ION Energy Limited announces that it has signed a definitive agreement to acquire the Bliss Lake Lithium Pegmatite Project in NWT, Canada in an all equity, milestone driven transaction, which ultimately allows the seller to reach a 5% ownership interest in the Company.
The immediate consideration for the acquisition will consist of two equity tranches. The first tranche will be a value of $150,000 of the Company shares at a deemed value of $0.35 and the second tranche will have a value of $350,000 of Company shares at a deemed value of $0.35 subject to a 4 month hold period. The Company will also grant to the seller a 1.0% Net Smelter Royalty (NSR), with the Company having the right to repurchase one half of the NSR at any time for $500,000.
The Bliss Lake Lithium Project encompasses 5,798 hectares and is located between 13-15 km away from lithium properties held by Li-FT Power Ltd. and 20km from Patriot Battery Metals Inc. Investors should note that exploration results of third parties in the vicinity are not indicative of potential results at the Company’s project.
Lithium bearing pegmatites in the Yellowknife area are well documented in the published literature and in the records on file with the Mineral Resources Division, Canadian Department of Energy, Mines and Resources, Ottawa. The significant resources occur as steeply dipping tabular, unzoned pegmatite dikes of Pre-Cambrian age dated 2200 million years. The numerous pegmatites are localized in metamorphic aureoles of knotted schists associated with granitic intrusions. Detailed mapping and surface sampling of fourteen properties within the district (Lasmanis, 1978) indicated a mineralized potential of 49,000,000 tons of pegmatite to a depth of 152m having an average grade of 1.40% Li2O.
“The Company is very pleased to have signed a binding definitive agreement for the acquisition of 5,798 hectares Bliss Lake Lithium Project in the Northwest Territories. The prospect is within 10s of kilometers from other proven pegmatite fields and allows ION Energy to be a multi-jurisdictional, multi-asset company that has the ability to serve two major, established geographies,” says Ali Haji, CEO & Director of ION Energy Ltd.