VANCOUVER, BC, Nov. 29,
2022 /CNW/ - FE Battery Metals Corp (CSE:
FE) (OTCQB: FEMFF) (WKN: A2JC89) ("FE" or the
"Company) is pleased to announce it has entered into an
agreement for the Rose West Lithium Property ("Rose West") in the
burgeoning James Bay lithium
region of northern Quebec.
The newly acquired land package consists of 32 mining claims
within a premier lithium jurisdiction that currently hosts a number
of advanced Lithium projects. The property sits within the Eeyou
Istchee territory and is accessible by the James Bay Road that
connects Matagami and Radisson (highway Route/109 from Val d'Or) as well as accessible by road via
the Route du Nord, usable all year round from Chibougamau, QC.
The Rose West project covers approximately 1,695 hectares which
sit directly adjacent to the claims of Critical Elements Lithium
Corporation (TSX-V: CRE) which hosts their Rose Lithium deposit.
The Rose Lithium mineralization is hosted by pegmatite rock and
currently has Probable Reserves of 26.8 million tonnes at 0.96%
Lithium oxide equivalent (Li2O Eq.) and a 17-year mine plan in
place from their Feasibility Study of June
2022.
The Rose West property is underlain by similar geological rock
units that occur at the Rose Lithium deposit and are comprised of
the Archean Lower- Eastmain Group, consisting of
volcano-sedimentary formational units and ultramafic to felsic
intrusives. Gabbros, pyroxenites, and diorites cut across the
Property and Pegmatites occur as irregular but generally continuous
lenses within biotite schists.
Gurminder Sangha, CEO &
Director states, "We are very excited to expand our large portfolio
of quality Lithium projects within select districts of Quebec. Our next steps will include to plan a
Phase 1 exploration program for Rose West which will include soil
and rock geochemistry, geological mapping, trenching, and
prospecting to evaluate the potential of lithium bearing pegmatites
and other types of mineralization."
Cautionary Note: Investors are cautioned that the information
on Critical Elements Lithium Corporation's Rose Property is taken
from the publicly available sources and the Company has not been
able to independently verify the information contained. The
information is not necessarily indicative of the mineralization on
the Rose West Project.
Transaction Details:
The Company acquired the mining claims comprising the Property
from an arm's length seller pursuant to an option agreement dated
November 25, 2022, (the "Effective
Date"). Under the agreement, the Optionor will sell, transfers and
assign to the Company all their interest for and in consideration
of: (i) cash payments of CAD $100,000
payable over two years issuing an aggregate of 1,000,000 Shares,
common shares of FE Battery Metals Corp. There is a 1.5% of Gross
Metal Royalty (GMR) over the Property payable upon the commencement
of commercial production on these claims.
The issuance of the common shares is subject to obtaining
all required regulatory approvals, including that of the CSE. The
common shares will be subject to a "hold" period of four months and
one date for their date of issuance.
About FE Battery Metals
Corp
FE Battery Metals Corp is focussed on identifying, exploring and
advancing early-stage lithium pegmatite projects in Canada.
The Company's primary efforts have been on exploration projects
located in Quebec, with its flagship property being the
Augustus Lithium Property. Augustus is located in the immediate
vicinity of Val d'Or Quebec where several historical
prospects and a previously active lithium mine is located within a
10km radius from the property. North American Lithium mine (NAL)
and the Authier Project are two notable projects in the area that
highlight the potential of the Augustus Lithium Property.
ON BEHALF OF THE BOARD OF
FE BATTERY METALS CORP.
"Gurminder Sangha"
Gurminder Sangha
CEO & Director
Neither the Canadian Securities Exchange (CSE) nor its
Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this news release and has neither approved
nor disapproved the contents of this news release.
Forward-looking
Information
Except for the statements of historical fact,
this news release contains
"forward-looking information" within the meaning of
the applicable Canadian securities legislation that
is based on expectations, estimates and projections as at the date
of this news release. "Forward-looking information" in this news
release includes information about the Company's intentions, plans
and future actions described herein and
the terms thereon.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the Company's
ability to obtain required approvals. The Company has also assumed
that no significant events occur outside of the Company's normal
course of business. Although the Company believes that the
assumptions inherent in the forward-looking information are
reasonable, forward-looking information is not a guarantee
of future performance and accordingly undue
reliance should not be put on such information due to the inherent
uncertainty therein.
SOURCE First Energy Metals Limited