Westmount executes Otatakan and Pilot East lithium property agreements near Ear Falls

Westmount Minerals Corp. (CSE: WMC) ("Westmount" or the "Company") is pleased to announce it has executed property option agreements for two prospective lithium claim groups. The Otatakan and East Pilot lithium properties total 5,002 hectares in size (the "Properties") and are located within the Red Lake Mining Division of northwestern Ontario. Both Properties are located east of Ear Falls, Ontario with good all-weather and logging road access (Figure 1).

In addition, the Properties are between 21 and 32 kilometers ("km") southwest of Green Metals Technology Root Lithium property where a 24,000 metre drilling program for resource definition has commenced with extensional and step-out target drilling (GT1 news-August 8, 2022). GT1 also recently announced a strategic collaboration agreement with Lithium Americas Corp. to build an integrated lithium chemicals business throughout North America utilizing GT1's Canadian lithium assets. (GT1 news- Sept. 20, 2022).

The Properties have many geological attributes that make them attractive to host rare-element pegmatites (Li, Cs, Ta, Rb) (Figure 2) that include: 

• A muscovite-bearing granite is host to both Properties, an S-type peraluminous fertile parental granite according to a 2003 Ontario Geological Survey ("Breaks et al., 2003") and in contact with metasediments which are excellent hosts for rare-element pegmatites.
• Located less than 20 km from an Archean-age terrane boundary between the English River Subprovince and the Uchi Subprovince which reportedly has an integral relationship to lithium occurrences and deposits of northwestern Ontario (Breaks et al., 2003). 
• 1959 Ontario Geological Survey ("OGS-1959") lakeshore mapping of large lakes in the eastern part of the English River Subprovince identified grey pegmatites, pegmatitic granites and beryl and/or tourmaline occurrences (ODM Maps 1959-1).
• Elevated Li and Cs-lake sediment samples by the OGS-1959 of 1-21.5 ppm on the Otatakan claim group and 2.1-27.98 on East Pilot claim group.

Figure 2. Regional geology of the Properties. 

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8671/140176_3a6438e6f42d9ae7_004full.jpg

David Tafel, CEO of Westmount commented: "We are excited to acquire these 2 critical metal Properties for Westmount. The English River Subprovince has historically been ignored for its lithium potential despite the overwhelming geological and geochemical evidence to the contrary. GT1's drilling activity to the northeast brings much anticipation to the area. We expect to have our geological team on the ground very shortly to commence mapping and sampling of both Properties."

Transaction Terms

The Company has the right to acquire a 100% interest in the Properties by making staged payments over 3 years totaling $163,400 and issuing one million common shares. The Optionors retain a 1.5% net smelter returns royalty ("NSR") and the Company has the right to buy back 0.05% for $500,000 per property. The agreement is subject to the approval of the Canadian Securities Exchange.

Qualified Person

The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. The QP and the Company have not completed sufficient work to verify the historic information on the Properties, particularly regarding historical exploration, neighbouring companies, and government geological work.

About Westmount Minerals Corp.

Westmount is focused on mineral exploration in the Americas. The Company is advancing the Douay East gold property located within the greater Abitibi Greenstone Belt region in Quebec to the drill stage and continues to evaluate other promising exploration opportunities.

 

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