Infinite Ore Announces Drill Program on Eastern Vision Project and Completes Land Transaction at Jackpot Lithium Project

Rhea-AI Summary

Infinite Ore Corp. (OTCQB:ARXRF) announced the acquisition of four lithium claims in Ontario, adding a historic resource of 750,000 tons with 1.38% Li2O to the existing Jackpot property, which holds 2 million tons at 1.09% Li2O. The Company will also initiate a 2,500 meter drill program on the Confederation North property to explore gold, copper, and silver anomalies. This program is planned for early March, marking a significant advancement in their exploration strategy near Red Lake, Ontario.

Positive

• Acquisition of lithium claims increases resource to 750,000 tons at 1.38% Li2O.
• Drill program planned for Confederation North to explore gold, copper, and silver anomalies.
• Access to property and logistics are favorable for drilling operations.

Negative

• Historical resource figures have not been verified for economic evaluation.
• Potential risks associated with forward-looking statements regarding project outcomes.

VANCOUVER, BC / ACCESSWIRE / February 17, 2021 / Infinite Ore Corp. (the "Company") (TSXV:ILI)(OTCQB:ARXRF) is pleased to announce it has completed the acquisition of four additional lithium claims in Ontario having a historic resource of 750,000 tons yielding 1.38% Li₂O* which is in addition to the historical resource of 2 million tons at 1.09% Li₂O* currently present on the Jackpot property (see press release announcing acquisition January 18, 2021). The new claims are contiguous to, and located within, the Company's Jackpot Property. In addition, the Company is pleased to announce that it is planning a 2,500 meter drill program on the Confederation North property within its Eastern Vision Project claim holdings located east of Red Lake Ontario. The program will test gold, copper, and silver anomalies from its recent Spaciotemporal Geochemical Hydrocarbon ("SGH") survey conducted on the Confederation North property (see Figure 1). The drill program is expected to begin in early March.

J.C. St-Amour, President of Infinite Ore commented, "The shareholders of Infinite Ore are in a somewhat unique position with exposure to two exceptional land packages in Ontario targeting gold, base metals and lithium. I am very pleased to have secured a drill and crew to begin drilling the Red Lake Eastern Vision properties. Using our soil samples as well as geophysics, our technical team has identified multiple high priority targets. Access to the property and logistics are very good and so I anticipate getting good value for our drilling dollars. I am also pleased to report that we closed our transaction to acquire more land near our Jackpot Lithium property. The Jackpot property is in a highly sought-after location given that our neighbour, Rock Tech Lithium, intends to construct a lithium processing facility in the area. More to come from us on both the Eastern Vision gold and base metals property and the Jackpot lithium project."

Figure 1: Map of SGH anomalies and planned drill holes of the Confederation North property, Eastern Vision Project.

The Company is earning into the Eastern Vision Project which consists of the Fredart, Garnet Lake, Confederation North, and Confederation South properties. Past exploration has focused on VMS targets within the Confederation Lake assemblage near Red Lake, Ontario. The Garnet Lake properties hold 43-101-compliant inferred mineral resources of 2.1 million tonnes grading 5.78% Zn, 0.72% Cu, 19.5 g/t Ag, and 0.6 g/t Au. The Fredart property contains an historical resource of 386,200 tonnes grading 1.56% Cu and 33.6 g/t Ag*.

Qualified Person
The technical content of this news release was approved by Michel Boily, PhD, P.Geo, an Independent Qualified Person as defined by the National Instrument 43-101.

* The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by the Company. These historical mineral resources do not refer to any category of sections 1.2 and 1.3 of the NI-43-101 Instrument such as mineral resources or mineral reserves as stated in the 2010 CIM Definition Standards on Mineral Resources and Mineral Reserves. The explanation lies in the inability by the Company to verify the data acquired by the various historical drilling campaigns. The Company as not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves.

About Infinite Ore Corp.
Infinite Ore is a junior mining exploration company focused on seeking and acquiring world-class mineral projects. The company is earning into a large land package with the potential for VMS and gold mineralization in the Confederation Lake assemblage belt near Red Lake, Ont. The company also holds the Jackpot lithium property located near Nipigon, Ont.

ON BEHALF OF THE BOARD
"J.C. St-Amour"
J.C. St-Amour, President

For Further Information, Please Contact:
Telephone: 1-604-683-3995
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 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 Ore Corp.

View source version on accesswire.com:
https://www.accesswire.com/630127/Infinite-Ore-Announces-Drill-Program-on-Eastern-Vision-Project-and-Completes-Land-Transaction-at-Jackpot-Lithium-Project

FAQ

What did Infinite Ore Corp. announce on February 17, 2021?

They announced the acquisition of four lithium claims in Ontario and a planned drill program for the Confederation North property.

What are the lithium resources reported by Infinite Ore Corp.?

The company reported a historic resource of 750,000 tons at 1.38% Li2O and an existing resource of 2 million tons at 1.09% Li2O on the Jackpot property.

When will the drill program on the Confederation North property begin?

The drill program is expected to begin in early March 2021.

What anomalies will the drill program target?

The drill program will target gold, copper, and silver anomalies identified in a recent survey.

What are the potential risks mentioned in Infinite Ore Corp.'s press release?

The release cautions that forward-looking statements are subject to risks and uncertainties that may result in actual outcomes differing from expectations.