Idaho Champion Signs MOU on Its Cobalt Properties with Far East Asian Battery Group
JV to include multi-phase US$5 million exploration program
Toronto, Ontario--(Newsfile Corp. - April 20, 2022) - Idaho Champion Gold Mines Canada Inc. (CSE: ITKO) (OTCQB: GLDRF) (FSE: 1QB1) ("Idaho Champion" or the "Company") is pleased to announce that the Company has signed a non-binding MOU ("MOU") with a battery group based in Far East Asia ("Battery Co.") to advance the Company's four Cobalt projects located in the heart of the Idaho Cobalt Belt.
The MOU with Battery Co., who will remain confidential under the NDA, is the first step in the evaluation and execution of a definitive agreement and is part of Idaho Champion's recently announced internal strategic review (see Press Release dated April 6, 2022). The move is further supported by the recent announcement made by the Biden administration, which saw the US government adding cobalt to the list of covered items under the Defense Production Act.
- Exploration Joint Venture with a multi-phase exploration program and a budget of US$5 million over 3 years
- Exploration expenditures provide option for Battery Co. to earn a 30% interest in one of the four cobalt properties
- Exploration will include desktop work, regional exploration, and targeted drilling on priority areas
Jonathan Buick, Idaho Champion's CEO, commented: "We are pleased to have efficiently found a non-dilutive alternative for Idaho Champion and its shareholders to add value to what was originally considered a non-core asset. With cobalt trading at a three-year high, the United States government including cobalt on its critical minerals list, and Jervois Mining commencing cobalt production on their ICO project, there is a considerable renewed interest in Idaho as a mineral exploration region. Battery Co. is keen to work with groups that have cobalt assets in ethical and politically stable jurisdictions, beyond existing larger alternatives. We will work diligently towards a definitive agreement, so we can begin the geologic discovery."
As per the MOU, Idaho Champion and Battery Co. have agreed to work in good faith to execute a definitive agreement within nine months of the signing of the MOU. The MOU is considered to be non-exclusive, non-binding, and remains subject to negotiation.
Idaho Champion Cobalt Properties Overview
The Champion Cobalt Properties are comprised of 622 mineral claims located along strike and within proximity of well developed cobalt projects along the Cobalt Belt (see Figure 1):
- Victory Project DUP Claims: ~6 km south of the Blackbird Mine
- Fairway Project SC Claims: ~3 km east of the town of Cobalt and 1 km north of the Blackpine copper occurrence
- Twin Peaks Project TP & Badger Claims: Located on the Twin Peaks Copper Mine, 3 km from Electra Battery Metals' Iron Creek
- Ulysses Project IP & GS Claims: ~ 2 km north of the Ulysses mine
Idaho Cobalt Belt
To view an enhanced version of this graphic, please visit:
Idaho Champion also announces that the Company has granted 1,150,000 stock options pursuant to its stock option plan. Each option entitles the holder to purchase one common share of the Company at an exercise price of $0.15 for a five year period. The stock options are granted to third party consultants of the Company.
About Idaho Champion Gold Mines Inc.
Idaho Champion is a discovery-focused exploration company that is committed to advancing its 100%-owned highly prospective mineral properties located in Idaho, United States. The Company's shares trade on the CSE under the trading symbol "ITKO", on the OTCQB under the trading symbol "GLDRF", and on the Frankfurt Stock Exchange under the symbol "1QB1". Idaho Champion is vested in Idaho with the Baner Project in Idaho County, the Champagne Project located in Butte County near Arco, and four cobalt properties in Lemhi County in the Idaho Cobalt Belt. Idaho Champion strives to be a responsible environmental steward, stakeholder and contributing citizen to the local communities where it operates. Idaho Champion takes its social license seriously, employing local community members and service providers at its operations whenever possible.
ON BEHALF OF THE BOARD,
Jonathan Buick, President and CEO
For further information, please contact:
Nicholas Konkin, Marketing and Communications
Phone: (416) 567- 9087
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company, including suggested strike extension. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/120954