The Kamuck Property is located on the eastern edge of a grouping of government-mapped two-mica granites, which are important components in LCT pegmatite districts globally
Solstice Acquires New Lithium Project in Ontario. (Credit: Zac Edmonds on Unsplash)
Solstice Gold Corp. (TSXV: SGC) (“Solstice”, “we”, “our” or the “Company”) is pleased to announce that it has acquired a 31 km2 land position for the purpose of lithium pegmatite exploration located in the emerging Quetico Lithium District, in the Long Lake area in northwest Ontario, approximately 200 km northeast of Thunder Bay and 40 km from the town of Geraldton, Ontario which is located on the Trans-Canada Highway. The claims were acquired through an option (the “Option”) to acquire 100% of seven multi-cell claims on the eastern flank of the District (Figure 1).
Spodumene discoveries reported by exploration groups in 2023 are defining a greatly expanded area with high lithium potential within the Quetico Subprovince. This Quetico Lithium District is centred around the Georgia Lake Lithium deposit (owned by Rock Tech, Figure 1). In 2023, a new spodumene discovery was reported by Pegmatite One (“PGA”1) west of the Georgia Lake pegmatites adjacent to Solstice’s Church and Purdom Properties. Spodumene was also reported in 2023 to the east of Georgia Lake by Tearlach (“TEA”) on their Georgina Properties2, which are adjacent to Solstice’s Gathering Lake claims, optioned to Green Technology Metals (see Figure 1). Solstice’s newly acquired Kamuck Property is located to the east of these discoveries and exhibits abundant pegmatite with fertility indicator minerals.
Pablo McDonald, Solstice CEO stated, “we have been tracking progress around the Quetico Lithium District over the course of the past year and have seen the focus expand from the Georgia Lake area to include significant spodumene discoveries to both the east and west. A timely field visit of the Kamuck area confirmed the favourable geology and we are looking forward to exploring this new acquisition.”
The Kamuck property significantly strengthens our already solid lithium portfolio. Now our district-scale SLP Project in the English River Subprovince is complimented by three properties in the Quetico Subprovince that have widespread thick pegmatites with good exposure, promising indicator mineralogy, and are very close to recent spodumene discoveries.”
The Company announces that it has entered into an option agreement dated November 1, 2023 (the “Option Agreement”) with 1544230 Ontario Inc. and Gravel Ridge Resources Ltd. (the “Optionors”) to purchase the Option to acquire the Optionors’ 100% interest in the Kamuck Project.
In consideration for the grant of the Option, Solstice must pay $10,000 in cash within ten days of the effective date of the Option Agreement, and issue 200,000 common shares and as soon as practicable after TSX Venture Exchange (“TSXV”) approval, to the Optionors. To exercise the Option, the Company must make payments according to the following: (i) a payment of $14,000 cash by the first anniversary of the Option Agreement; (ii) a payment of $20,000 cash by the second anniversary of the Option Agreement; and (iii) a payment of $28,000 cash by the third anniversary of the Option Agreement. Upon exercise of the Option, the Optionors will retain a 1.5% net smelter return (the “NSR”) on the Kamuck Project. The NSR includes a 0.5% buyback for $500,000.
No finder’s fees are payable in connection with the Option Agreement. The Option Agreement remains subject to the approval of the TSXV.
Source: Company Press Release