Mining Stock News: Infinity Stone (CSE: GEMS) Enters Into LOI to Acquire Galaxy Pegmatite Project, Quebec, and Announces Private Placement of Units
Vancouver, British Columbia - June 24, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Infinity Stone Ventures Corp. (CSE: GEMS) (OTC PINK: TLOOF) (FSE: B2I) (the "Company" or "Infinity Stone") is pleased to announce that it has entered into a letter of intent ("LOI" or "Letter of Intent") with Quartier Minerals Inc. ("Quartier") to option the Galaxy Pegmatite Project located near Mont-Laurier, Quebec (the "Project").
The Project is host to at least "30 pegmatite exposures which represent 30 pegmatite dikes". Blasting and pitting has shown these pegmatites to have widths of 15 to 18 metres in outcrop. Analysis of the pegmatites shows anomalous quantities of lithium, tantalum, molybdenum, uranium, and thorium.(1)
A historical report on the Project suggested that the observed presence of lepidolite - an important lithium-bearing mica ore mineral - in outcrop could indicate significant quantities at depth.(1)
About Lithium-Cesium-Tantalum (LCT) Pegmatites in Quebec
The province of Quebec is host to an abundant amount of LCT-type pegmatite intrusions, most notably in regions such as northern Quebec between Eastmain and Nemiscau, and near Val d'Or and La Corne.
Lithium-cesium-tantalum (LCT) pegmatites comprise a compositionally defined subset of granitic pegmatites. The major minerals are quartz, potassium feldspar, albite, and muscovite; typical accessory minerals include biotite, garnet, tourmaline, and apatite. The principal lithium ore minerals are spodumene, petalite, and lepidolite. Most LCT pegmatites are hosted in metamorphosed supracrustal rocks in the upper greenschist to lower amphibolite facies. Lithium-cesium-tantalum pegmatite intrusions generally are emplaced late during orogeny, with emplacement being controlled by pre-existing structures. These pegmatites tend to show a regional mineralogical and geochemical zoning pattern with respect to the inferred parental granite, with the greatest enrichment in the more distal pegmatites.(2)
Terms of LOI
The LOI contemplates the Company's and Quartier's entry into a definitive option agreement (the "Definitive Agreement") pursuant to which the Company will be entitled to earn up to a 100% interest in the Project upon the completion of the following within two years of execution:
(i) paying Quartier the sum of $50,000 on the date of the execution (the "Execution Date") of the Definitive Agreement;
(ii) paying Quartier the sum of $100,000 on the first anniversary of the Execution Date;
(iii) carrying out a minimum of $100,000 in exploration expenditures on the Project within one (1) year of the Execution Date;
(iv) carrying out a minimum of $200,000 in exploration expenditures on the Project within two (2) years of the Execution Date;
(v) issuing to Quartier 500,000 class A subordinate voting shares of the Company (each, a "Share") on the Execution Date; and
(vi) issuing to Quartier 500,000 Shares on the first anniversary of the Execution Date.
Upon earn-in under the Definitive Agreement, Quartier will retain a 2.5% net smelter royalty ("NSR") over the Project, 1% of which may be purchased by the Company for $1,500,000.
About The Galaxy Pegmatite Project
The Galaxy Pegmatite Project covers 22 mineral claims and 2 pending claim applications covering 1,411 hectares in southern Quebec, approximately 45 kilometres northwest of Mont-Laurier, Quebec and 140 kilometres north of the city of Gatineau, Quebec. There is excellent access to all parts of the Property from road La Vérendrye 13, via the Trans-Canada Highway (Hwy QC-117), which traverses roughly through the middle of the Property. The Property is underlain by at least 30 pegmatite exposures representing 30 pegmatite dikes of Laurentian or more recent rocks of the Precambrian Grenvillian Series. The general strike of the formation is in a northwesterly direction with a near vertical dip. The five minerals associated with the pegmatites are lepidolite, columbite, samarskite, euxenite, and thorianite. The property is largely covered by quaternary till. (1)
The technical information in this news release has been reviewed and approved by Rémi Charbonneau, P.Geo., a "Qualified Person" as defined under NI 43-101 Standards of Disclosure for Mineral Projects.
The Company also announces a non-brokered private placement (the "Private Placement") of up to 3,000,000 units (the "Units") at a price of $0.15 per Unit, for gross proceeds of up to $450,000. Each Unit will be composed of one (1) Share and one-half of one (1/2) Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to acquire one (1) additional Share at a price of $0.30 for a period of three (3) years from the date of issuance of the Units.
The Company plans to allocate the net proceeds from the Private placement to marketing, software development and other general working capital. The Company may pay finder's fees on a portion of the Private Placement in accordance with applicable securities laws and the policies of the Canadian Securities Exchange. The securities issued through the Private Placement will be subject to a standard four month and one day resale restriction.
The Private Placement securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
About Infinity Stone Ventures
Infinity Stone's mission is to be a diversified, single source supplier for the critical energy metals being used in the clean energy revolution alongside its established SaaS solution portfolio. The Company's primary business units include HealthCheck (Stratum Health Technologies LLC) and its energy metals portfolio. Infinity Stone is meeting the demand from battery and wind turbine manufacturers, nuclear and hydrogen energy producers, and energy metals speculators by acquiring 100% interest in critical mineral deposits and occurrences in stable mining-friendly jurisdictions, close to final use destinations in North American manufacturing hubs.
(1) Corminboeuf, F., 1956. Preliminary Report on Petawaga Mining Corporation. Quebec SIGEOM Report GM04222.
(2) Bradley, D. & McCauley, A., 2016. A Preliminary Deposit Model for Lithium-Cesium-Tantalum (LCT) Pegmatites. USGS Open-File Report 2013-1008.
To register for investor updates please visit https://infinitystone.ventures.
Infinity Stone Ventures Corp.
CEO and Director
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Forward-Looking Statements Disclaimer
This press release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements, including statements respecting: the potential of the Project; the proposed terms of the Definitive Agreement; the Private Placement; and the expected use of proceeds from the Private Placement. Although forward-looking statements contained in this press release are based upon what management of Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements may also be affected by risks and uncertainties in the business of the Company, including those described in the Company's public filings available on www.SEDAR.com. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
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