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Westmount Executes Otatakan and Pilot East, Ontario Lithium Property Agreements

Westmount Minerals is pleased to announce it has executed property option agreements for two prospective lithium claim groups…

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Vancouver, British Columbia, October 12, 2022: Westmount Minerals Corp. (“Westmount” or the “Company“) (CSE: WMC) is pleased to announce it has executed property option agreements for two prospective lithium claim groups. The Otatakan and East Pilot lithium properties total 5,002 hectares in size (the “Properties”) and are located within the Red Lake Mining Division of northwestern Ontario. Both Properties are located east of Ear Falls, Ontario with good all-weather and logging road access (Figure 1).

In addition, the Properties are between 21 and 32 kilometers (“km”) southwest of Green Metals Technology (ASX:GT1) Root Lithium property where a 24,000 metre drilling program for resource definition has commenced with extensional and step-out target drilling (GT1 news-August 8, 2022). GT1 also recently announced a strategic collaboration agreement with Lithium Americas Corp. to build an integrated lithium chemicals business throughout North America utilizing GT1’s Canadian lithium assets. (GT1 news- Sept. 20, 2022)

Figure 1. Regional location and access to the Properties.

The Properties have many geological attributes that make them attractive to host rare-element pegmatites (Li, Cs, Ta, Rb) (Figure 2) that include:

  • A muscovite-bearing granite is host to both Properties, an S-type peraluminous fertile parental granite according to a 2003 Ontario Geological Survey (“Breaks et al., 2003”) and in contact with metasediments which are excellent hosts for rare-element pegmatites.
  • Located less than 20 km from an Archean-age terrane boundary between the English River Subprovince and the Uchi Subprovince which reportedly has an integral relationship to lithium occurrences and deposits of northwestern Ontario (Breaks et al., 2003)
  • 1959 Ontario Geological Survey (“OGS-1959”) lakeshore mapping of large lakes in the eastern part of the English River Subprovince identified grey pegmatites, pegmatitic granites and beryl and/or tourmaline occurrences (ODM Maps 1959-1).
  • Elevated Li and Cs-lake sediment samples by the OGS-1959 of 1-21.5 ppm on the Otatakan claim group and 2.1-27.98 on East Pilot claim group.

Figure 2. Regional geology of the Properties.

David Tafel, CEO of Westmount commented: “We are excited to acquire these 2 critical metal Properties for Westmount. The English River Subprovince has historically been ignored for its lithium potential despite the overwhelming geological and geochemical evidence to the contrary. GT1’s drilling activity to the northeast brings much anticipation to the area. We expect to have our geological team on the ground very shortly to commence mapping and sampling of both Properties.”

Transaction Terms

The Company has the right to acquire a 100% interest in the Properties by making staged payments over 3 years totaling $163,400 and issuing one million common shares. The Optionors retain a 1.5% net smelter returns royalty (“NSR”) and the Company has the right to buy back 0.05% for $500,000 per property. The agreement is subject to the approval of the Canadian Securities Exchange.

Qualified Person

The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. The QP and the Company have not completed sufficient work to verify the historic information on the Properties, particularly regarding historical exploration, neighbouring companies, and government geological work.

About Westmount Minerals Corp.

Westmount is focused on mineral exploration in the Americas. The Company is advancing the Douay East gold property located within the greater Abitibi Greenstone Belt region in Quebec to the drill stage and continues to evaluate other promising exploration opportunities.

On Behalf of the Board of Directors

David Tafel
Chief Executive Officer and Director

For further information, please contact:

David Tafel
Chief Executive Officer and Director
(604) 683-1991

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

Forward-Looking Statements:

This news release includes certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company’s projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company’s projects and mineral properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as “pro forma”, “plans”, “expects”, “will”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Company’s properties, that the COVID-19 global pandemic will not affect the ability of the Company to conduct future exploration of the Company’s properties, the availability of financing on suitable terms, and the Company’s ability to comply with environmental, health and safety laws.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the Company’s option to acquire the Douay East Project, the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on the Company’s business, financial condition and results of operations, the Company’s limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading “Risk Factors” in the Company’s prospectus dated February 14, 2022, and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company’s profile on the SEDAR website at www.sedar.com.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release except as otherwise required by law.

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