Grid Battery Expands Land Holdings by Adding a Copper Project in Northern Central British Columbia
Grid Battery Metals Inc. (TSXV:CELL)(OTCQB:EVKRF) has expanded its exploration land holdings by acquiring a new Copper Property in Northern British Columbia. The company has entered into a Purchase and Sale Agreement with AC/DC Battery Metals Inc. to acquire a 100% interest in 17 mineral claims covering 27,525.24 hectares. The transaction terms include a cash payment of $48,172.15 for staking costs reimbursement and issuing 5,000,000 common shares at $0.05 per share. The acquisition is subject to TSX Venture Exchange approval and is considered a 'related party' transaction.
The new property is located in a favorable mining region with existing infrastructure and is strategically positioned to exploit high copper-gold values. The area has a history of exploration dating back to the 1940s, with some promising results for gold in stream sediment sampling. The property is situated near several significant projects, including the Lustdust/Stardust, Kwanika, and Lorraine properties, now part of NorthWest Copper Corp.
Grid Battery Metals Inc. (TSXV:CELL)(OTCQB:EVKRF) ha ampliato i propri terreni di esplorazione acquisendo una nuova proprietà di rame nel nord della Columbia Britannica. L'azienda ha firmato un Contratto di Acquisto e Vendita con AC/DC Battery Metals Inc. per acquisire un interesse del 100% in 17 diritti minerari che coprono 27.525,24 ettari. I termini della transazione comprendono un pagamento in contanti di $48.172,15 per il rimborso dei costi di registrazione e l'emissione di 5.000.000 azioni ordinarie a $0,05 per azione. L'acquisizione è soggetta all'approvazione della Borsa di Toronto e viene considerata una transazione 'tra parti correlate'.
La nuova proprietà si trova in una regione mineraria favorevole con infrastrutture esistenti ed è strategicamente posizionata per sfruttare alti valori di rame e oro. L'area ha una storia di esplorazione che risale agli anni '40, con alcuni risultati promettenti per l'oro nei campionamenti di sedimenti nei fiumi. La proprietà è situata vicino a diversi progetti significativi, tra cui le proprietà Lustdust/Stardust, Kwanika e Lorraine, ormai parte di NorthWest Copper Corp.
Grid Battery Metals Inc. (TSXV:CELL)(OTCQB:EVKRF) ha ampliado sus terrenos de exploración al adquirir una nueva propiedad de cobre en el norte de Columbia Británica. La empresa ha firmado un Acuerdo de Compra y Venta con AC/DC Battery Metals Inc. para adquirir un interés del 100% en 17 reclamaciones minerales que cubren 27.525,24 hectáreas. Los términos de la transacción incluyen un pago en efectivo de $48,172.15 para el reembolso de costos de registro y la emisión de 5.000.000 acciones comunes a $0.05 por acción. La adquisición está sujeta a la aprobación de la Bolsa de Valores de Toronto y se considera una transacción 'entre partes relacionadas'.
La nueva propiedad se encuentra en una región minera favorable con infraestructura existente y está estratégicamente posicionada para explotar altos valores de cobre y oro. El área tiene una historia de exploración que se remonta a la década de 1940, con algunos resultados prometedores para el oro en muestreos de sedimentos fluviales. La propiedad está situada cerca de varios proyectos significativos, incluidas las propiedades Lustdust/Stardust, Kwanika y Lorraine, que ahora son parte de NorthWest Copper Corp.
Grid Battery Metals Inc. (TSXV:CELL)(OTCQB:EVKRF)는 탐사 용지를 확장했습니다 북부 브리티시컬럼비아에서 새로운 구리 자산을 인수하여. 이 회사는 AC/DC Battery Metals Inc.와 구매 및 매각 계약을 체결하여 17개의 광물 권리에 대한 100% 지분을 확보하게 되었습니다. 이 거래 조건에는 $48,172.15의 현금 지급이 포함되며, 등록비용을 환급받고, 5,000,000주 일반주를 발행하게 됩니다. 인수는 TSX 벤처 거래소의 승인을 받아야 하며 '관계자 거래'로 간주됩니다.
새로운 자산은 기존 인프라가 갖춰진 유리한 채굴 지역에 위치하고 있으며, 구리와 금의 높은 가치를 활용할 수 있는 전략적인 위치에 있습니다. 이 지역은 1940년대까지 거슬러 올라가는 탐사 이력이 있으며, 여울 퇴적물 샘플링에서 금에 대한 유망한 결과가 있었습니다. 이 자산은 현재 NorthWest Copper Corp의 일부가 된 Lustdust/Stardust, Kwanika 및 Lorraine 프로젝트 근처에 위치하고 있습니다.
