-Acquisition Increases Solstice’s Land Position in the District to Three Projects-
VANCOUVER, British Columbia, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Solstice Gold Corp. (TSXV: SGC) (“Solstice”, “we”, “our” or the “Company”) is pleased to announce that it has acquired a 31 km2 land position for the purpose of lithium pegmatite exploration located in the emerging Quetico Lithium District, in the Long Lake area in northwest Ontario, approximately 200 km northeast of Thunder Bay and 40 km from the town of Geraldton, Ontario which is located on the Trans-Canada Highway. The claims were acquired through an option (the “Option”) to acquire 100% of seven multi-cell claims on the eastern flank of the District (Figure 1).
Emerging Quetico Lithium District
Spodumene discoveries reported by exploration groups in 2023 are defining a greatly expanded area with high lithium potential within the Quetico Subprovince. This Quetico Lithium District is centred around the Georgia Lake Lithium deposit (owned by Rock Tech, Figure 1). In 2023, a new spodumene discovery was reported by Pegmatite One (“PGA”1) west of the Georgia Lake pegmatites adjacent to Solstice’s Church and Purdom Properties. Spodumene was also reported in 2023 to the east of Georgia Lake by Tearlach (“TEA”) on their Georgina Properties2, which are adjacent to Solstice’s Gathering Lake claims, optioned to Green Technology Metals (see Figure 1). Solstice’s newly acquired Kamuck Property is located to the east of these discoveries and exhibits abundant pegmatite with fertility indicator minerals.
Key Features of the Kamuck Property
- The Kamuck Property is located on the eastern edge of a grouping of government-mapped two-mica granites (yellow outlines in Figure 1), which are important components in LCT pegmatite districts globally.
- Recent prospecting at Kamuck observed over 80% pegmatite on a traverse on a promising 50-hectare feature identified by aerial imagery (Figure 2). The pegmatite is typically coarse-grained plagioclase feldspar with abundant indicators of fertility including books of muscovite, garnet, cordierite, and possible fluorapatite3.
- The pegmatites observed at Kamuck occur within a high potential 50 ha area readily identified on satellite images. The area is defined by visible outcrops identical to areas mapped as pegmatite (Figure 2). There is no record of any exploration or detailed government mapping over the Kamuck area.
- 2023 exploration further afield from known lithium properties has identified new spodumene occurrences confirming the potential for new discoveries in unexplored areas of an expanded Quetico Lithium District.
Pablo McDonald, Solstice CEO stated, “we have been tracking progress around the Quetico Lithium District over the course of the past year and have seen the focus expand from the Georgia Lake area to include significant spodumene discoveries to both the east and west. A timely field visit of the Kamuck area confirmed the favourable geology and we are looking forward to exploring this new acquisition.”
The Kamuck property significantly strengthens our already solid lithium portfolio. Now our district-scale SLP Project in the English River Subprovince is complimented by three properties in the Quetico Subprovince that have widespread thick pegmatites with good exposure, promising indicator mineralogy, and are very close to recent spodumene discoveries.”
Figure 1. Map of the Kamuck Project within the Quetico Lithium District.
Figure 2. Map of area visited by Solstice on high-density pegmatite area, Kamuck Project.
Kamuck Option Agreement Terms
The Company announces that it has entered into an option agreement dated November 1, 2023 (the “Option Agreement”) with 1544230 Ontario Inc. and Gravel Ridge Resources Ltd. (the “Optionors”) to purchase the Option to acquire the Optionors’ 100% interest in the Kamuck Project.
In consideration for the grant of the Option, Solstice must pay $10,000 in cash within ten days of the effective date of the Option Agreement, and issue 200,000 common shares and as soon as practicable after TSX Venture Exchange (“TSXV”) approval, to the Optionors. To exercise the Option, the Company must make payments according to the following: (i) a payment of $14,000 cash by the first anniversary of the Option Agreement; (ii) a payment of $20,000 cash by the second anniversary of the Option Agreement; and (iii) a payment of $28,000 cash by the third anniversary of the Option Agreement. Upon exercise of the Option, the Optionors will retain a 1.5% net smelter return (the “NSR”) on the Kamuck Project. The NSR includes a 0.5% buyback for $500,000.
No finder’s fees are payable in connection with the Option Agreement. The Option Agreement remains subject to the approval of the TSXV.
