PXI:CC - Planet Ventures to Acquire Quebec Mineral Claims and Appoints Chief Executive Officer
(TheNewswire)
Vancouver, BC - TheNewswire - June 21, 2023 - Planet Ventures Inc. ( TSXV:PXI) (the “ Company ” or“ Planet Ventures ”) , is pleasedto announce that the Company has entered into a claim sale agreement(the “ DefinitiveAgreement ”) among the Company, WildwoodExploration Inc. (“ Wildwood ”), Shawn Ryan (“ Ryan ”), and IsaacFage ( “Fage ”) pursuant to which the Company has agreed to purchase46,909-hecatres consisting of 1,013 mineral claims located in theProvince of Quebec (the “ Potier Claims ”). The Potier Claims will beheld by the Company’s wholly owned subsidiary, Planet VenturesExploration Inc. (“ Subco ”).
The Potier Claims consists of three separatedistrict-scale projects, named “Snap”, “Crackle” and“Pop”, within Quebec’s emerging Leaf River South Lithium Camp(Nunavik), located 200 kilometers WSW of the community of Kuujjuaq,QC. Several companies are now active in the area with multiple largeland acquisitions having taken place in recent months.
The acquired claims cover some of the highest (99%percentile) lithium, cesium, and rubidium lake sediment anomalies inthe entire Government du Quebec lake sediment database (SIGÉOM) thatsit within favourable geological hosts of leucotonalites, granites,gneiss, and mafic basalts units. The highly elevated lake sedimentsamples over favourable geology associated with regional magneticstructure and documented pegmatites represents an optimal environmentfor rare-element pegmatites.
“This is a pronounced area of extremely elevatedrare-element lake sediment samples hosting documented pegmatites,”said renowned prospector and property vendor, Shawn Ryan. “Thesesample results, coupled with felsic intrusive activity in structurallyprepared ground, provides high exploration merit for Planet Ventures. The ground was identified as highly prospective and staked as aresult of these and other datasets,” continued Mr. Ryan.
Figure 1: Location of Snap, Crackleand Pop Lithium Projects, Quebec, Canada
The Snap project consists of 396 claims covering18,364-ha, with three mapped pegmatites. Thirteen (13) lake sedimentsamples have been collected containing over 28.5 ppm Li (97%percentile), 3 samples over 37.3 ppm Li (99% percentile), 2 samplesover 40.1 ppm (99.31% percentile) and 1 sample over 47.8 ppm (99.78%percentile). The ground also contains multiple Cs levels in the 3ppm (97% percentile) to 6.35 ppm (99.89% percentile) range, andmultiple Rb levels over 46 ppm (97% percentile) *.
* A percentile is a number where a certain percentageof values fall below the sample result. Thus if 50 ppm Li falls withinthe 99% percentile, 99% of all the samples taken in the study arebelow 50 ppm Li.
Crackle comprises 376 claims covering 17,432-ha, withfour mapped pegmatites. Twelve (12) lake sediment samples have beencollected reporting over 28.5 ppm Li (97%), with 5 samples over 37.3ppm (99%), and 3 samples over 45.5 (99.69%). Crackle also containsmultiple elevated Cs levels in the 3 ppm (97%) to 4.8 ppm (99.64%)range, and multiple Rb levels in the 46 ppm (97%) to 92.7 ppm (99.76%)range.
Pop contains 241 claims covering 11,113-ha, with twoknown pegmatites. Eight (8) lake sediments samples have beencollected in the claim group reporting over 28.5 ppm Li (97%), 4samples over 37.3 ppm (99%), 2 samples over 46.8 ppm Li (99.74%). Thehighest lake sediment sample on the property returned 50.6 ppm Li(99.84%). Pop also contains multiple Cs levels in the 3 ppm (97%) to5.31 ppm (99.79%) range, and multiple Rb levels in the 46 ppm (97%) to80.3 ppm (99.53%) range.
Figure 2: Snap, Crackle and Pop LakeSediment Li Values
Geology across all claim blocks consists of a mix ofleucotonalites, granodiorites, granites, paragneiss, amphibolites,gabbros, and basalts. The magnetic data highlights NW and WNWtrending structures which make excellent pathways for fractionatingfertile parental melts.