Grid Battery Metals Inc. (TSXV:CELL)(OTCQB:EVKRF) a élargi ses terrains d'exploration en acquérant une nouvelle propriété en cuivre dans le nord de la Colombie-Britannique. L'entreprise a conclu un accord d'achat et de vente avec AC/DC Battery Metals Inc. pour acquérir un intérêt de 100 % dans 17 droits miniers couvrant 27 525,24 hectares. Les conditions de la transaction incluent un paiement en espèces de 48 172,15 $ pour le remboursement des frais de mise en réserve et l'émission de 5 000 000 d'actions ordinaires au prix de 0,05 $ par action. L'acquisition est soumise à l'approbation de la Bourse de Toronto et est considérée comme une transaction 'entre parties liées'.
La nouvelle propriété est située dans une région minière favorable avec une infrastructure existante et est stratégiquement positionnée pour exploiter de fortes valeurs en cuivre et en or. La région a une histoire d'exploration qui remonte aux années 1940, avec des résultats prometteurs pour l'or dans des échantillons de sédiments de cours d'eau. La propriété est située près de plusieurs projets significatifs, notamment les propriétés Lustdust/Stardust, Kwanika et Lorraine, désormais partie de NorthWest Copper Corp.
Grid Battery Metals Inc. (TSXV:CELL)(OTCQB:EVKRF) hat seine Explorationslandschaften erweitert, indem es eine neue Kupferliegenschaft im nördlichen British Columbia erworben hat. Das Unternehmen hat einen Kauf- und Verkaufsvertrag mit AC/DC Battery Metals Inc. abgeschlossen, um 100% Interesse an 17 Mineralansprüchen zu erwerben, die eine Fläche von 27.525,24 Hektar abdecken. Die Transaktionsbedingungen umfassen eine Bargeldzahlung von $48.172,15 zur Rückerstattung der Anmeldekosten sowie die Ausgabe von 5.000.000 Stammaktien zu je $0,05 pro Aktie. Der Erwerb steht unter dem Vorbehalt der Genehmigung durch die TSX Venture Exchange und gilt als 'Transaktion zwischen verbundenen Parteien'.
Die neue Liegenschaft befindet sich in einer vorteilhaften Bergbauregion mit bestehender Infrastruktur und ist strategisch platziert, um hohe Kupfer-Gold-Werte zu erschließen. Die Region hat eine Geschichte der Erkundung, die bis in die 1940er Jahre zurückreicht, mit einigen vielversprechenden Ergebnissen für Gold in Stromsedimentproben. Die Liegenschaft liegt in der Nähe mehrerer signifikanter Projekte, darunter die Liegenschaften Lustdust/Stardust, Kwanika und Lorraine, die jetzt Teil von NorthWest Copper Corp. sind.
- Acquisition of 100% interest in 17 mineral claims covering 27,525.24 hectares in Northern British Columbia
- Strategic location in a favorable mining region with existing infrastructure
- Proximity to successful copper-gold projects and operating mines
- Transaction is a 'related party' transaction, subject to regulatory approval
- Issuance of 5,000,000 new shares may lead to dilution for existing shareholders
- Cash payment of $48,172.15 required for staking costs reimbursement
COQUITLAM, BC / ACCESSWIRE / August 29, 2024 / Grid Battery Metals Inc. (the "Company" or "Grid Battery") (TSXV:CELL)(OTCQB:EVKRF)(FRA:NMK2) is pleased to announce the expansion of our exploration land holdings with the inclusion of a new Copper Property, located in Northern British Columbia.
The Company has entered into a Purchase and Sale Agreement dated August 26, 2024 (the "Agreement"), with AC/DC Battery Metals Inc. ("AC/DC"), to a acquire a
Terms of the Transaction:
The Company will purchase the Property as follows:
making a cash payment to AC/DC in the amount of
$48,172.15 for reimbursement of staking costs, upon Exchange Approval; andissuing to AC/DC 5,000,000 fully paid and non-assessable common shares at a deemed value of
$0.05 per share in the capital of the Company upon Exchange approval of the Transaction.
All securities issued in connection with the Transaction are subject to a four month and a day hold period in accordance with Canadian Securities Laws.
Pursuant to TSXV Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the Agreement constitutes a "related party transaction" due to the fact that there are common officers and directors of the Company and AC/DC. The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed
About the Copper Property
"We're excited to acquire approximately 275 km2 of tenures in such a favourable mining region within BC." commented the Tim Fernback, President and CEO. "This area of the Province has already generated several promising projects, and our land package is strategically situated to exploit the high copper-gold values of the region. NorthWest Copper Corp. (TSXV:NWST) on the nearby Kwanika project intercepted 400 metres of 1.01 Copper equivalent (News Release January 16, 2023 Northwest Copper Corp). BC is a mining-friendly jurisdiction with reasonable processes, good infrastructure and potential First Nation partners."