Analytical Techniques
Initial analysis of samples from Solstice’s site visit were done using a Sci-Labs Z-300 LIBS (laser-induced breakdown spectroscopy) analyzer. Lithium data were calibrated against LCT pegmatite standard GTA-06. Data should be considered semi-quantitative pending confirmation by other analytical techniques.
1 PGA news release: Pegmatite One Discovers High-Grade Lithium Mineralization During Extended Exploration at Frazer Lake Mound Property, August 2, 2023.
2 Tearlach news release: Tearlach Resources Discovers Spodumene on Georgina Properties, October 18, 2023.
3 A dark green mineral was analyzed using a Sci-Labs Z-300 LIBS analyzer as described above under Analytical Techniques. Analysis of the spectra produced shows similarities to those of apatite and fluorapatite, including high relative concentrations of lithium and fluorine. Solstice is preparing separates to confirm mineral identification by X-Ray diffraction.
Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the properties in which the Company has an interest described herein.
About Solstice Gold Corp.
Solstice is an exploration company with quality, district-scale gold and lithium projects in established mining regions of Canada. Our 268 km2 SLP lithium property is located in the English River Subprovince in an area that has recently garnered significant interest for its potential to host rare metals. Our 194 km2 Red Lake Extension (RLX) and New Frontier projects are located at the northwestern extension of the prolific Red Lake Camp in Ontario and approximately 45 km from the Red Lake Mine Complex owned by Evolution Mining. Our 322 km2 Atikokan Gold Project is approximately 23 km from the Hammond Reef Gold Project owned by Agnico Eagle Mines Limited. Our Qaiqtuq Gold Project which covers 886 km2 with certain other rights covering an adjacent 683 km2, hosts a 10 km2 high grade gold boulder field, is fully permitted and hosts multiple drill-ready targets. Qaiqtuq is located in Nunavut, only 26 km from Rankin Inlet and approximately 7 km from the Meliadine Gold Mine owned by Agnico Eagle Mines Limited. An extensive gold and battery metal royalty and property portfolio of over 80 assets was purchased in October 2021. Over $2 million in value and three new royalties have been generated since the acquisition.
Solstice is committed to responsible exploration and development in the communities in which we work. For more details on Solstice Gold, our exploration projects and details on our recently acquired portfolio of projects please see our Corporate Presentation available at www.solsticegold.com.
Solstice’s Chairman, David Adamson, was a co-award winner for the discovery of Battle North Gold Corporation's Bateman Gold deposit and was instrumental in the acquisition of many of the district properties in the Battle North portfolio during his successful 16 years of exploration in the Red Lake.
Sandy Barham, M.Sc., P.Geo., Senior Geologist, is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects responsible for reviewing and approving the technical disclosures of this news release.
Neither 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.
On Behalf of Solstice Gold Corp.
Pablo McDonald, Chief Executive Officer
For further information on Solstice Gold Corp., please visit our website at www.solsticegold.com or contact:
Phone: 604-283-7234
info@solsticegold.com
Forward-Looking Statements and Additional Cautionary Language
This news release contains certain forward-looking statements (“FLS”) including, but not limited to high lithium potential within the Quetico subprovince, exploration of the Kamuck area, payment of consideration under the Option Agreement including common shares and cash, approval of the TSXV, exercise of the Option and the NSR. FLS can often be identified by forward-looking words such as “approximate or (~)”, “emerging”, “goal”, “plan”, “intent”, “estimate”, “expects”, “potential”, “scheduled”, “may” and “will” or similar words suggesting future outcomes or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. In respect of the FLS, the Company has made certain assumptions that management believes are reasonable at this time. The assumptions include that the Company will have sufficient financial resources for exploration of the Kamuck area and the TSXV will approve the Option Agreement however, there can be no assurance such assumptions and statements will prove to be accurate and actual results could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from any FLS include, but are not limited to, limited capital or access to additional capital for prospecting, delays in obtaining or failures to obtain required TSXV, governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, regulatory approvals and other factors. FLS are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results.
Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the FLS. Shareholders are cautioned not to place undue reliance on FLS. By their nature FLS involve numerous assumptions, inherent risks and uncertainties, both general and specific that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Solstice undertakes no obligation to update publicly or otherwise revise any FLS whether as a result of new information, future events or other such factors which affect this information, except as required by law.
