(TheNewswire)
VANCOUVER, BC– TheNewswire- January 30th, 2023, TearlachResources Limited (TSXV:TEA) (OTC:TELHF) (FRANKFURT:V44)(“Tearlach” or the “Company”) is pleased to announce it hassigned an option agreement to acquire 100% of the Fliszar LithiumProperty and Rose North Lithium Property which consists of 116 claimscovering approximately 6,076 hectares, and the Muscovite LithiumProperty which consists of 84 claims covering approximately 4,368hectares.
Highlights :
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The Fliszar Property has 17 white pegmatites withbiotite, muscovite, tourmaline, and garnet, according to the Sigeomwebsite.
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The Muscovite Ridge Property has 41 white pegmatiteswith biotite, tourmaline, and garnet, according to the Sigeomwebsite.
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The Rose North Property has 20 pink to white pegmatiteswith graphic textures, according to the Sigeom website.
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All three properties are close to the Opinaca and LaGrande Subprovincial boundaries, which is a deep-seated regionalstructural boundary.
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Newmont Mining’s Eleonore underground gold mine islocated between the Fliszar and Muscovite Ridge Properties.
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The Rose North property is located 15 km north of FuryGold Mines’s Eau Claire gold project.
Morgan Lekstrom, CEO Stated, “Another strategicacquisition that our team has been accessed through our network oflong-standing lithium-focused relationships. This enhances our Quebecdiscovery potential and positions the shareholders with the bestchance of success in not only Quebec but also Ontario and Nevada.Patriot Battery Metals continued success in Quebec highlights thequality of Quebec-based projects, which will allow us to acceleratethe exploration path. The three property packages exhibit all themakings of discovery potential geology and only add to our growingprofile of properties selected for that potential. The next sixmonths will be extremely busy with a result-driven team and propertiesthat have been selected to meet our current discovery path in Quebec.These complement our Shelby Project in Quebec. Dr. Selway will beleading the charge in Canada as we begin to plan and execute exploration activities in the short order.”
Figure 1 Location of Rose North,Fliszar, and Muscovite Ridge Properties, James Bay area, northernQuebec.
Technical Information:
The Fliszar Property has 17 white pegmatites hosted bygranite and paragneiss and is on the subprovincial boundary betweenOpinaca and La Grande subprovinces, according to the Sigeom website.One of the Fliszar claim blocks has seven white pegmatites withbiotite, muscovite, tourmaline, and garnet. The presence of muscovite,tourmaline, and garnet indicates an increased level of fractionationand more potential to be associated with lithium mineralization.
Newmont Mining’s Eleonore underground gold mine islocated between the Fliszar and Muscovite Ridge Properties. TheEleonore mine is 11 km southeast of Fliszar and 10 km southwest ofMuscovite Ridge.
The Muscovite Ridge Property has 41 white pegmatiteshosted by granite, paragneiss, and migmatited paragneiss within theOpinaca subprovince, according to the Sigeom website. The pegmatiteswith biotite paragneiss xenoliths also contain biotite, tourmaline,and garnet. The presence of tourmaline and garnet in the pegmatitesindicates enrichment in boron and iron from the paragneiss.
The Rose North Property has 20 pink to white pegmatiteswith graphic textures hosted by granodiorite, granite, and tonalitewithin the La Grande subprovince according, to the Sigeom website. The Rose North property is located 15 km north ofFury Gold Mines’s Eau Claire gold project.
All three properties are close to the Opinaca and LaGrande Subprovincial boundaries, which is a deep-seated regionalstructural boundary. The Opinaca subprovince is composed of Archeanparagneiss and migmatites derived from feldspathic wackes. Thesemetasedimentary rocks are intruded by post-tectonic granodiorite,granitic pegmatites, and tonalite. The La Grande subprovince iscomposed of metasedimentary-mafic metavolcanics greenstone beltsintruded by granodiorite, granite, granitic pegmatites, and tonalite.The Corvette, Cancet, and Adina pegmatites are hosted by thegreenstone belts of the La Grande subprovince.
