FE Battery Metals To Begin Drilling Its Quebec Lithium Property

FE Battery Metals Corp. announced that it will begin a fully funded drilling program at its Augustus Lithium Property, near Val D'Or Quebec, Canada. The drilling will be financed with its two most recent financings of over $3.7 million.

FE Battery Metals has entered into a drilling contract with Forage Hebert Inc. Drilling of Amos, Quebec to drill up to 3,000 metres NQ size core drilling at its Augustus Lithium Property in Quebec, Canada, with the option for additional drilling. FE Battery Metals expects the mobilization for the drill program to commence in a week's time.

The new drill program is based on FE Battery Metals exploration work programs of 2021 and 2022, where it has completed 41 drill holes with approximately 8,000 metres of diamond drilling. FE Battery Metals exploration work successfully confirmed historically reported spodumene bearing lithium pegmatites on the Augustus and Canadian Lithium prospects on the Property. The current exploration work will be focused on expanding the footprint of lithium mineralization delineated during the 2021-2022 exploration work, as well exploring other prospective lithium pegmatites on the Property.

In addition, FE Battery Metals has entered into an option agreement with Battery Age Minerals Ltd ("Battery Age") (ASX: BM8) for its 100% owned Falcon Lake claims located in Northwestern Ontario.

Pursuant to the option agreement, Battery Age has elected to earn an initial 90% interest in Falcon Lake by making a cash payment of $150,000 (Australian) and issuing 2,125,000 shares to FE Battery Metals. Thereafter, Battery Age has the option to acquire the remaining 10% interest in Falcon Lake for a cash price determined by an independent evaluation completed by a 3rd party agreed upon by both parties subject to a maximum of $ 2,000,000 Australian.

FE Battery Metals will also retain a 1% Gross Metal Royalty on any future production from the above noted Falcon Lake claims.

Lastly, FE Battery Metals  has entered into an option agreement to acquire 100% interest the  Gaspésie Peninsula Property located in Bourtet Township  St Lawrence-Quebec approximately 50 km northeast of the town of Causapscal, The property consists of 55 contiguous mineral claims covering a total area of 3,239.67 hectares. Gaspésie hosts anomalous Lithium values from historical soil sediments which FE Battery Metals intends reconfirm in the coming months.

Transaction Details:
Under the option agreement, the FE Battery Metals can earn 100%  in the Gaspésie Peninsula Property in consideration of: (i) cash payments of CAD $200,000 payable over three years issuing an aggregate of 2,000,000 Shares, common shares of FE Battery Metals Corp over a three year period. There is a 1.5% of Gross Metal Royalty (GMR) over the Property payable upon the commencement of commercial production on these claims.

FE Battery Metals acquired the mining claims from an arm's length seller, the issuance of the common shares is subject to obtaining all required regulatory approvals, including that of the CSE. The common shares will be subject to a "hold" period of four months and one date for their date of issuance.

Gurminder Sangha
CEO & Director

SOURCE First Energy Metals Limited

 For further information: Please contact the FE Battery Metals at: gsangha@firstenergymetals.com or (604) 375-6005
 

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