Canadian Orebodies is pleased to announce that it has sold its 100% interest in the Greenbush Lithium Property to Sunrise Canada, a subsidiary of Argonaut Resources, an ASX listed company.
As consideration, Argonaut made a cash payment of CAD$100,000 and granted to Orebodies a 2.0% net smelter returns royalty.
Orebodies is also pleased to announce that it has earned a 50% interest in the Bateman Lake Property (the "Property"), located approximately 75km north-east of Cochrane, Ontario, by contributing to the cost of staking.
The Property was worked by Dome Exploration Canada Limited ("Dome") in the 1970s with electromagnetic and magnetometer surveys being completed in 1975. The results of the geophysical surveys showed a number of strong conductors with good continuity that indicated a strong possibility that they may represent graphitic zones.
In 1977, Dome drilled 10 diamond drill holes totalling 3,812 feet spread over the Property and the surrounding area to test the electromagnetic anomalies. Two of these diamond drill holes were completed on the Property and showed intersections of graphitic breccia, graphitic tuff, and graphitic schist.
The target area is centered on a strongly conductive body that coincides directly with a magnetic low. The Company believes the Property is highly prospective for the discovery of graphite mineralization.
Canadian Orebodies is a Canadian-based mineral exploration company with a portfolio of properties in Nunavut and Ontario.