ materially from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and undertakes no obligation, to update such forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other event affecting such statements and information other than those required by laws, rules and regulations.
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