The Transaction was completed pursuant to the terms and conditions of a definitive property purchase agreement entered into between the Company, as purchaser, and Michèle Richard and Gabriel Béland, as vendors
Vision Lithium acquires new lithium property in Quebec. (Credit: Chris Wiedenhoff from Pixabay)
Vision Lithium Inc. (TSXV: VLI) (OTCQB: ABEPF) (FSE: 1AJ2) (the “Company” or “Vision Lithium”) is pleased to announce the arm’s length acquisition (the “Transaction”) of a 100% undivided interest in 40 contiguous mining claims in the province of Quebec, Canada, which, together with an additional 31 claims staked by the Company, will be collectively referred to as the Decelles property (the “Property”).
The Transaction was completed pursuant to the terms and conditions of a definitive property purchase agreement (“Purchase Agreement”) entered into between the Company, as purchaser, and Michèle Richard and Gabriel Béland, as vendors.
Pursuant to the Purchase Agreement, Vision Lithium will pay to the vendors aggregate cash consideration of $10,000, issue a total of 250,000 common shares of the Company (the “Shares”), and will grant the vendors a 2% net smelter return royalty on the claims comprising the Property acquired from the vendors, one-half of which may be repurchased by the Company for $250,000 (the “NSR Royalty”).
The claims acquired from the vendors cover 2,315.5 hectares (23 km2) and, together with the claims staked by the Company, the Property comprises a total of 71 claims covering 4,109.7 hectares (41km2). Two additional claims staked by the Company have not yet been granted. The Property is located approximately 55 km south of Val-d’Or, Quebec and 75 km south-east of the Company’s Cadillac Lithium property. The Property is easily accessible year-round by way of well-maintained roads. Property prospecting in 2021 suggests the presence of numerous pegmatitic dikes. No historical exploration for lithium is recorded.
Yves Rougerie, President & CEO commented, “The Decelles claims are an interesting addition to our growing portfolio of lithium properties. The Property is located south of Val d’Or along well maintained secondary roads, ensuring easy access for logistics, materials and qualified manpower. Since our acquisition of the 332-claim Cadillac property, almost 1,300 new claims have been staked by third parties to the East, South and West of our property. The Decelles claims are located at the eastern end of this recent staking frenzy. The whole area is underlain by the Pontiac sediments which are intruded by a wide variety of intrusives.
“These suites of intrusives are the likely sources of the numerous pegmatites. Differentiating lithium, or LCT dikes, is the job at hand. The Decelles property itself is host to numerous large pegmatitic dikes. No previous exploration for lithium is recorded in the area. We plan to explore the Property starting by prospecting, sampling and analyzing as many pegmatitic outcrops as possible after the thaw. However, a property-wide close-spaced high-resolution airborne magnetic survey (MAG) will be completed in the month ahead.”
The Transaction remains subject to the approval of the TSX Venture Exchange (the “TSXV”).
The scientific and technical information in this release has been reviewed and approved by Yves Rougerie, Geologist, President and CEO of the Company. Mr. Rougerie is a “qualified person” as defined in NI 43–101.
Source: Company Press Release