EnerSpar Announces That It Will Not Be Proceeding with the Proposed Business Combination with Blockstation and Receipt of Final Report on 2017 Drilling Program
Calgary, Alberta--(Newsfile Corp. - June 14, 2018) - EnerSpar Corp. (TSXV: ENER) (FSE: 5E0) ("EnerSpar" or the "Company") will not be proceeding with the previously announced business combination with Blockstation. The transaction has been terminated with no further obligation on either party.
Trading of EnerSpar's common shares is expected to resume trading on the TSX Venture Exchange shortly.
EnerSpar has been approached by five groups for a replacement transaction, each of which appears to have credibility and potential to be a replacement transaction for the aborted Blockstation Transaction.
EnerSpar Corp. is also pleased to announce that it has received the final report on the 2017 drilling program on its Johan Beetz potassic feldspar property located on the Lower North Shore of the St Lawrence River, in the Baie Johan Beetz Municipality (Quebec) approximately 290 km north-east of Sept-Iles, Quebec from IOS Services Géoscientifiques Inc.
An additional 3 contiguous claims have been staked bringing the total claims to 8 covering this mineral occurrence. These additional claims are in the process of being transferred into the company's name.
The drilling program encompassed 585 metres of core drilling, for 19 shallow but large diameter holes.The entire core meterage has been sampled, for a total of 209 samples analysed. Of these samples, all but one represented potassic pegmatite. The weighted average pegmatite grades is of 4.94% K2O, 7.12% Na2O and 0.67% Fe2O3. A simplified norm calculation indicate an average of 33.7% quartz, 55.1% feldspar, including 22.1% potassic feldspar, and 10.6% micas. Iron bearing minerals are only present as accessory minerals. The norm calculation is in accordance with the modal potassic feldspar abundance as calculated by image processing of stained slabs from summer 2017 exploration program. The pegmatite composition is in accordance with the industry requirement in regard of potassium grade and contaminant maximum tolerance.
The report, dedicated to assessment filing and thus in accordance with National Instrument 43-101 standards, does confirm uniformity of historically reported grades of potassic and sodium feldspar.
The report recommends that a program using rotary airblast drilling (RAD) be undertaken over the 2018/2019 season to arrive at a resource estimation.
Jay Richardson, EnerSpar's CEO said: "We are delighted at the close corroboration of the historic results by this carefully controlled drill program which gives us confidence that we will be able to establish a very significant resource estimate with a single further drilling program. The Baie Johan Beetz community and first nations continue to be supportive of our endeavours and we look forward to working increasingly closely with them in planning and execution of all further work."
Rejean Girard P.Geo, a Qualified Person pursuant to the regulations governing National Instrument 43-101, has reviewed and approved the contents of this press release.
EnerSpar is a TSX Venture Exchange Tier II listed exploration company focused on industrial minerals oriented to today's and future energy requirements. Potassic feldspars are especially significant as a hardening agent in today's solar panels and tomorrow's solar shingles.
ON BEHALF OF THE BOARD OF DIRECTORS:
Jay Richardson, Chief Executive Officer and Director
Toronto Office: 416-410-JAYR .
Neither the TSX Venture Exchange Inc. ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has in any way approved or disapproved of the contents of this press release.