Terms
As consideration for the Potier Claims, the Company hasagreed to (i) pay Wildwood $350,000 in cash, and (ii) issue Ryan andFage an aggregate of 5,000,000 common shares in the capital of theCompany (the “ ConsiderationShares ”). The Consideration Shares will besubject to escrow conditions pursuant to which (i) 1/3 of theConsideration Shares will be released from escrow four months and aday after the date on which the Company acquires the Potier Claims(the “ ClosingDate ”), (ii) 1/3 of the Consideration Shareswill be released eight months after the Closing Date, and (iii) 1/3 ofthe Consideration Shares will be released twelve months after theClosing Date. Additionally, Subco will grant Ryan a 1% net smelterreturn royalty on the Potier Claims.
The transaction is at arms-length and expected to be anexpedited acquisition pursuant to TSX Venture Exchange(“ TSXV ”) Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets.
CEO Appointment
The Company is also pleased to announce that it hasappointed Alexander Klenman as its new Chief Executive Officer. Mr.Klenman brings over two decades of leadership experience in both thepublic and private sectors to the Company, and currently holds seniormanagement and board positions with multiple public companies,including Leocor Gold Corp., Azincourt Energy Corp., Arbor MetalsCorp., and Tisdale Clean Energy Corp., and others.
Planet Ventures Inc. incorporated Planet VenturesExploration Inc. as it has invested in equity positions in theresource sector and with the acquisition of Snap, Crackle and Popwants to emphasize the approach it’s taking to the resource space. The appointment of Mr. Klenman as CEO strengthens the Company’smanagement team by adding significant and relevant experience as itbegins the exploration and development stage of the newprojects.
Qualified Person
The technical content of this news release has beenreviewed and approved by Mike Kilbourne, P. Geo., (OGQ # 1971) who isan independent Qualified Person (QP) as defined in National Instrument43-101, Standards of Disclosure for Mineral Projects. The QP and the Company has not completed sufficient work toverify the historic information on the properties comprising the Snap,Crackle, and Pop projects, particularly regarding historicalexploration and government sponsored programs and samplingmethodology.
A bou t Planet Ventures
Planet is an investment issuer listed on the TSXV, thatis focused on investing in disruptive companies and industries thathave high growth potential. Planet’s unique portfolio driveninvestment policies provide its investors with access to emerging andhigh-growth opportunities while shielding them from any formidabledownside. For more information, please visit Planet’s website: planetventuresinc.com .
On behalf of the Board of Directors
“Christopher Cooper”
Christopher Cooper
Director
INVESTOR RELATIONS CONTACT
PLANET VENTURES INC.
Tel: (604) 681-0084
Email: info@planetventuresinc.com
CAUTIONARY STATEMENT ONFORWARD-LOOKING INFORMATION
This news release includes certainstatements that may be deemed "forward-looking statements".All statements in this news release, other than statements ofhistorical facts, that address events or developments that the Companyexpects to occur, are forward-looking statements. Forward-lookingstatements are statements that are not historical facts and aregenerally, but not always, identified by the words"expects", "plans", "anticipates","believes", "intends", "estimates","projects", "potential" and similar expressions,or that events or conditions "will", "would","may", "could" or "should" occur.Although the Company believes the expectations expressed in suchforward-looking statements are based on reasonable assumptions, suchstatements are not guarantees of future performance and actual resultsmay differ materially from those in the forward-looking statements.Factors that could cause the actual results to differ materially fromthose in forward-looking statements include market prices, continuedavailability of capital and financing, and general economic, market orbusiness conditions. Investors are cautioned that any such statementsare not guarantees of future performance and actual results ordevelopments may differ materially from those projected in theforward-looking statements. Forward-looking statements are based onthe beliefs, estimates and opinions of the Company's management on thedate the statements are made. Except as required by applicablesecurities laws, the Company undertakes no obligation to update theseforward-looking statements in the event that management's beliefs,estimates, opinions, or other factors, should change.
Neither TSX Venture Exchange nor itsRegulations Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this news release.
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