MAX Power Mining has acquired the 184 sq. km Spark Property in the heart of the emerging New Leaf Lithium Camp in Northern Quebec’s under-explored Nunavik region, 500 km directly north of its Corvette Lake North Property in the James Bay district.
Article continues below
>
Nunavik, which hosts two operating nickel mines, is a vast area (~450,000 sq. km) comprising approximately the top third of Quebec.
Nunavik has been the focus of an initial staking rush for lithium based on rigorous reviews of historic and recent data.
The data strongly support the potential for this region to host spodumene-bearing lithium pegmatite deposits.
Nunavik is above the timberline and outcrop is abundant. This will aid creative and cost-efficient exploration methods for this region that MAX will be deploying as it proceeds quickly to the drill stage.
MAX will be partnering with GroundTruth Exploration to conduct an efficient first-pass sweep of the Spark Property with a quick follow-up of encouraging target areas.
Crews will be highly trained for working in Nunavik, using state-of-the-art technology.
The most prospective lithium targets will then be drill tested during the 2023 season.
The company entered into a purchase and sale agreement for 100% the Property with consortium of six sellers made up of Shawn Ryan et al. for consideration of 1.5 million common shares of the company and $121,600 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.
The company announces the granting of 2,000,000 stock options to directors, officers and management. The stock options, subject to CSE approval, will have an exercise price of $0.65 and will expire after 5 years.
Half of the stock options will vest on the date of grant and the remaining 50% will vest 12 months from the date of grant. ■