Tickers: XCNQ:LION
Tags: Mining
Vancouver, BC / TheNewswire / Oct 30, 2017 - Global Li-Ion Graphite Corp. ("LION" or, the "Company") (CSE: LION) is pleased to announce that it has signed an option agreement to purchase a 100% interest in the Neuron Graphite Project in the Thompson mining district of Northern Manitoba from Callinex Mines Inc.
Callinex completed a detailed 1,800 KM VTEM airborne survey where they identified strong EM anomalies which they later followed up with a 12 hole drill program. This drill program intersected Carbon Content (Graphite) of up to 78.3% (see table below from the Callinex news release dated April 23, 2014).
DDH | FROM (M) | TO (M) | WIDTH (M) | CG% |
NEU001 | 4.5 | 19.0 | 14.5 | 10.88 |
incl. | 4.5 | 12.2 | 7.7 | 18.54 |
incl. | 4.5 | 6.5 | 2.0 | 37.75 |
NEU001 | 31.2 | 87.7 | 56.5 | 5.03 |
incl. | 47.0 | 78.6 | 31.6 | 7.02 |
incl. | 47.0 | 52.0 | 5.0 | 26.03 |
incl. | 47.0 | 49.8 | 2.8 | 39.87 |
NEU002 | 6.0 | 37 | 31.0 | 6.68 |
incl. | 10.2 | 10.7 | 0.5 | 64.40 |
incl. | 32.4 | 37.0 | 4.6 | 32.44 |
incl. | 33.5 | 36.6 | 3.1 | 46.16 |
NEU002 | 71.4 | 127.2 | 55.8 | 5.37 |
incl. | 71.4 | 79.1 | 7.7 | 17.85 |
incl. | 97.8 | 98.4 | 0.6 | 78.30 |
Further assay and analysis work done by SGS Laboratories determined a 4.1 meter section grading 60.38 % Carbon Graphite included in a 56.0 meter intersection grading 5.91% Carbon Content (see Callinex news release dated April 24, 2014). Coarse flake Graphite ranging from 100 um (micrometers) to 2000 um (1000 um = 1mm) was reported.
The Company may exercise its option to acquire 100% of the Neuron Graphite Project from Callinex by:
1)Paying $200,000 cash and issuing 1,000,000 common shares to Callinex within three days of signing the option agreement; and
2)Issuing 1,000,000 common shares to Callinex on the second anniversary of signing the option agreement.
The Company is also required to issue 3,000,000 common shares to Callinex on the earlier of completing a Preliminary Economic Assessment, Pre-Feasibility Study or Feasibility Study, or before the third anniversary of the effective date of the option agreement.
Company President Jason Walsh commented "we are extremely excited to work with Callinex and their Chairman Mike Muzylowski on the advanced Neuron High Grade Graphite Project. We feel this gives LION a balance of potential Graphite production in three jurisdictions enabling us to achieve our goal of being a major supplier of premium Graphite to the rapidly growing energy storage industry."
There is a finder's fee payable on this transaction in accordance with CSE policies.
The technical content of this news release was reviewed and approved by Glen Macdonald, P.Geo, who is a Qualified Person within the meaning of NI 43-101.
Further information about Global Li-Ion is available under its profile on the SEDAR website, www.sedar.com, on the CSE website, www.thecse.com, and the Company's website, www.globalli-iongraphite.com.
For Further information about the Company, please contact:
Jason Walsh
Director & Officer
Global Li-Ion Graphite Corp.
Telephone 604.608.6314
Neither the Canadian Securities Exchange nor its regulation services provider have reviewed or accept responsibility for the adequacy or accuracy of this press release.
Forward-Looking Information:
This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks discussed in the Company's Management's Discussion and Analysis under the Company's profile on www.sedar.com. While the Company may elect to, it does not undertake to update this information at any particular time.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES.
Copyright (c) 2017 TheNewswire - All rights reserved.