B.C. Minfile assessment report data indicates that most of the area covered by the Copper Property was at one time or another covered by staking during surges of exploration in B.C. dating from the 1940's to present day. Largely the claims appear to have been minimally explored with little follow-up. However, some work was recorded on several claims with results for stream sediment sampling showing anomalous to highly anomalous results for gold in a few areas. These areas were recommended for detailed follow-up, however due to a downturn no further work was recorded
Prominent among early discoveries in the Omineca region were the nearby Lustdust/Stardust property (a property developed by Lorraine Copper that was sold to Sun Metals Corp. which eventually merged with Serengeti Resources to become NorthWest Copper Corp.) covering a large, coherent integrated porphyry-skarn, epithermal system; the Kwanika property (a Serengeti/POSCO Daewoo property also became a NorthWest Copper Corp. property upon the merger with Serengeti Resources) a promising advanced stage copper-gold project; the Lorraine property (originally discovered by Lorraine Copper and now a NorthWest Copper Corp. property)an alkalic copper-gold porphyryr. The tenures are located between the Kemess North project being developed by Centerra Gold Inc. (TSX:CG)(NYSE:CGAU) and its operating Mt Milligan mine, which is reported to 1.8 million ounces of gold and 742 million pounds of copper (Technical Report on the Mount Milligan Mine, November 7, 2022, Borntrager. B, et al.)
The Omineca Group claim areas are within the northern Quesnel Trough underlain by Cache Creek Terrane and lies close to the Pinchi Fault. The Quesnel Trough hosts numerous porphyry copper-gold deposits. The Pinchi Fault can be traced for 600 km through north-central B.C and separates Cache Creek rocks from the Jurassic Hogem Batholith and Triassic-Jurassic Takla rocks to the west. Rocks have a north-northwest strike trend typical of the entire Intermontane Belt in which the Cache Creek Terrane lies (Gabrielse and Yorath, 1992). A wide range of Jurassic to Tertiary intrusions cuts the Cache Creek Assemblage and many of these are emplaced along the prominent NW-trending structures and stratigraphic breaks. Numerous mercury occurrences are present along the length of the Pinchi fault (Albino, 1987) and a few gold and base metal occurrences are present near the Pinchi fault including the Lustdust, Lorraine, Indata and Axelgold properties. There are at least two alkalic gold-copper Porphyry systems in the immediate Lustdust (now known as Stardust) area: J49 and Axel Properties (Schiarrizza, 2000).
Readers are cautioned that the information in this press release regarding the adjacent properties are not necessarily indicative of the mineralization on the property of interest.
Qualified Person
Jeremy Hanson, P.Geo., an independent qualified person as defined under National Instrument 43-101 has reviewed and approved the technical content in this news release.
About Grid Battery Metals Inc. www.gridbatterymetals.com.
Grid Battery Metals Inc. is a Canadian based exploration company whose primary listing is on the TSX Venture Exchange. The Company's maintains a focus on exploration for high value battery metals required for the electric vehicle (EV) market.
About Texas Springs Property
The Company owns a
The Texas Spring property adjoins the southern border of the Nevada North Lithium Project - owned by Surge Battery Metals Inc. ("Surge") (TSXV:NILI)(OTCQX:NILIF) and comprised of 725 mineral claims. Surge's first round of drilling identified strongly mineralized lithium bearing clays. The average lithium content within all near surface clay zones intersected in the 2022 drilling program, applying a 1000 ppm cut-off, was 3254 ppm. (Press release March 29, 2023). More recent results have shown higher grade lithium up to 8070 ppm on this property after initial drilling (Press release September 12, 2023). Our exploration results are on-trend with these results.
About Clayton Valley Lithium Project
The Company owns a
Volt Canyon Lithium Property
The Company owns a
On Behalf of the Board of Directors
"Tim Fernback"
Tim Fernback, President & CEO
Contact Information:
Email: info@gridbatterymetals.com
Phone: 604- 428-5690
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. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. It should be noted that results from any adjacent property(s) are not an indication of what may be found on the Company's property(s).
SOURCE: Grid Battery Metals Inc.
View the original press release on accesswire.com
FAQ
What is the size of the new Copper Property acquired by Grid Battery Metals (EVKRF)?
What are the terms of the acquisition for Grid Battery Metals' (EVKRF) new Copper Property?
Why is Grid Battery Metals' (EVKRF) new Copper Property acquisition considered strategic?
What regulatory approval is required for Grid Battery Metals' (EVKRF) new Copper Property acquisition?
