Infinite Acquires North Buffy Lake Property in The Red Lake District, Canada
VANCOUVER, December 4, 2019 - Infinite Lithium Corp. ("ILI" or the "Company") (ILI-TSX:V) is pleased to announce that the Company has acquired a second strategic property, known as the "North Buffy Lake Property" approximately 30 kilometers due east of the eastern boundary of Great Bear Resources Ltd.'s (GBR - TSX:V) Dixie Project located in the Red Lake District of Ontario. The North Buffy Lake property comprises 9 claims totaling 193 units and approximately 3,440 hectares.
The North Buffy Lake property covers a projected major east-west feature, interpreted as a fault zone on the northern portion of the property, and covers a belt of mafic-intermediate volcanics, flanked by felsic-intermediate volcanics, that trends SW-NE across the property. Limited previous exploration on the property had uncovered electromagnetic and magnetic anomalies that warrant further investigation with refined geophysical surveys.
The North Buffy Lake property is approximately 35 kilometers east-north-east of the active drilling by BTU Metals Corp.("BTU") on the recently reported "TNT" VMS target, and is contiguous and just east of the recently acquired Eastern Vision property (PR December 2, 2019).
ILI director Gerhard Jacob, MSc, states: "We are very pleased to acquire a second strategic property, with prospective geology for both precious and base metal discoveries, in an active exploration district. The North Buffy Lake property was previously difficult to access, limiting exploration activity, but is now cut by recent logging roads. The Company's management and consultants have extensive experience in this area of Ontario and these types of deposits."
The Company is acquiring a 100% interest in the claims comprising the North Buffy Lake property from an arms-length party through payments of Cdn $121,000 in cash and the issuance of 800,000 shares over a three (3) year period. The vendor retains a 1.5 % Net Smelter Royalty ("NSR"), purchasable by ILI for $1,000,000 at any time.
Mr. Kelly Malcolm, P.Geo, is the qualified person as defined by National Instrument 43-101 who has examined and described the geological information available from public sources related to the property and is responsible for reviewing and approving the technical contents of this press release.
About Infinite Lithium Corp.
Infinite Lithium is a junior mining exploration company focused on seeking and acquiring world-class lithium projects globally. Our current focus is on the Jackpot Lithium property located in the Georgia Lake Area, Thunder Bay mining division, Ontario. Infinite Lithium also continues to evaluate suitable prospects that fit the mandate of the company. For more information please visit our website located at http://www.infinitelithium.com/.
ON BEHALF OF THE BOARD
Gerhard Jacob, Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Toll Free: 1-888-945-4770
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.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
SOURCE: Infinite Lithium Corp.
View source version on accesswire.com: