Lithium One Metals Inc. Acquires the Sirmac East Lithium Project
Vancouver, British Columbia –May 5, 2022 – Lithium One Metals Inc. (TSXV: LONE and FSE:H490) (the “Company”) announces that it has acquired 12 mineral claims in 5 blocks having a total area of 656 hectares, known together as the Sirmac East Project, in the James Bay area of Quebec.
The Sirmac East Lithium Project is located roughly 170 km northwest of Chibougamau, Quebec and is accessible via a network of highways and forestry roads. A. 700kV powerline runs through the area.
The Sirmac East Lithium Project consists of 12 mineral claims with a total area of 656 hectares and is located on NTS map sheet 32J11. The Project is contiguous with Vision Lithium’s (V.VLI) Sirmac Property, Winsome Resources’ (ASX:WR1) Sirmac-Clapier Project and Troilus Gold’s (TLG.V) Troilus Gold Project.
The Project area is considered highly prospective for lithium hosted in spodumene-bearing pegmatites, with at least two historic lithium occurrences (Sirmac Lithium and Clapier Lithium) mapped in the western part of the region. In the northeast part of the region, at least one lithium-bearing boulder has been found on land with Provincial Park status, however the position of this boulder indicates that the area between the boulder location and the Sirmac lithium deposit (as well as the Clapier lithium showing) has strong potential for further discoveries.
Local area map of Lithium One Metals’ Sirmac East Lithium Project.
Geologically, the Sirmac East Lithium Project is located in the northeast part of the Superior geological province, in the Frotet-Evans volcano-sedimentary belt. Four lithologies are present in the project area: quartz-biotite-hornblende schists, amphibolitized flows or mafic sills, spodumene-bearing pegmatites, and a syenite pluton measuring about 6 km in diameter. The structural trend is roughly east-west. Numerous granitic pegmatite dykes, with thickness ranging up to one hundred meters have been identified in the area. Lithium mineralization in the region is associated with granitic, rare element-spodumene-bearing pegmatites. Immediately west of the Sirmac East Project is the Sirmac Lithium deposit with an estimated 314,328 tonnes grading 2.04% Li2O (Wrightbar Mines Ltd., 1994).
Having received Exchange Approval for this transaction, the Company has paid $25,000 to the vendor and issued 250,000 Units. Each Unit is comprised of one common share and one warrant exercisable at $0.60 until November 3, 2023. A 2% NSR is retained by the Vendor, of which one-half of the NSR (1%NSR) can be acquired for the cash sum of $1,000,000 at any time. All securities are subject to a statutory hold period expiring September 4, 2022.
On behalf of Lithium One Metals Inc.
Andrew Lee Smith
Chief Executive Officer
1090 Hamilton Street, Vancouver, BC V6B 2R9 Canada
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including but not limited to, the uncertainty of the financing, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals. Readers are cautioned that the assumptions used in preparing such information, although considered reasonable at the time of preparation, may prove imprecise and undue reliance should not be placed on forward-looking statements. Forward-looking statements in this press release are expressly qualified by this cautionary statement.
The forward-looking statements in this press release are made as of the date of this press release, and the Company undertakes no obligations to update publicly or to revise any of the included forward-looking statements, whether because of new information, future events or otherwise, except as expressly required by applicable securities law.