Musk Metals Acquires 100% Interest in the Allison Lake East Lithium Claims
VANCOUVER, Feb. 1, 2022 - Musk Metals Corp. ("Musk Metals") ("Musk" or the "Company") (CSE:MUSK)(OTC PINK:EMSKF)(FSE:1I30) is pleased to announce that it has entered into a property purchase agreement to acquire a 100% interest in the highly prospective Allison Lake East Lithium claims, located in northwestern Ontario. The claims are situated within the recently mapped Allison Lake Batholith LCT Goldilocks zone that is a 5 km wide corridor containing spodumene-bearing pegmatites, spessartine-bearing pegmatites, rare-metal earth occurrences. Musk's third lithium project, the Allison Lake East claims span over 1,500 hectares in close proximity to multiple mapped pegmatites, situated 45 km northwest of the McCombe Lithium Deposit with an unclassified and non-compliant resource of 2.08 Mt averaging 1.3% Li2O (MDI 52J13NE00004). The McCombe Lithium Deposit has recently been optioned by Green Technology Metals (GT1) as part of their Root-Seymour lithium asset which totals 12,022 hectares in the southeastern portion of the Allison Lake Batholith. Green Metals Technology has also acquired 6,968 additional hectares in their Allison Lithium Project asset which lies contiguous to Musk's land package.
Musk Metals CEO and Director, Nader Vatanchi states, "We have added a third highly prospective lithium project to our active portfolio of Canadian lithium and battery metals assets. The Allison Lake East claims are situated in what has quickly become a recognized lithium and rare-earth metals district following large land acquisitions by Green Technology Metals. Recent field work by GT1 has provided evidence that the Allison Lake Batholith is living up to its expectations as one of the largest fertile peraluminous multiphase intrusion in northwestern Ontario and may be highly prospective for LCT-type pegmatites. Musk is currently planning a 2022 work program to establish high priority targets and sampling for pegmatite occurrences."
Figure 1. Musk Metals Allison Lake East lithium property within the Allison Lake batholith.
About Musk's Allison Lake East Property
The 2003 Ontario Geological Survey ("Breaks") report described the Allison Lake batholith as the largest known peraluminous granitic body in northwestern Ontario. Breaks concluded that, "the Allison Lake batholith represents an important new exploration target for rare-element mineralization and is the largest such granite thus far documented in Ontario. This area has high potential for further discoveries of rare-element mineralization that occur in exocontact, metasedimentary-hosted pegmatites or as internal pegmatites within the parent granite". The Root Bay pluton which is host to the McCombe lithium deposit of 2.08 Mt @ 1.3% Li2O (OGS OFR 6160) and is also an S-type peraluminous granite which appears genetically linked to the Allison Lake batholith (Breaks et al., 2003, OFR 6099).
Recent fieldwork by GT1 prospectors has outlined what is termed the LCT Goldilocks Fractionation Zone (LCT GFZ)(LCT=lithium-cesium-tantalum). The LCT GFZ represents a 5 km wide corridor that contains spodumene-bearing pegmatites, spessartine-bearing pegmatites, rare-metal earth occurrences and fractionation mineral occurrences (Figure 2). This supports the evidence that the outer edge of the Allison Lake Batholith contains a high degree of fractionation and provides the best potential for the discovery of additional lithium and rare metal bearing pegmatites (Strategic Lithium Footprint Substantially Expanded (iguana2.com). The Allison Lake East Property is well positioned within the LCT GFZ corridor (Figure 1).
Musk's Allison Lake East claim block consists of four contiguous mining claims (75 cell units) covering approximately 1,520 hectares and is easily accessible via logging roads from the community of Ear Falls (see Figure 2).
Figure 2. Regional location of the Allison Lake East Property.
Acquisition Terms
Musk has entered into a property purchase agreement to acquire a 100% interest in the Property from arm's length vendors by paying $10,000 and issuing 1,500,000 common shares upon closing. The Vendors will retain a 1.5% net smelter royalty ("NSR") on the Project, of which Musk may purchase one half of the NSR for $1,000,000 at any time up to commencement of production.
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P. Geo., who is an independent Qualified Person (QP) as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.
The QP and the Company has not completed sufficient work to verify the historic information on the Allison Lake East Property, particularly regarding historical exploration, neighbouring companies, and government geological work.
About Musk Metals Corp.
Musk Metals is a publicly traded exploration company focused on the development of highly prospective, discovery-stage mineral properties located in some of Canada's top mining jurisdictions. The current portfolio of mineral properties exhibits favorable geological characteristics in underexplored areas within the prolific "Electric Avenue" pegmatite field of northwestern Ontario, the "Abitibi Lithium Camp" of southwestern Quebec, the "Golden Triangle" district of British Columbia, the Mineral Rich "Red Lake" mining camp of Northwestern Ontario and the "Chapais-Chibougamau" mining camp, the second largest mining camp in Quebec, Canada.
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ON BEHALF OF THE BOARD
___Nader Vatanchi___
CEO & Director
For more information on Musk Metals, please contact:
Phone: 604-717-6605
Corporate e-mail: info@muskmetals.ca
Website: www.muskmetals.ca
Corporate Address: 2905 - 700 West Georgia Street, Vancouver, BC, V7Y 1C6
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events, or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding the intended use of proceeds of the Offering and other matters regarding the business plans of the Company. The forward-looking statements reflect management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements including that the Company may use the proceeds of the Offering for purposes other than those disclosed in this news release; adverse market conditions; and other factors beyond the control of the Company. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Factors that could cause actual results or events to differ materially from current expectations include general market conditions and other factors beyond the control of the Company. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents or accuracy of this press release.
SOURCE: Musk Metals Corp.