ABR:CC - Arbor Metals to Acquire Kemlee Lake Lithium Project in Northern Ontario
(TheNewswire)
Vancouver, Canada– TheNewswire - May 17, 2024 – Arbor Metals Corp. (“ Arbor ” or the “ Company ”) (TSXV:ABR, FWB: 432) announces that it has enteredinto an agreement (the “ Purchase Agreement ”), dated May 16, 2024,with Kemlee Lake Lithium Corp. (“ KLL ”), and the soleshareholder of KLL (the “ Vendor ”), pursuant to which it proposes toacquire all of the outstanding share capital of KLL. KLL is theholder of the Kemlee Lake Lithium Project (the “ Project ”) situatedin the heart of the Georgia Lake Lithium Camp, Thunder Bay MiningDivision, Ontario.
The Project is strategically located three kilometerseast of Rock Tech Lithium Inc.'s Aumacho claim blocks and twelvekilometers south of the Georgia Lake Project. Rock Tech's recentannouncement on March 4, 2024, revealed the selection of the NorampacPaper Mill site as the location for its lithium refinery, marking asignificant milestone as the first of its kind in Ontario withproduction forecasted for 2027.
The Project shares many geological similarities withthe prolific Georgia Lake deposit, including bedrock geology and thepresence of massive intrusive dykes. The primary target at the Projectwill be spodumene-bearing pegmatites hosted in metasediments. TheCompany is currently in the process of designing an initialexploration program for the Project.
“We are thrilled to announce the acquisition of theKemlee Lake Lithium Project, which will strategically position ArborMetals in the heart of the Georgia Lake Lithium Camp,” stated MarkFerguson, President of Arbor. “This acquisition aligns seamlesslywith our vision of expanding our hard rock lithium portfolio andunderscores our commitment to sustainable resourcedevelopment."
Arbor remains dedicated to conducting its explorationand development activities in an environmentally responsible mannerwhile fostering positive relationships with local communities andIndigenous nations. The Company believes that the addition of theKemlee Lake Lithium Project enhances its ability to play a key role inCanada's green economy, contributing to the nation's transitiontowards a sustainable future.
Pursuant to the terms of the Purchase Agreement, theCompany proposes to acquire all of the outstanding share capital ofKLL in consideration for the issuance of 1,500,000 common shares tothe Vendor. The Company is at arm's length from the Vendor and KLL.No finders' fees or commissions are payable by the Company inconnection with the acquisition.
In connection with Purchase Agreement, the Company doesnot expect to assume any material liabilities related to the Project,nor does it expect to devote the majority of its working capital orresources to the development of the Project. The primary focus ofthe Company at this time remains the planned Phase 2 explorationprogram at its wholly owned Jarnet Lithium Project, the details ofwhich were announced by the Company in its news release of April 3,2024. As a result, the acquisition does not constitute a fundamentalacquisition for the Company within the policies of the TSX VentureExchange. Completion of the acquisition remains subject to theapproval of the TSX Venture Exchange and the satisfaction of customaryclosing deliveries.
Qualified Person
Peter Born, a qualified person under NationalInstrument 43-101 -- Standards of Disclosure for Mineral Projects ,has reviewed the technical contents of this news release and hasapproved the disclosure of the technical information containedherein.
About Arbor Metals Corp.
Arbor Metals Corp. is a mining explorationcompany focused on developing high-value, geographically significantmineral projects worldwide. Arbor ispaving the way for advanced mineral exploration as it overseesworld-class mining projects. The Company is confident that combiningquality projects with proven strategies and a dedicated team willyield exceptional outcomes.
The Jarnet, Corvette Lake and St. Pierrelithium project s , located in the James Bay region of Quebec, comprises 83 map-designated claims, covering anarea of approximately 5,606 hectares. The projects are contiguous tothe Corvette-FCI property, where diamond drilling has confirmedsignificant lithium mineralization representing one of thehighest-profile lithium exploration projects in the sector.
For further information, contact Mark Ferguson, ChiefExecutive Officer, at info@arbormetalscorp.com , or 403.852.4869, or visit the Company’swebsite at www.arbormetalscorp.com .
On behalf of the Board,
Mark Ferguson, Chief Executive Officer
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
This news release may containcertain “Forward-Looking Statements” within the meaning of theUnited States Private Securities Litigation Reform Act of 1995 andapplicable Canadian securities laws. When or if used in this newsrelease, the words “anticipate”, “believe”, “estimate”,“expect”, “target, “plan”, “forecast”, “may”,“schedule” and similar words or expressions identifyforward-looking statements or information. These forward-lookingstatements or information may relate to the exploration of the KemleeLake Lithium Project and other factors or information. Suchstatements represent the Company’s current views with respect tofuture events and are necessarily based upon a number of assumptionsand estimates that, while considered reasonable by the Company, areinherently subject to significant business, economic, competitive,political and social risks, contingencies and uncertainties. Manyfactors, both known and unknown, could cause results, performance, orachievements to be materially different from the results, performanceor achievements that are or may be expressed or implied by suchforward-looking statements. The Company does not intend, and does notassume any obligation, to update these forward-looking statements orinformation to reflect changes in assumptions or changes incircumstances or any other events affecting such statements andinformation other than as required by applicable laws, rules andregulations.
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