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Home > News > Canada Silver Cobalt signs...

Canada Silver Cobalt signs LOI to Purchase Greenfield Lithium Property near Cochrane

Nov 9, 2022


Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTCQB: CCWOF) (FSE: 4T9B) (the "Company" or "Canada Silver Cobalt") announces it has signed a non-binding LOI to purchase a 24-unit multicell greenfield lithium property in Case Township, in the Cochrane District, Ontario. 

The Property is contiguous to Power Metal's Case Lake Lithium Property. It is located approximately 5 kilometers north-west of their West Joe Dyke and Main Dyke areas. Some of the recent highlights from the West Joe Dyke and Main Dyke pegmatites are:

  • 1.11 % Li2O (Lithium) over 6.84m in PWM-22-128 (See Power Metals Corp News Release August 19, 2022) 
  • 1.58 % Li2O (Lithium) over 15.00m in PWM-22-134 (See Power Metals Corp News Release September 8, 2022) 
  • 1.86 % Li2O (Lithium) over 19.00m in PWM-22-135 (See Power Metals Corp News Release September 8, 2022) 

The Property is comprised of a single 24-unit multicell mining claim totalling 4.5 square kilometers or 450 hectares. The Property is sandwiched between several 'domes' identified and owned by Power Metals. These 'domes' are dome-shaped laccolith igneous intrusions that typically host the pegmatitic dykes that contain spodumene which is a lithium aluminium inosilicate, otherwise known as a lithium ore mineral. A collection of these domes appears to trend through the Property outlined in this LOI, and the Property has outcropping pegmatites on surface. 

The non-binding letter of intent sets forth the terms and conditions which shall form the basis of the option agreement whereby Canada Silver Cobalt Works Inc. (the "Company") may acquire up to a 100% interest in certain mining claims located in Case Township, The Cochrane District, Ontario (the "Property"). 

The Company and Optionor shall enter into the Option Agreement whereby the Optionor shall grant to the Company the right to acquire an undivided 100% interest in and to the Property as follows:

  1. Cash payment of $5,000 and issuance of 50,000 shares of the Company to be paid to the Optionor, upon TSX Venture Exchange ("Exchange") approval to the Definitive Agreement;

  2. The Company incurs exploration expenditures on the Property in the amount $10,000 on or before the one-year anniversary of the Definitive Agreement, to earn an undivided 50% interest in the Property;

  3. Cash payment of $10,000, and issuance of 100,000 shares of the Company to the Optionor by the One year anniversary of the Definitive Agreement date;

  4.  The Company incurs exploration expenditures in the amount $20,000 on or before the second-year anniversary of the Definitive Agreement, to earn an undivided 100% interest in the Property; and

  5. Upon exercise of the Option by the Company, the Company grants to the Optionor a 2% NSR on the Property and on Claims within a 2-kilometre area of influence from the center of the optioned claim. The center coincides with the NW corner of cell number 32E04D044, UTM 17U 0574401E, 5436293N. The Company retains a $500,000 buy back on 1% of the NSR.

 



Tags: Northern Ontario / Deals & Financial / Battery Metals / All Articles