2022 December 3rd Week Sunspeed News Recommendation - Tearlach Acquires Pegmatite Bearing Lithium Projects Along ‘Electric Avenue,’ Adjacent to Frontier Lithiums Flagship Deposits
Tearlach Resources Limited (TSXV: TEA) (OTC: TELHF) (FRANKFURT: V44) (“Tearlach” or the “Company”) is pleased to announce that it has signed a purchase agreement (the “Purchase Agreement”) to acquire a 100% interest in 2 claim groups (the “Projects”) located 175 km north of Red Lake, Ontario (Figure 1). The Pakwan Lithium Project (the “Pakwan”) comprises 51 claims totaling 1,271 hectares, and the Margot Lake Lithium Project (the “Margot”) comprises 102 claims totaling 2,706 hectares. The Projects are located in Frontier Lithium’s ‘Electric Avenue,’ which hosts the PAK and Spark Deposits. The Pak Deposit has a mineral resource of measured, indicated, and inferred categories of 9.3Mt (million tonnes), averaging 2.06% Li2O1. The Spark Deposit has a mineral resource estimate of 14.4Mt, averaging 1.4% Li2O1. Two other significant pegmatites, the Bolt and Pennock, have also been discovered by Frontier Lithium along strike.
The Pakwan Project:
1271 hectares of lithium potential claims in the correct geological setting documented pegmatites
Directly attached to the Frontier Lithium Pak and Spark deposits claim blocks
Very favourable terms due to strong relationships through advisors and board members
Potential for new discovery in the area
Documented pegmatites
The Margot Lake Project:
2706 hectares of lithium potential claims in the correct geological setting with documented pegmatites
Directly attached to the Frontier Lithium Pak and Spark deposits claim blocks
Hosted within 10 kms of the Pak and Spark deposits
Off a structural splay called the Bear Head Deformation Zone that the Pak and Spark deposits sit on
Splay is under-explored
Potential for new discovery in the area
Very favourable terms due to strong relationships through advisors and board members
“Adding to an already exciting portfolio, the Pakwan and the Margot are located in the most prolific lithium mining trends in the Americas,” CEO Ray Strafehl commented, “The Projects are in a region with multiple discoveries, favourable geology, proven metallurgy, and most importantly, on-trend and next to one of the highest-grade lithium projects in the Americas. This acquisition is just the start of the next phase of how Tearlach is utilizing its world-class team in selecting high-potential projects and making smart acquisitions that are shareholder friendly. This acquisition puts the Company on a trajectory of proving it can become one of the leading lithium companies in the Americas.” continued Mr. Strafehl.
The Pakwan
The Pakwan consists of 51 claims comprising 1,271 hectares. The Pakwan occurs along the boundary between the Berens River Subprovince and the Sachigo Subprovince. Of significance is that the Li deposits of northwestern Ontario are located proximal to subprovince boundaries as they represent deep-seated sutures that divide accreted Archean terranes and act as conduits for fertile peraluminous granitic melts (Breaks et al., 20032). The Bear Head Deformation Zone (BHDZ) transects the Pakwan representing a crustal-scale structural feature with nine major plutons of two mica granites (peraluminous fertile granites) occurring over 140 km of strike length along the subprovince boundary. Peraluminous fertile granites are the parental rocks that fractionate li-bearing pegmatites (Breaks et al., 2003). The Pakwan occurs just 12 km southeast of the PAK Lithium Deposit of Frontier Lithium. Mapping by the OGS has identified pegmatites on the Project in map M2362, 1977.
The Margot
The Margot consists of 102 claims comprising 2,706 hectares. The Margot is hosted along a structural splay of the BHDZ. The Margot hosts a two mica peraluminous granite in contact with metasediments. Mapping by the OGS has identified pegmatitic dykes on the Project in map P3283, 1994.
The Transaction
Pursuant to the Purchase Agreement, Tearlach may acquire a 100% interest in the Pakwan and the Margot Projects from arm’s length vendors by paying, per Project, $200,000 on the signing of the Purchase Agreement and $100,000 in year 2, plus $2,000,000 upon successful drilling result of 10 meters of 1% or greater Li2O.
The vendors will retain a 3% net smelter royalty (“NSR”) on the Projects with a one-half of a percentage point buyback for $1 million. The Purchase Agreement is categorized as an “Exempt Transaction” in accordance with the policies of the TSX Venture Exchange.
Qualified Person
The technical contents of this news release have been reviewed and approved by Mike Kilbourne, P. Geo., an independent Qualified Person (“QP”) as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The QP and the Company have not completed sufficient work to verify the historic information on the Projects, particularly regarding historical exploration, neighbouring companies, and government geological work.
References and Disclosures
Frontier Lithium Inc. NI 43-101 Technical Report, PAK Project, PAK, Red Lake Mining District, Ontario, Canada, prepared by BBA with an effective date of April 5, 2021.
Breaks, F.W., Selway, J.B. and Tindle, A.G. 2003. Fertile peraluminous granites and related rare-element mineralization in pegmatites, Superior Province, northwest and northeast Ontario: Operation Treasure Hunt; Ontario Geological Survey, Open File Report 6099, 179p.
(https://www.globenewswire.com)
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