Vancouver, July 26, 2016 – 92 Resources Corp. (the “Company”) (TSXV: NTY) (FSE: R9G2) is pleased to announce that it has entered into a Purchase Agreement (the “Agreement”) to acquire a 100% interest in the Pontax Lithium Property (the “Property”) near Eastmain, Quebec. The Property consists of104 mineral claims covering four blocks, totalling approximately 5,536 hectares (13,681 acres).
The Property encompasses the southwestern portions of an approximately 100 km long belt of meta- volcanics, which may be considered part of the Eastmain River Volcanic Belt. The Eastmain belt is host to numerous gold occurrences, while the region is centrally located to a number of high profile lithium deposits (Galaxy Resources James Bay Deposit, Nemaska’s Whabouchi Deposit, and Critical Element’s Rose Deposit).
The Property lies between 5 and 30 kilometres southwest of, and on trend, from Stria Lithium’s Pontax Lithium Showing (spodumene-bearing pegmatite), which was discovered in 2007. Stria Lithium subsequently advanced the discovery with seven drill holes, returning a best intercept of 0.97% Li2O over21.0 m, including 1.43% Li2O over 13.0 m, from drill hole 09-555-05. The Company’s Pontax Property is also about 30 kilometres south of the James Bay Deposit, which is reported to contain indicated resources of 11.8 million tonnes (Mt) at 1.30% Li2O, and inferred resources of 10.5 Mt at 1.20% Li2O at a 0.75% Li2O cut-off (Galaxy Resources; Technical Report dated December 30, 2010).
Management cautions that past results or discoveries on adjacent properties may not necessarily be indicative to the presence of mineralization on the Company’s properties.
The Property was acquired to follow up on several outcrops of white pegmatite that were identified during a gold and base metal exploration campaign along the Pontax Greenstone Belt in 1975. A review of high- resolution satellite imagery has identified the locations of historically defined pegmatite outcrops as well as indicating numerous other potential pegmatite occurrences not previously mapped.
In addition, the northernmost part of the Property covers pegmatite outcrops identified as tourmaline- bearing pegmatite during a 1999 government mapping campaign. These pegmatite outcrops are approximately 1 kilometre away from a spodumene- and tourmaline- bearing pegmatite outcrop that was identified in the same regional mapping survey.
In general, historic exploration of the Property for gold, lithium, and other commodities is considered minimal. Moreover, the Property has not been explored for lithium by any reported historic exploration campaigns.
In the coming weeks, the Company intends to complete a review of all historic information in advance of a reconnaissance field campaign that will consist of mapping and sampling of known pegmatite occurrences to assess potential grade and mineralogy at Pontax.
In consideration for a 100% interest in the Property, the Company will issue 3,000,000 common shares and make cash payments totalling $50,000 over a 12-month period to the vendor. The Agreement is subject to a 3% NSR of which the Company has the right to purchase 1%.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P. Geol., of Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101, has reviewed the technical information in this news release.
About Hard-Rock (Spodumene Pegmatites) Deposits
Spodumene-bearing pegmatites continue to be an important supply of lithium globally, despite the advent of low-cost production from lithium brine deposits in South America in the mid-1990’s. As the demand for lithium increases, pegmatite deposits around the world are gaining more focused attention as a viable, stable, and long-term supply source. Further, in many lithium pegmatite districts, other rare and specialty- metals have been recovered, including tin, beryllium, tantalum, and niobium which are often associated with spodumene pegmatite deposits.
The world’s largest active lithium mine is the Greenbushes Mine in Australia, with reported reserves (as of Sept 30, 2012) of 61.5 Mt at 2.8% Li2O. The mine produces lithium from spodumene bearing pegmatite and has been in operation since 1985. In 2015 the global lithium market (in lithium carbonate equivalent or “LCE”) is estimated to have been approximately 171 kt, for which the Greenbushes Mine accounted for 55-60 kt, or some 35% of the market (source: Deutsche Bank, May 2016).
On behalf of the Board of Directors,
Adrian Lamoureux, President & CEO
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TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Statements:
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control. Forward-looking statements in this news release include statements about the possible raising of capital and exploration of our properties. Actual results may differ materially from those currently anticipated due to a number of factors beyond the Company’s control. These risks and uncertainties include, among other things, that we may not be able to obtain regulatory approval, that we may not be able to raise funds required, that conditions to closing may not be fulfilled, we may not be able to organize and carry out an exploration program, and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.