MAX Power Acquires Major Claim Block in Raglan West Lithium Camp, Quebec
VANCOUVER, July 11, 2023 - MAX Power Mining Corp. (CSE: MAXX; OTC: MAXXF; FSE: 89N) ("MAX Power" or the "Company") has expanded its footprint in the Raglan West Lithium Camp in Nunavik, northern Quebec, by more than 80% with the acquisition of a highly strategic block totaling 100 sq. km (247 claims) adjoining Eureka Lithium and Orford Mining. This district is approximately 30 km southwest of the community of Salluit, Quebec.
Notably, these claims now 100% owned by MAX Power were staked in early February 2023 by a Shawn Ryan-led syndicate immediately after Orford Mining kicked off a staking rush with its "Radiant Property" claims (126 sq. km) featuring abundant pegmatite dykes and unusually high lithium and cesium values in lake sediments in the 99th percentile for Quebec according to the Quebec government database.
Nunavik, where exploration including MAX's just-launched field program are not affected by the forest fire situation impacting the James Bay district, covers the top third of Quebec and is drawing increasing interest for its high-grade lithium potential outside of the Cape Smith Belt prospective for nickel, gold and copper. Within this belt, underscoring Nunavik's geological potential, Glencore operates one of the world's premier nickel mines (Raglan) while privately-owned KoBold Metals, which recently raised $195 million (U.S.), is also currently very active searching for battery metals.
Raglan West Lithium Camp
MAX Power now owns 100% of two major claim blocks in the Raglan West Lithium Camp (see enclosed property map), 222 total sq. km covering the entire eastern border and much of the southern part of Raglan West where there is a strong lithium-cesium geochemical anomaly and an abundance of historically mapped and untested pegmatites, trending north and northeasterly. Preliminary data from a remote sensing data program recently carried out by Orford, with results announced June 16, 2023, tripled the number of high-priority targets with lithium pegmatite potential at Orford's Radiant Property.
Mr. Peter Lauder, MAX Power Senior Geologist and Exploration Manager, and Member of the Order of Quebec Geologists, commented: "This new claim block acquisition includes multiple historic pegmatite showings as well as favorable geology, structure and geochemistry. Combined with the eastern block, MAX Power is a major force in the emerging Raglan West Lithium Camp where we will have boots on the ground shortly."
Acquisition Details
The Company entered into a purchase and sale agreement ("Agreement") for 100% the Property with consortium of six sellers made up of Shawn Ryan et al. (the "Vendor") for consideration of 1 million common shares (the "Consideration Shares") of the Company and $66,960 cash. Furthermore, the Company has granted a 1% net smelter royalty (NSR) to Shawn Ryan in relation to the Property. All common shares issued in connection with the Agreement are subject to a four-month hold period under applicable Canadian securities laws. All terms are subject to the approval of the Canadian Securities Exchange ("CSE").
Bonus shares are payable to the Vendor with respect to the Agreement as follows:
- 1,000,000 share one-time bonus payment if a drill hole in 2023 drill program at Raglan West intersects a core length of at least 100 meters grading at least 2.0% Li2O;
- 500,000 share one-time bonus payment if a drill hole in 2023 drill program at Raglan West, separate from the above 100-meter core length, intersects a core length of at least 50 meters grading at least 1.5% Li2O.
Raglan West Lithium Camp - Nunavik
https://www.globenewswire.com/NewsRoom/AttachmentNg/ef0ecc91-302d-464c-975f-9f8a49d6dc95
Qualified Person
The technical information in this news release has been reviewed and approved by Peter Lauder, P.Geo., Member of the Order of Geologists of Quebec and Senior Geologist and Exploration Manager for MAX Power Mining Corp. Mr. Lauder is the Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.
About MAX Power
MAX Power is a dynamic exploration stage resource company targeting domestic lithium resources to advance North America's renewable energy prospects. MAX Power has also entered into a co-operative research and development agreement with the University of California Lawrence Berkeley National Laboratory to develop state-of-the-art direct lithium extraction technologies for brine resources.
Contact:
info@maxpowermining.com
MarketSmart Communications
Phone: 1-877-261-4466
Forward-Looking Cautionary Statement
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to exploration, drilling, mineralization and historical results on the Properties; the interpretation of drilling and assay results, the initiation of and the results thereby of any future drilling program, mineralization and the discovery mineralization (if any); plans for future exploration and drilling and the timing of same; the merits of the Properties and the Nunavik region, generally; the potential for lithium within the Properties; commentary as it related to the opportune timing to explore lithium exploration and any anticipated increasing demand for lithium; future press releases by the Company; funding of any future drilling program; regulatory approval, including but not limited to the CSE. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "interpreted," "intends," "estimates," "projects," "aims," "suggests," "often," "target," "future," "likely," "pending," "potential," "goal," "objective," "prospective," "possibly," "preliminary", and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the CSE, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of assay results and the drilling program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this news release.