Option Agreement Terms:
Pursuant to the Option Agreement, Tearlach may acquirea 100% interest in each of the 3 properties from arm’s lengthvendors by making cash payments, issuing common shares in the capitalof Tearlach (“ CommonShares ”) per property of:
Payments per property | Cash Payments | Value of shares to be Issued | Milestone |
$ | $ | $ | |
Upon signing the Option Agreement | 62,500 | 62,500 | - |
1 st Year Anniversary | 62,500 | 62,500 | - |
2 nd Year Anniversary | 62,500 | 62,500 | - |
3 rd Year 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 percentagepoint buyback for $1 million.
The transactions contemplated by the Option Agreement,including the issuance of Common Shares thereunder, are subject to theapproval of the TSX Venture Exchange. Any Common Shares issued underthe Option Agreement will be subject to a hold period of fourmonths
Qualified Person
Julie Selway, Ph.D., P.Geo. supervised the preparation of the scientific and technicaldisclosure in this news release. Dr. Selway is the VP of Explorationfor Tearlach Resources and the Qualified Person ("QP") asdefined by National Instrument 43-101. Dr. Selway completed a Ph.D. ongranitic pegmatites in 1999 and worked for 3 years as a pegmatitegeoscientist for the Ontario Geological Survey. Dr. Selway has workedon numerous pegmatites over the years including Case Lake,Gullwing-Tot Lakes, Separation Rapids, Georgia Lake, and Seymour Lakepegmatites. Dr. Selway has authored or co-authored twenty-threescientific journal articles on pegmatites.
About Tearlach
Tearlach is a Canadian exploration company engaged inthe acquisition, exploration, and development of lithium projects.Tearlach holds an interest in the Final Frontier Project, whichincludes the Pakwan, Pakwan Extension, and Margot Lake Claim block,which is in close proximity to Frontier Lithium’s flagship claimsand proximal to the Spark and PAK deposits. Tearlach holds interests in the Wesley, Harth, and Ferlandproperties, all located in the lithium hub of northwestern Ontario,Canada. The Wesley Property borders Green Energy Metals’ Root LakeProject, where a 24,000 m drill program is currently underway.Pegmatite dykes have - been encountered on the Harth Lithium Project,which is 8 kms west of the Wesley Lithium Project. Prospecting andmapping have confirmed pegmatite dykes on the Ferland LithiumProperty, 10 km east of Green Technology Metals’ Seymour LakeProject. Tearlach intends to explore these assets and develop aportfolio of projects in North America through acquisition.Tearlach’s primary objective is to position itself as the leadinglithium exploration and development company in North America.Additional information on the Company is available at the website atwww.tearlach.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
TEARLACH RESOURCES LTD.
Morgan Lekstrom
Chief Executive Officer
Suite 610 - 700 W. Pender Street
Vancouver, BC, Canada V6C 1G8
Tel: 604-688-500 7
Neither the TSX Venture Exchange norits Regulation Service provided (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Forward-looking statements
This press release contains forward-looking statementsand forward-looking information within the meaning of Canadiansecurities laws (collectively, “forward-looking statements”).Statements and information that are not historical facts areforward-looking statements. Forward-looking statements arefrequently, but not always, identified by words such as “expects”,“anticipates”, “believes”, “intends”, “estimates”,“potential”, “possible” and similar expressions or statementsthat events, conditions or results “will”, “may”, “could”or “should” occur or be achieved. Forward-looking statements andthe assumptions made in respect thereof involve known and unknownrisks, uncertainties, and other factors beyond the Company’scontrol. Forward-looking statements in this press release includestatements regarding beliefs, plans, expectations or intentions ofthe Company. Mineral exploration is highly speculative, characterizedby several significant risks, which even a combination of carefulevaluation, experience and knowledge may not eliminate.Forward-looking statements in this press release are made as of thedate herein. Although the Company believes that the assumptions andfactors used in preparing the forward-looking statements in this pressrelease are reasonable, undue reliance should not be placed on suchstatements. The Company undertakes no obligation to update publicly orotherwise revise any forward-looking statements, whether as a resultof new information or future events or otherwise, except as may berequired by law.
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