Musk Metals Commences Drilling on its 100% Owned “Elon” Lithium Project In Quebec, Canada and Announces Private Placement
Musk Metals Corp. has initiated drilling at its fully owned Elon lithium project in Quebec, targeting eight holes with a total depth of 1,200 meters. The project benefits from recent permitting and is strategically located near the North American Lithium Project, known for historical lithium production. Additionally, Musk Metals is conducting a non-brokered private placement aiming to raise up to $350,000 to support operational costs. This development positions the company favorably in a promising lithium exploration area, amidst ongoing regional advancements.
- Initiation of drilling at the Elon lithium project, with eight planned drill holes totaling 1,200 meters.
- Strategically located near North American Lithium Project, indicating potential for significant discoveries.
- Successful receipt of permits for drilling activities.
- None.
VANCOUVER, BC / ACCESSWIRE / November 2, 2022 / Musk Metals Corp. ("Musk Metals" or the "Company") (CSE:MUSK)(OTC:EMSKF)(FSE:1I30) is pleased to announce it started drilling on its
Following the summer trail opening campaign, six drill holes pads have already been prepared to the north and west parts of the Property. The two new holes to the southeast are currently being prepared.
The Program
The Company has started to drill the first of its eight planned holes. The approximate length of each hole is 150m each, for a total 1200 meters. The holes target magnetic low, possible sources of soil anomalies or interpreted contact between units (Table 1). Unexplored targets in the present program will be subject to future exploration work, such as shallow drilling or further trenching.
Table 1: Drill Holes Details.
| DDH Name | Easting | Northing | Azimut | Dip | Length | Target |
| DDH-2022-001 | 292878 | 5366840 | 210 | -45 | 150 | Hole 1 is located on the T4 Trench, it aims at the NNW-SSE low magnetic corridor emanating from the interpreted intrusion |
| DDH-2022-002 | 292917 | 5367450 | 30 | -45 | 150 | Hole 2is located on the T10 Trench, it aims at a low magnetic corridor emanating from the interpreted intrusion that has been interpreted as a possible dyke swarm |
| DDH-2022-003 | 292993 | 5367160 | 210 | -45 | 150 | Hole 3 aims at a low magnetic corridor emanating from the interpreted intrusion that has been interpreted as a possible dyke swarm |
| DDH-2022-004 | 292920 | 5367010 | 30 | -45 | 150 | Hole 4 aims at the same low magnetic corridor than Hole 3, emanating from the interpreted intrusion that has been interpreted as a possible dyke swarm |
| DDH-2022-005 | 293521 | 5366510 | 210 | -45 | 150 | Hole 5 aims at the E-W low magnetic corridor emanating from the interpreted intrusion |
| DDH-2022-006 | 293537 | 5366390 | 125 | -45 | 150 | Hole 6 aims at the E-W low magnetic corridor emanating from the interpreted intrusion |
| DDH-2022-007 | 293438 | 5366840 | 210 | -45 | 150 | Hole 7 is located in the intrusion. It aims at the possible source of a soil anomaly in the area |
| DDH-2022-008 | 292875 | 5367400 | 210 | -45 | 150 | Hole 8 is located on the trail to the T10 Trench, it aims at a low magnetic corridor emanating from the interpreted intrusion that has been interpreted as a possible dyke swarm |
Mountain bike trails, cross-country ski trails and other trails are present on the southern part of the Property. To prevent damage to these trails, the Company will be using existing roads outside of the trail system to access their drill pads (Figure 1).
Figure 1. Planned Holes, Existing Trails and Access.
The Property and Adjacent Properties
The Elon Property is strategically located in Abitibi, Qc at approximately 600 meters northeast of North American Lithium Project (recently acquired by Sayona Québec) and formerly known as Mine Québec Lithium. North American Lithium produced over 907,000 tons of material at
Jourdan Resources is investigating a pegmatite field approximately 1000m SE of the Elon Property, has reported lithium content of up to
This might indicate that the general area is fertile in lithium and that the regional environment is more favorable for additional lithium discovery in the future.
