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Musk Metals Begins Fourth Exploration Program on Its 100% Owned “Elon” Lithium Project in Quebec, Canada

VANCOUVER, BC / ACCESSWIRE / June 14, 2022 / Musk Metals Corp. ("Musk Metals" or the "Company") (CSE:MUSK)(OTC PINK:EMSKF)(FSE:1I30) is pleased to announce…

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VANCOUVER, BC / ACCESSWIRE / June 14, 2022 / Musk Metals Corp. (“Musk Metals” or the “Company”) (CSE:MUSK)(OTC PINK:EMSKF)(FSE:1I30) is pleased to announce it has started its fourth exploration program for Phase 1, on its 100% owned “Elon” lithium project in Quebec. Intervention permit has been received May 18th, 2022, which allowed the opening of access trails and exploratory trenches. The exploration work commenced on June 13th, 2022, targeting six anomalies that will be trenched, mapped, and sampled in the search for lithium-rich spodumene.

Dynamic Discoveries Geosciences was mandated to identify targets using topographic imagery (LiDAR), cross referenced with a high resolution heliborne magnetic survey (2021) and DEM. Possible surface dykes cross cutting the interpreted intrusions, concordant with till anomalies which show a context alike the Quebec Lithium Mine located 600m south-west of the Elon Lithium Property (the “Property”).

The Program

The Company is expected to trench approximately 175 meters out of the 350 meters in the proposed planning. Trenches should be 2m wide, overburden depth is estimated between 0m to 3m. Fifty (50) meters of channel sampling is expected, which will be determined following surface mapping once bedrock is exposed. Target priorities are set according to where the bedrock is superficial which is somewhat concordant to outcrop geochemical anomalies rich in lithium, tantalum, and yttrium (Table 1). Unexplored targets in the present program will be subject to future exploration work, such as shallow drilling or further trenching.

Table 1: Trenches Details.

Priority TRENCH
ID
LENGHT
(m)
DEPTH
(m)
OVERBURDEN
(m3)
TARGET DESCRIPTION
1 T3 30 1 – 2 284.67 Interpreted pegmatite dyke using DEM-high and cross-referenced with LiDAR topographic imagery. Two blocs down-ice returned highest Li values of Fall 2021 prospection survey.
1 T4 83 1 – 3 767.79 Possible pegmatite dyke swarm, identified with Low Mag, high DEM and cross-referenced with LiDAR topographic imagery.
1 T9 62 2 – 3 574.11 Possible pegmatite dyke swarm interpreted with Low Mag, high DEM and cross-referenced with LiDAR topographic imagery.
2 T7 86 2 – 3 791.1 Interpreted pegmatitic dyke swarm, 300 meters up-ice from ‘’Zone A” which returned highest Li values in outcrop samples, including one value at 101ppm Li. Dyke swarm would be in inner zone of interpreted intrusion.
3 T8 41 2 – 3 383.13 Possible pegmatite dyke identified with high DEM. Pegmatite dyke would be in inner zone of interpreted intrusion.
3 T10 46 2 – 3 428.04 Possible pegmatitic dykes identified with high DEM, and possible dyke swarm identified with Low Mag. Cross referenced with LiDAR topographic imagery.

Mountain Bike trails, Cross-Country Ski trails and other trails are present on the southern part of the Property. To prevent damage to these trails, the Company will be using existing roads outside of the trail system to access their trenches. This led to the Company to reduce the number of trenches and sampled length to be worked in June (Figure 1).

Figure 1. Trenches, Existing Trails and Access.

Elon Property

The Elon Property is strategically located in Abitibi, Qc at approximately 600 meters northeast of the North American Lithium Project, formerly known as Mine Québec Lithium, which produced over 907,000 tons of material at 1.40% Li2O between 1955 and 1965 (Boily et al, 1989).

Pluto Property

Further to its news releases dated Oct. 27, 2021 and January 25, 2022, on May 11, 2022 Musk amended its Property Option Agreement dated January 19, 2022 with Jinhua Capital Corporation (“Jinhua”) in respect to the Pluto Property, located in the Dolomieu and Daubree townships of Quebec.

