Green Shift Commodities expands lithium portfolio with the acquisition of a project in Ont.
by CM Staff
The Project property is within a general area that has been highly focused on the exploration of lithium, however the Armstrong Project appears to have had little or no lithium focused exploration.
Green Shift Commodities expands lithium portfolio with the acquisition of a project in Ont.
TORONTO — Green Shift Commodities Ltd. announces that it has signed a definitive purchase and sale agreement dated August 15, 2023, to acquire an existing option to purchase a 100% interest in the Armstrong Lithium Project. The Project consists of 90 contiguous claims totaling ~1,800 ha, located in the Seymour-Crescent-Falcon lithium belt, ~55 km northeast of the town of Armstrong and ~245 km from Thunder Bay in Ontario, Canada.
Highlights
- Expands GCOM’s lithium portfolio into the mining friendly jurisdiction of Ontario, Canada.
- Adds a third project in a known lithium belt, recognized for its recent exploration successes including the development of the nearby Seymour Project owned by Green Technology Metals Ltd.
- Potential upside of critical metals – Molybdenum, Copper, Silver with untested exploration upside.
Trumbull Fisher, CEO and Director of GCOM commented, “While our core focus will remain in South America, we are excited to announce the signing of today’s Agreement, which brings another promising lithium project into our portfolio, which we expect to quickly advance. We believe that the Armstrong Project will contribute to our presence in a mining-friendly jurisdiction, providing critical mass to our operations. Like our other projects, we see exploration potential and are eager to commence exploration activities. Ontario is an exciting place to be not only for mining but in particular lithium, with the province seeing ~$25B in government subsidies for EV battery plants in 2023 alone, and this being a very low-cost entry into the most prospective lithium exploration belt in the province.”
Terms of the Sale and Purchase Agreement
Pursuant to the Transaction, GCOM has acquired an existing Option to purchase a 100% interest in the Armstrong Project for consideration comprised of (i) 1,500,000 common shares of GCOM to be issued on the closing date of the Transaction; and (ii) CAD$60,000 in cash, payable within five business days after the date upon which GCOM has first completed one or more equity offerings for gross proceeds of a minimum of CAD$5,000,000 in the aggregate.
The Project property is within a general area that has been highly focused on the exploration of lithium, however the Armstrong Project appears to have had little or no lithium focused exploration. The neighbouring properties are held by GT1 and Antler Gold Inc. (Figure 2). Both neighboring properties have lithium in drilling and GT1’s Seymour Project boasts a mineral resource estimate of 9.9 Mt @ 1.04% Li2O, with 5.2 million tonnes @ 1.29 % Li2O and remains open along strike and down dip.
Previous work on the Armstrong Project includes lake sediment work that confirms the presence of various base and precious metals including gold, silver, platinum, palladium, copper, nickel, cobalt, chromium, lead and Zinc. The Project has seen little work in recent times and requires a systematic sampling and mapping program. While the entire property appears to be prospective, traversing and sampling the dikes and faults are expected to be a focus of the Company.
