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Gaia Metals and O3 Mining amend option terms for FCI Property, Quebec

Feb 2, 2021

Gaia Metals Corp. has amended the terms of the Option Agreement with O3 Mining Inc. for the FCI Property, whereby the Company maintains its Option to acquire up to a 75% interest. The FCI Property is comprised of two neighboring claim blocks, for a combined total of 5,688 ha, located in the James Bay Region of Quebec, proximal to regional hydro-electric and road infrastructure. The geologic setting is prospective for gold, silver, PGEs, base metals, and lithium-tantalum over several potential deposit styles including orogenic gold, volcanogenic massive sulfide (VMS), komatiite (ultramafic), and lithium pegmatite.

Under the terms of the amendment, the Company will issue a total of 500,000 common shares to O3 Mining and the Agreement's Year 2 Anniversary Date will be reset to November 3rd, 2021. The amendment follows a Force Majeure period that was triggered in 2020 in lieu of the uncertainty and restrictions caused by COVID-19 and brings the Agreement extension in line with that issued by the Ministry of Energy and Natural Resources (MERN) for claim exploration requirements in the Province of Quebec. The remaining requirements of the FCI Option Agreement are detailed at the end of this news release.

Company President and Director Blair Way comments, "We are happy to have secured an amendment to this Agreement with O3 Mining in light of the global pandemic and look forward to advancing this high-quality asset that has demonstrated considerable potential for gold, silver, copper, and lithium. Gaia Metals is positioned strongly to benefit from the global recovery efforts that will be focused on green technologies, which will result in an insatiable demand for those commodities we are focused on at both FCI and Freeman Creek."

The FCI claim blocks form a contiguous land package with the Company's wholly owned Corvette claim block and are collectively termed the Corvette-FCI Property, totalling 283 claims and 14,496 ha. The Property is situated within the Guyer Group (wacke, iron formation, komatiite, tuffs, amphibolite) of the greater La Grande Greenstone Belt, which trends east-west through the region, approximately 6 to 18 km south of the Trans-Taiga Road and power line corridor. 

The primary target areas are the Golden Gap Prospect and the Maven Copper-Gold-Silver Exploration Trend. However, the Property also hosts a largely underexplored lithium pegmatite trend in excess of 25 km in length where high-grade spodumene pegmatite has been discovered. A summary of exploration results is presented in Figure 1 and is further described below. The Company is currently planning the 2021 exploration campaign at Corvette-FCI and will provide an update in due course.

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