Private Placement
The Company is also pleased to announce non-brokered private placement for gross proceeds of up to
Each Unit will consist of one common share of the Company (each, a "Share") and one Share purchase warrant (each whole warrant, a "Warrant"), with each Warrant entitling the holder to purchase one additional Share (each, a "Warrant Share") at a price of
The aggregate gross proceeds from the sale of the private placement will be used for general working capital. In connection with the private placement, the Company may pay finder's fees in cash or securities or a combination of both, as permitted by the policies of the Canadian Securities Exchange.
None of the securities sold in connection with the private placement will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
References:
Boily, M., Pilote, P., Raillon, H., 1989: La métallogénie des métaux de haute technologie en Abitibi-Témiscamingue. Ministère des Ressources Naturelles, MB 89-29.
Jourdan Resources inc., June 9th, 2022 news release. Jourdan Announces First of Eighteen Drillholes Assay Results With Li20 Grades.
https://jourdaninc.com/jourdan-announces-first-of-eighteen-drillhole-assay-results-with-li2o-grades/
Jourdan Resources inc., July 7th, 2022 news release. Jourdan Announces More Elevated Li20 Grades From Its Drill Campaign.
https://jourdaninc.com/jourdan-announces-more-elevated-li2o-grades-from-its-drill-campaign/
Jourdan Resources Inc., September 15th, 2022 news release. Jourdan Announces Soil Sampling Program Expansion And Arrival Of Second Drill To Accelerate Completion Of Its Phase 3 Summer Drill Campaign.
Sayona Québec inc. June 28th, 2022 news release. Sayona & Piedmont Formally Approve NAL Restart. https://sayonamining.com.au/wp/wp-content/uploads/2022/06/SYA_NAL-restart_28-Jun-22.pdf
Sayona Québec inc. September 27th, 2022 news release. Sayona et L. Fournier & Fils signent un contrat historique pour les opérations minières.
https://www.sayona.ca/wp-content/uploads/2022/09/Communique-Entente-Fournier-2.pdf
Qualified Person
This press release was prepared by Pierre-Alexandre Pelletier, P.Geo OGQ, and Steven Lauzier, P.Geo OGQ whom are qualified persons as defined under National Instrument 43-101, and who reviewed and approved the geological information provided in this news release.
About Musk Metals Corp.
Musk Metals is a publicly traded exploration company focused on the development of highly prospective, discovery-stage mineral properties located in some of Canada's top mining jurisdictions. The growing portfolio of mineral properties exhibit favorable geological characteristics in underexplored areas within the prolific "Electric Avenue" pegmatite field of northwestern Ontario, the "Abitibi Lithium Camp" of southwestern Quebec, the "Golden Triangle" district of British Columbia, the Mineral Rich "Red Lake" mining camp of Northwestern Ontario and the "Chapais-Chibougamau" mining camp, the second largest mining camp in Quebec, Canada.
Make sure to follow the company on Twitter, Instagram and Facebook as well as subscribe for company updates at www.muskmetals.ca
ON BEHALF OF THE BOARD
___Nader Vatanchi___
CEO & Director
For more information on Musk Metals, please contact:
Phone: 604-717-6605
Corporate e-mail: info@muskmetals.ca
Website: www.muskmetals.ca
Corporate Address: 2905 - 700 West Georgia Street, Vancouver, BC, V7Y 1C6
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events, or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding the intended use of proceeds of the Offering and other matters regarding the business plans of the Company. The forward-looking statements reflect management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements including that the Company may use the proceeds of the Offering for purposes other than those disclosed in this news release; adverse market conditions; and other factors beyond the control of the Company. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Factors that could cause actual results or events to differ materially from current expectations include general market conditions and other factors beyond the control of the Company. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither Canadian Securities Exchange (CSE) nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Musk Metals Corp.
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FAQ
What drilling activities are planned for Musk Metals Corp's Elon lithium project?
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