Canter Resources Acquires Railroad Valley Lithium-Boron Project
Canter Resources Corp. (CSE: CRC) (OTC Pink: CNRCF) has acquired a 1,000-acre property in Railroad Valley, Nevada, known as the RV Project. This acquisition expands Canter's lithium-boron brine portfolio in a promising, underexplored region. The RV Project shares geological similarities with the productive Clayton Valley but is significantly larger. Historic soil samples from the site returned 150-280 ppm lithium, while recent sampling by Canter showed up to 160 ppm lithium and 610 ppm boron. The acquisition terms include issuing 300,000 Canter common shares to Ramp Metals Inc. and a 0.5% NSR to Ramp Metals USA Inc. The transaction is expected to close on September 19, 2024, subject to regulatory approval.
Canter Resources Corp. (CSE: CRC) (OTC Pink: CNRCF) ha acquisito una proprietà di 1.000 acri nella Railroad Valley, in Nevada, conosciuta come il Progetto RV. Questa acquisizione espande il portafoglio di salamoia di litio-boro di Canter in una regione promettente e poco esplorata. Il Progetto RV condivide similitudini geologiche con il produttivo Clayton Valley, ma è significativamente più grande. I campioni storici di suolo prelevati dal sito hanno restituito 150-280 ppm di litio, mentre i recenti campionamenti effettuati da Canter hanno mostrato fino a 160 ppm di litio e 610 ppm di boro. I termini dell'acquisizione prevedono l'emissione di 300.000 azioni comuni di Canter a Ramp Metals Inc. e un 0,5% di NSR a Ramp Metals USA Inc. La transazione si prevede si chiuderà il 19 settembre 2024, soggetta all'approvazione normativa.
Canter Resources Corp. (CSE: CRC) (OTC Pink: CNRCF) ha adquirido una propiedad de 1,000 acres en Railroad Valley, Nevada, conocida como el Proyecto RV. Esta adquisición expande el portafolio de salmuera de litio-boro de Canter en una región prometedora y poco explorada. El Proyecto RV comparte similitudes geológicas con el productivo Clayton Valley, pero es significativamente más grande. Muestras de suelo históricas del sitio devolvieron 150-280 ppm de litio, mientras que el muestreo reciente realizado por Canter mostró hasta 160 ppm de litio y 610 ppm de boro. Los términos de la adquisición incluyen la emisión de 300,000 acciones comunes de Canter a Ramp Metals Inc. y un 0.5% de NSR a Ramp Metals USA Inc. Se espera que la transacción se cierre el 19 de septiembre de 2024, sujeta a la aprobación regulatoria.
Canter Resources Corp. (CSE: CRC) (OTC Pink: CNRCF)는 1,000에이커 규모의 토지를 네바다의 레일로드 밸리에서 획득했습니다. 이 지역은 RV 프로젝트로 알려져 있습니다. 이번 인수는 유망하고 잘 탐사되지 않은 지역에서 Canter의 리튬-붕소 염수 포트폴리오를 확장합니다. RV 프로젝트는 생산성이 높은 클레이턴 밸리와 유사한 지질학적 특성을 공유하지만, 면적이 훨씬 더 큽니다. 역사적인 토양 샘플에서는 리튬 150-280 ppm이 검출되었고, 최근 Canter의 샘플링에서는 리튬 최대 160 ppm 및 붕소 610 ppm이 확인되었습니다. 인수 조건에는 Ramp Metals Inc.에 300,000 주식의 Canter 보통주를 발행하고 Ramp Metals USA Inc.에 0.5% NSR를 포함합니다. 이 거래는 2024년 9월 19일에 마무리될 것으로 예상되며, 규제 승인에 따라 달라집니다.
Canter Resources Corp. (CSE: CRC) (OTC Pink: CNRCF) a acquis un terrain de 1 000 acres dans la Railroad Valley, au Nevada, connu sous le nom de Projet RV. Cette acquisition élargit le portefeuille de saumure de lithium-bore de Canter dans une région prometteuse et peu explorée. Le Projet RV partage des similarités géologiques avec la productif Clayton Valley, mais il est significativement plus grand. Des échantillons de sol historiques provenant du site ont révélé 150-280 ppm de lithium, tandis que le dernier échantillonnage effectué par Canter a montré jusqu'à 160 ppm de lithium et 610 ppm de bore. Les conditions de l'acquisition comprennent l'émission de 300 000 actions ordinaires de Canter à Ramp Metals Inc. et un 0,5 % NSR à Ramp Metals USA Inc. La transaction devrait être finalisée le 19 septembre 2024, sous réserve d'approbation réglementaire.
Canter Resources Corp. (CSE: CRC) (OTC Pink: CNRCF) hat eine 1.000 Acres große Immobilie im Railroad Valley, Nevada, erworben, die als das RV-Projekt bekannt ist. Diese Akquisition erweitert Canters Lithium-Bor-Sole-Portfolio in einer vielversprechenden, wenig erforschten Region. Das RV-Projekt weist geologische Ähnlichkeiten mit dem produktiven Clayton Valley auf, ist jedoch erheblich größer. Historische Bodenproben vom Standort ergaben 150-280 ppm Lithium, während die jüngste Probenahme durch Canter bis zu 160 ppm Lithium und 610 ppm Bor zeigte. Zu den Bedingungen der Akquisition gehört die Ausgabe von 300.000 Stammaktien von Canter an Ramp Metals Inc. und ein 0,5% NSR an Ramp Metals USA Inc. Der Abschluss der Transaktion wird für den 19. September 2024 erwartet, vorbehaltlich der regulatorischen Genehmigung.
