Altair Resources Inc (C:AVX)
Shares Issued 16,896,379
Last Close 6/17/2016 $0.30
Monday June 20 2016 – News Release
Mr. John Huguet reports
ALTAIR TO ACQUIRE G. HOWE LITHIUM CORP.
Altair Resources Inc. has signed a letter of intent to acquire 100 per cent of the shares of G. Howe Lithium Corp., the sole asset of which is the Tilia lithium property in Quebec.
The Tilia lithium property is in the Abitibi area of the Province of Quebec and comprises 38 claims totaling approximately 2,092 hectares. It is located about 30 kilometres (km) southeast of the Amos municipality and 23 km east of the La Motte municipality and contains significant infrastructure. Secondary roads allow access to the peripheral and central portions of the Property year round, and a high tension powerline, running north-south, crosses the western side of the Property. The western part of the Property is relatively hilly while the eastern part is almost flat.
There has been limited recent exploration work carried out on the Property. Geological mapping of the eastern portion of the Property and was performed in 1983. Several airborne geophysical surveys have covered all or part of the property with their results now publically available. Between 2001 and 2003 an airborne MEGATEM II electromagnetic survey was completed over the property. Subsequent to this survey Geotech has completed airborne electromagnetic surveys which included portions of the property. These surveys will provide a useful dataset for the Company’s future exploration.
Multiple lithium showings are present in the vicinity of the Tilia property. About 3km north of the property are the Quebec Lithium and the Vallee Lithium showings. Less than 9km north-west of the Property are located the Canadian Lithium, the Martin-McNeely, the Augustus Exploration and the Valor Lithium showings. 13km north-west is the Lacorne Lithium showing and 14km west of the property is the Lac La Motte showings. Those showings correspond to spodumene or beryl mineralization inside pegmatite dykes.
The main deposit targets on the Property are lithium-rich pegmatites. Economic minerals are beryl (Be), spodumene (Li), lepidolite (Li, Rb), colombo-tantalite (Nb, Ta) and cassiterite (Sn). The presence of beryl showings and lithium mineralization in the vicinity indicates a good potential for the discovery of complex pegmatites and associated lithium mineralization.
The proposed terms of the acquisition of G. Howe Lithium Corp. are the payment of CAD$20,000 and 500,000 common shares of Altair. The shares are to be issued upon TSX Venture Exchange (the “Exchange”) approval.. The proposed acquisition is an arm’s length transaction and is subject to a definitive agreement. A finder’s fee is payable on this transaction at an amount to be determined and will be in compliance with the Exchange Policy. This acquisition and related finder’s fee remains subject to acceptance of filings with the Exchange.
Said Mr. Huguet, “The opportunity for growth through these assets creates a good fit with our strategic holdings in Quebec and a good fit within our acquisition philosophy, in the context of future value to be realized. The value to our shareholders will be delivered through our soon to be announced work programs. Think Growth, Think Green.”
Mr. C. Ulansky, P. Geo., a Qualified Person, has reviewed and verified the technical content of this release.