Infinite Ore Signs Definitive Agreement to sell Interest in Eastern Vision Project in Red Lake
- Infinite Ore to Refocus on Jackpot Lithium Project -
Vancouver, British Columbia--(Newsfile Corp. - December 15, 2021) - Infinite Ore Corp. (TSXV: ILI) (OTCQB: ARXRF) (the "Company" or "Infinite") announced today that, further to its news release dated July 19, 2021, it has signed a definitive agreement (the "Definitive Agreement") with Trillium Gold Mines Inc. (TSXV: TGM) ("Trillium") whereby Trillium will acquire all of Infinite's property holdings known as the Eastern Vision Project located in the Confederation Lake assemblage of the Birch-Uchi greenstone belt in the Red Lake District, Ontario (the "Transaction").
The Definitive Agreement provides that Trillium would issue 4,000,000 common shares of Trillium and pay $175,000 in cash to Infinite. In addition, Trillium would assume all of Infinite's cash payment commitments under its existing option agreements. Infinite would retain its share issuance obligations. The Eastern Vision project includes the Fredart, Garnet Lake, Confederation North, and Confederation South properties; Trillium would hold greater than 100 km of favourable structure on trend with Great Bear Resources' Dixie Deposit.
Figure 1 Trillum Gold's Property Holdings
To view an enhanced version of Figure 1, please visit:
J.C. St-Amour, President of Infinite Ore commented, "The Transaction gives Infinite, through its share ownership in Trillium, exposure to a larger consolidated land package extending greater than 100 km in length in the Red Lake area. This also allows us to focus our exploration efforts on our 100% owned Jackpot Lithium project, located near Thunder Bay, Ontario. Infinite is preparing a winter drilling program that would focus on resource expansion."
The Jackpot Lithium property, located in the Georgia Lake Area about 140 km NNE of Thunder Bay, Ontario, is approximately 12 km by air from the TransCanada Highway (Hwy 11) and the main railroad which connects to the port town of Nipigon, on Lake Superior. The property contains known lithium bearing granitic pegmatite dykes, two of which providing estimated historical resources of 2 million tons at 1.09% Li2O and 750,000 tons at 1.38% Li2O*. The Company recently acquired additional claims with additional lithium showings located on strike to the main historical resources.
The technical content of this news release was approved by Michel Boily, PhD, P.Geo, an Independent Qualified Person as defined by the National Instrument 43-101.
* The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by the Company. These historical mineral resources do not refer to any category of sections 1.2 and 1.3 of NI-43-101 such as mineral resources or mineral reserves as stated in the 2010 CIM Definition Standards on Mineral Resources and Mineral Reserves. The explanation lies in the inability by the Company to verify the data acquired by the various historical drilling campaigns. The Company has not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves.
About Infinite Ore Corp.
Infinite Ore is a junior mining exploration company focused on seeking and acquiring world-class mineral projects. The company holds the Jackpot lithium property located near Nipigon, Ont., which contains known pegmatite showings including two historical resources of 2 million tons grading 1.09% Li2O and 750,000 tons at 1.38% Li2O. In addition, the company holds an interest a large land package with the potential for VMS and gold mineralization in the Confederation Lake assemblage belt near Red Lake, Ont.
ON BEHALF OF THE BOARD
J.C. St-Amour, President
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107683