- Acquisition of 1,000-acre property in Railroad Valley, Nevada, expanding lithium-boron brine portfolio
- RV Project located in a larger basin compared to Clayton Valley, with 2.5 times larger catchment area
- Historic soil samples show promising lithium content (150-280 ppm)
- Recent sampling revealed up to 160 ppm lithium and 610 ppm boron
- Strategic location with good accessibility via Highway 6
- Issuance of 300,000 common shares may lead to slight shareholder dilution
- 0.5% NSR retained by Ramp Metals USA Inc. could impact future revenues
- Acquisition subject to regulatory approval, introducing potential closing uncertainty
Vancouver, British Columbia--(Newsfile Corp. - September 12, 2024) - Canter Resources Corp. (CSE: CRC) (OTC Pink: CNRCF) (FSE: 601) ("Canter" or the "Company") is pleased to report that it has acquired a prospective 1,000 acre property ("RV Project") in Railroad Valley, located in Nye county, Nevada. The RV Project is located 164 kilometres east-northeast of Tonopah, Nevada, and accessible via Highway 6, ideally located for exploration and potential development. Despite its promising geologic similarities to Clayton Valley, Railroad Valley remains largely underexplored for lithium and boron.
The Railroad Valley basin shares several critical geological features with Clayton Valley, which has been North America's leading lithium producer since 1966. Both valleys are structurally closed basins with similar fault-bounded graben structures, making them ideal for lithium and boron brine accumulation. However, Railroad Valley stands out due to its larger basin size, which is 2.5 times larger in catchment area and 3.5 times larger in playa surface area compared to Clayton Valley.
"We are pleased to add another lithium-boron brine target to the Company's Nevada project portfolio in a valley we view as one of the most promising untapped lithium-boron brine opportunities in the region," commented Canter CEO, Joness Lang. "We remain focused on advancing exploration at our flagship Columbus Project but will continue to leverage our targeting database to make low-cost strategic acquisitions to strengthen the Company's portfolio when opportunities present themselves."
Lithium and Boron Potential
Historic soil samples collected from the Railroad Valley site have returned values between 150 and 280 ppm lithium, a range consistent with known lithium brine-producing basins. Recent soil sampling by Canter returned surface values of up to 160 ppm lithium and 610 ppm boron. This, coupled with the area's high geothermal heat flux, enhances the potential for diagenetic alteration and lithium and boron release from surrounding volcanic and sedimentary formations into the underlying brine aquifers. The RV Project is contiguous with claims held by 3 Proton Lithium (private), who is the largest claim holder and most active lithium-boron exploration company in Railroad Valley.
Photo 1: Soil sample collected at the newly acquired RV Project
To view an enhanced version of this graphic, please visit:
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Acquisition Terms
Canter, and its indirect, wholly owned subsidiary, Altitude Lithium USA Corp., entered into a Claims Acquisition Agreement with Ramp Metals USA Inc. to a
- 300,000 Canter common shares ("Consideration Shares") with a deemed price of CAD
$0.13 payable to Ramp Metals Inc. (TSXV: RAMP), the parent corporation of Ramp Metals USA Inc.; - Canter will pay transfer costs and reimburse recently paid BLM fees; and
- Ramp Metals USA Inc. will retain a
0.5% NSR, with Canter having the ability to buy back the NSR for a one-time CAD$500,000 payment at any time.
The Consideration Shares will be subject to a hold period of four months from the date of issuance pursuant to securities laws in Canada. The transaction remains subject to regulatory approval with a targeted closing date of September 19, 2024.
Qualified Person (QP)
The technical information contained in this news release was reviewed and approved by Eric Saderholm P.Geo, Director and Technical Advisor of Canter Resources, a Qualified Person (QP), as defined under National Instrument 43- 101 - Standards of Disclosure for Mineral Projects.
About Canter Resources Corp.
Canter Resources Corp. is a junior mineral exploration company advancing the Columbus Lithium-Boron Project in Nevada, USA and the Beaver Creek Lithium Property in Montana, USA. The Company is completing a phased drilling approach at Columbus to test highly prospective brine targets at varying depths for lithium-boron enrichment and plans to leverage the Company's critical metals targeting database to generate a portfolio of high-quality projects with the aim of defining mineral resources that support the technology and domestic clean energy supply chains in North America.
For further information contact:
Joness Lang
Chief Executive Officer
Canter Resources Corp.
Tel: 778.382.1193
jlang@canterresources.com
For investor inquiries contact:
Kristina Pillon, High Tide Consulting Corp.
Tel: 604.908.1695
investors@canterresources.com
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223152
FAQ
What property did Canter Resources (CNRCF) acquire in Railroad Valley, Nevada?
How does the Railroad Valley basin compare to Clayton Valley for lithium potential?
What were the lithium and boron levels found in recent soil samples at the RV Project?
What are the terms of Canter Resources' acquisition of the Railroad Valley property?
When is the expected closing date for Canter Resources' acquisition of the RV Project?
