Altair Resources to acquire White Hills lithium property
Altair Resources Inc (2) (C:AVX)
Shares Issued 16,896,379
Last Close 5/2/2016 $0.49
Tuesday May 3 2016 – News Release
Mr. John Huguet reports
AGREEMENT FOR ACQUISITION OF LITHIUM PROPERTY
Altair Resources Inc. has signed an agreement in principle to purchase 100 per cent of Yloponom Holdings Ltd., a recently formed British Columbia company, the sole asset of which is the 4,000 hectares (40 square kilometres) in the Abitibi area of the province of Quebec, known as the White Hills lithium property.
The property is made up of one block of 77 claims totalling approximately 4,000 hectares. The claims were staked directly for Yloponom Holdings and are represented as being in good standing. Some details on this property follow:
Very limited exploration work has been carried out on the Property except in greenstone belts along its northern and southeastern extremities, where nickel exploration was undertaken. A few geophysical surveys are available, along with some prospecting and geological mapping, but they are limited in extent. Geological mapping in the central area of the Property was performed in 1980 and 1989 and reveals the presence of multiple granitic intrusions. Fewer than 40 rock samples were taken from the Property during this survey. In 2011, eleven outcrops were the focus of a geologic mapping program. Two of these outcrops were pegmatites, one of which was anomalous in rubidium and another was anomalous in both niobium and rubidium. Unfortunately the rock samples were not analyzed for lithium.
The Property is in the vicinity of multiple lithium showings. Approximately 1 km northeast of the Property are located the Bouvier showing and the International Lithium showing. 1 km south of the Property is located the Duval-Lithium showing. Those showings correspond to spodumene mineralization inside pegmatite dykes, with a lithium content up to 1.35%. One kilometre southwest of the Property is located the Authier showing, containing over 5.8 million tonnes grading 0.53% Li.
Canada Lithium, located 20 km east of the Property, has a feasibility study showing proven and probable reserves of 17.1 million tonnes grading 0.94% Lithium Oxide at a 0.60% cut off. In addition, Canada Lithium has recently built a Lithium Carbonate plant at a cost of $291.3 million. The plant is currently on care and maintenance due to bankruptcy filings. Both the Property and the Canada Lithium Mine are hosted in an alkaline granite and monzogranite batholith. Beryl and molybdene showings are also located in the area.
The main deposit target on the Property is lithium-rich pegmatites. Lithium-rich pegmatites are commonly located near to and derived from granitic intrusions that have been moderately to strongly metamorphosed. The pegmatites can vary in size from few metres to hundreds of metres in length, with widths ranging from centimetres to hundreds of metres. Rare earth pegmatites may be complex with internal concentric zonation. The border is generally fine-grained, aplitic texture. The intermediate zone is coarser with quartz-feldspath-muscovite assemblages and compose the main body of the pegmatite. The core is often simple in composition, consisting of mainly quartz-feldspath assemblages. Economic minerals are beryl (Be), spodumene (Li), lepidolite (Li, Rb), colombo-tantalite (Nb, Ta) and cassiterite (Sn).
The acquisition terms for this Property are 1,000,000 common shares of the Company plus cash payment of $10,000. The Company has negotiated quarterly releases of the acquisition shares. The Company will pay a finder’s fee of 100,000 common shares. This acquisition and related finder’s fee remains subject to acceptance of filings with the TSX Venture Exchange.
Mr. C. Ulansky, P. Geo., a Qualified Person, has reviewed and verified the technical contents of this release.
© 2016 Canjex Publishing Ltd.