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First Energy Metals Increases Size of Augustus Project with the McNeely Lithium Property Acquistion

09.06.2021  |  CNW

VANCOUVER, June 9, 2021 - First Energy Metals Ltd. (CSE: FE) ("First Energy" or the "Company) is pleased to announce that it has entered into an agreement with Globex Mining Enterprises Inc. ("Globex") (GMX-TSX, GLBXF-OTCQX International, G1MN-Frankfurt) to acquire 100% interest into McNeely Lithium Property located in LaCorne, Landrienne and Figuery Townships, Province of Quebec, Canada. The newly acquired properties consist of 66 mining claims covering a total area of 2,276.49 hectares on map sheets 32C05 and 32D08. These claims are spread out in several claim blocks along the Quebec Lithium Mine horizon. Some of the claims are located adjacent to the Augustus Lithium Property claims where First Energy has been carrying out a drill program since April 2021 and reported drill results in a series of recent news releases. These additional claims bring the total size of the Property to 15,045.62 hectares.

There is one historical lithium showing "Martin-McNeely Lithium" in a claim block of the new property where lithium pegmatite outcrop was discovered in 1955. Geologically, these mineralized pegmatite dykes intersect amphibolitized peridotite rocks north of the Preissac-Lacorne Batholith. The dikes are mineralized in spodumene, lepidolite and molybdenite. The mineralization is confined to pegmatite dykes of unknown attitude. The pegmatite in drill hole M3 drilled on Lot 28 of the Township of Landrienne intersected lithium mineralization.

Cautionary Statement: Investors are cautioned that the above information is taken from the publicly available sources, specifically from the Quebec Ministry of Energy and Mines (MERN) database. The Company has not been able to independently verify the information contained. The information is not necessarily indicative of the mineralization on the Property, which is the subject of this news release. The Company will need to conduct exploration to confirm historical mineralization reported on the property and there is no guarantee that significant discovery will be made as a result of its exploration efforts.

Mr. Gurminder Sangha, CEO of First Energy Metals stated that, "We are very pleased to acquire these claims adjacent to the Augustus and Canadian Lithium prospects on the Property. The new acquisition will give more ground to expand our current drill program to the east, west and south if the mineralization extends in that direction. This acquisition is a result of successful exploration work of First Energy showing excellent lithium mineralization on surface and drill holes."

Transaction Details:

Pursuant to a property purchase agreement between Globex and the Company, First Energy will acquire a 100% interest in the McNeely Lithium Property by making a cash payment of $250,000 and issuing 2,000,000 common shares. The Sellers will retain a 3.0 % Gross Metal Royalty ("GMR") on the property.

This above noted agreement is with a non-related party and there are no directors, officers or senior management in common. Closing of the Transaction is subject to obtaining all required approvals, including the CSE and including any other regulatory approval.

Afzaal Pirzada, P.Geo., who is a consultant of the Company, and a "Qualified Person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.

About First Energy Metals Limited.

First Energy Metals is a Canadian mineral exploration company with a primary focus of acquiring a multicommodity mineral property portfolio. Its goal is to identify, acquire and explore North American mineral prospects in the technology metals, precious metals, and base metal sector.

The company's strategy is to:

  • Acquire and advance projects through prospecting and early-stage exploration;
  • Source joint venture partners to finance future exploration and project development;
  • Create shareholder value through exploration success.

First Energy will continue to add to its multicommodity portfolio through organic acquisitions of new projects and opportunities with the intention of adding value and projects over time.

ON BEHALF OF THE BOARD OF
First Energy Metals Ltd.

"Gurminder Sangha"
Gurminder Sangha
President & Chief Executive Officer

Neither the Canadian Securities Exchange (CSE) nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release and has neither approved nor disapproved the contents of this news release.

Forward-looking Information

Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes information about the Company's proposed Transaction and other forward-looking information includes but is not limited to information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.

Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the Company's proposed Transaction may not be completed on the terms and timing currently contemplated, or at all; and other risks as more fully set out in the Company's continuous disclosure filings at www.sedar.com.

The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to obtain required approvals and close the proposed Transaction. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

SOURCE First Energy Metals Ltd.



Contact
please contact the Company at: gsangha@firstenergymetals.com or (604) 375-6005
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