Avidian's Majority Controlled High Tide Resources Corp Options Clearcut Lithium Project in Quebec

Rhea-AI Summary

Avidian Gold Corp. (TSX-V:AVG)(OTCQB:AVGDF) announces that its majority-controlled subsidiary, High Tide Resources Corp., has signed an option to acquire a 100% interest in the Clearcut Lithium Project located in Quebec's Cadillac-Pontiac lithium camp. This acquisition positions Avidian shareholders to benefit from the growing demand for lithium, particularly in the electric vehicle sector. Avidian President & CEO Steve Roebuck highlights the acquisition as a low-risk, high-reward opportunity aimed at enhancing shareholder value.

Positive

• Acquisition of Clearcut Lithium Project offers exposure to high-demand lithium market.
• Indirect interest in lithium sector aligns with electric vehicle battery demand.

Negative

• None.

TORONTO, ON / ACCESSWIRE / July 19, 2022 / Avidian Gold Corp., ("Avidian" or the "Company") (TSX-V:AVG)(OTCQB:AVGDF) is pleased to announce that High Tide Resources Corp (CSE:HTRC) has entered into an option purchase agreement to acquire a 100% interest in the Clearcut Lithium Project (the "Property") located in the emerging Cadillac-Pontiac lithium camp in the Abitibi Témiscamingue region southwest of Val d'Or, Quebec (Figure 1). Avidian owns approximately 33% of High Tide Resources and through this acquisition Avidian shareholders have gained an indirect interest and exposure to the high-demand lithium market for the EV battery sector.

Avidian President & CEO Steve Roebuck states: "Adding the Clearcut Lithium Project to High Tide's project portfolio is a low-risk and potentially high-reward opportunity that further enhances the value proposition for Avidian shareholders. Lithium is in high-demand making Clearcut a natural fit alongside High Tide's Lac Pegma Copper-Nickel-Cobalt Project that further diversifies High Tide's battery metals projects along with its flagship Labrador West Iron Project."

Further details on this acquisition by High Tide can be found in their press release dated July 14, 2022.

About Avidian Gold Corp.

Avidian brings a disciplined and veteran team of project managers together with a focus on advanced-stage gold exploration projects in Alaska and Nevada. The Company's district-scale Golden Zone property hosts a NI 43-101 Indicated gold resource of 267,400 ounces (4,187,000 tonnes at 1.99 g/t Au) plus an Inferred gold resource of 35,900 ounces (1,353,000 tonnes at 0.83 g/t Au) within the Breccia Pipe Deposit. This resource is exposed on the surface and was pit constrained for an open-pit mining scenario. The Technical Report was filed on November 17, 2017, and was authored by Leon McGarry, B.Sc., P.Geo. and Ian D. Trinder, M.Sc., P.Geo. Additional projects include the Amanita and the Amanita NE gold properties which are both adjacent to Kinross Gold's Fort Knox gold mine in Alaska, and the Jungo gold-copper property in Nevada.

Further details on the Company and the individual projects, including the NI 43-101 Technical reports on the Golden Zone property can be found on the Company's website at www.avidiangold.com.

About High Tide Resources Corp

High Tide is focused on and committed to the development of advanced-stage mineral projects in Canada using industry best practices combined with a strong social license from local communities. High Tide owns a 100% interest in the Labrador West Iron Project located adjacent to the Carol Lake Mine in Labrador City, NF and owns a 100% interest in the Lac Pegma copper-nickel-cobalt deposit located 50 kilometres southeast of Fermont, Quebec. Majority shareholder and parent company Avidian Gold (TSX.V:AVG & OTCQB:AVGDF) controls approximately 33% of High Tide's outstanding shares.

Further details on the Company, including a NI 43-101 technical report on the Labrador West Iron property can be found on the Company's website at www.hightideresources.com.

Qualified Person

The technical information contained in this news release has been approved by Steve Roebuck, P.Geo., President and CEO of Avidian, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

For further information, please contact:

Steve Roebuck
President & CEO, Director
Mobile: (905) 741-5458
Email: sroebuck@avidiangold.com

Neither 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 news release.

Forward-looking information

This News Release includes certain "forward-looking statements" which are not comprised of historical facts including statements regarding the use of proceeds. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the ability to anticipate and counteract the effects of COVID-19 pandemic on the business of the Company, including without limitation the effects of COVID-19 on the capital markets, commodity prices supply chain disruptions, restrictions on labour and workplace attendance and local and international travel, failure to receive requisite approvals in respect of the foregoing, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Figure 1: Clearcut Lithium Project location map

SOURCE: Avidian Gold Corp.

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FAQ

What is the Clearcut Lithium Project related to Avidian Gold Corp. (AVGDF)?

The Clearcut Lithium Project is an acquisition by High Tide Resources Corp., a subsidiary of Avidian Gold Corp., providing exposure to the lithium market.

Why is the acquisition of the Clearcut Lithium Project important for AVGDF shareholders?

It provides Avidian shareholders with indirect interest in the growing lithium market, which is essential for electric vehicle batteries.

What percentage of High Tide Resources does Avidian Gold own?

Avidian Gold owns approximately 33% of High Tide Resources Corp.

When was the Clearcut Lithium Project acquisition announced?

The acquisition was announced on July 19, 2022.

How does the Clearcut Lithium Project fit into Avidian's strategy?

The acquisition enhances Avidian's portfolio by diversifying into the battery metals sector, alongside its existing gold exploration projects.