A summary of the substantive amendments to the Option Agreement on May 11, 2022 are provided below.

Pursuant to the Option Agreement, Musk advanced $200,000 to the authors (the “Authors”) of the technical report on the Pluto Property dated January 15, 2022 (the “Technical Report”), as a prepaid expense for the Authors to undertake the proposed Phase 1 geological work on the Pluto Property as set out in the Technical Report (the “Phase 1 Work”). The Option Agreement provides for the following:

  • upon the Authors completing the Phase 1 Work, Musk agreed to immediately undertake commercially reasonable efforts to provide Jinhua with all relevant and supporting geological information, details, logs, invoices, expenditures and other documents evidencing the completion of the Phase 1 Work (the “Geological Records”); and
  • upon receipt of the Geological Records by Jinhua and verification that the Geological Records evidence that the Authors have completed the Phase 1 Work by expending at least $200,000 thereto in accordance with standard practices for geological work in Canada (the “Eligible Expenditures”), Jinhua will promptly issue 2,000,000 common shares (each, a “Common Share”) at a deemed issue price of $0.10 per Common Share to Musk (each, an “Expenditure Share”).

Any Expenditure Shares will be issued pursuant to an exemption under applicable securities laws and will bear a restricted period of four months and one day in accordance. In the event Jinhua does not receive the Geological Records evidencing the Eligible Expenditures on or before December 31, 2022, Jinhua may, with 10 days’ written notice to Musk, terminate all right to receive the Expenditure Shares as set out in the Option Agreement. The number of Expenditure Shares to be issued by Jinhua to Musk will be on a post 2:1 Common Share consolidation basis, but nevertheless be subject to any other standard adjustment for routine corporate events such as future stock splits and consolidations. The issuance of the Expenditure Shares is conditional upon the Issuer complying with all Exchange policies with respect to the issuance thereof.

References:

Boily, M., Pilote, P., Raillon, H., 1989: La métallogénie des métaux de haute technologie en Abitibi-Témiscamingue. Ministère des Ressources Naturelles, MB 89-29.

Pearse, HK., Paiement, J.P., Skiadas. N., Stapinsky, M., Boyd, T., Bonneville., Gagnon, D., Clayton, G., Michaud, A., Boilard, A., 2016: NI 43-101 Technical Report – Feasibility Study on the Whabouchi Lithium Deposit and Hydromet Plant (Revised). Prepared for Nemaska Lithium Inc. By Met-Chem Canada Inc.

Qualified Person

This press release was prepared by Pierre-Alexandre Pelletier, P.Geo OGQ, and Steven Lauzier, P.Geo OGQ whom are qualified persons as defined under National Instrument 43-101, and who reviewed and approved the geological information provided in this news release.

Make sure to follow the company on Twitter, Instagram and Facebook as well as subscribe for company updates at www.muskmetals.ca.

About Musk Metals Corp.

Musk Metals is a publicly traded exploration company focused on the development of highly prospective, discovery-stage mineral properties located in some of Canada’s top mining jurisdictions. The growing portfolio of mineral properties exhibit favorable geological characteristics in underexplored areas within the prolific “Electric Avenue” pegmatite field of northwestern Ontario, the “Abitibi Lithium Camp” of southwestern Quebec, the “Golden Triangle” district of British Columbia, the Mineral Rich “Red Lake” mining camp of Northwestern Ontario and the “Chapais-Chibougamau” mining camp, the second largest mining camp in Quebec, Canada.

ON BEHALF OF THE BOARD

Nader Vatanchi
CEO & Director

For more information on Musk Metals, please contact:

Phone: 604-717-6605
Corporate e-mail: [email protected]
Website: www.muskmetals.ca
Corporate Address: Suite 2905 – 700 West Georgia Street, Vancouver, BC V7Y 1C6

Neither Canadian Securities Exchange (CSE) nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Musk Metals Corp.

View source version on accesswire.com:
https://www.accesswire.com/704983/Musk-Metals-Begins-Fourth-Exploration-Program-on-Its-100-Owned-Elon-Lithium-Project-in-Quebec-Canada

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