CDN Maverick acquiring Northwind Lake property, Ontario
CDN Maverick Capital Corp. [CDN-CSE; AXVEF-OTCQB; 338B-FSE] signed a definitive mineral property acquisition agreement with certain arm’s-length vendors to acquire the Northwind Lake property, a lithium pegmatite exploration project located in the Electric Avenue lithium district, located approximately 10 km north-northwest of Frontier Lithium Inc.’s Pak lithium deposit in the Red Lake mining division, northwestern Ontario.
The Pak lithium deposit contains some of North America’s highest-grade lithium-bearing pegmatites. The Pak deposit has a mineral resource of 7.23 million tonnes of 1.87% Li2O (lithium oxide) measured and indicated and 2.76 million tonnes of 2.22% Li2O inferred and hosts rare technical-grade/ceramic-grade spodumene with low inherent iron (below 0.1% Fe2O3 (iron oxide). This area has been coined the Electric Avenue due to the critical minerals.
“With this acquisition, Maverick will increase its foothold in the lithium space, capitalizing on the enthusiasm for localized supply chains – one of the fundamental drivers for the lithium market. Ontario, specifically, is injecting more and more funds as part of their mandate to make their province ‘the first jurisdiction on everybody’s mind,’ according to the Minister of Energy, Northern Development and Mines, Greg Rickford.
“We hope to be a part of this momentum. With our increasingly diverse but strategic portfolio of projects, we are uniquely positioned to adapt to lithium development and production’s innovative and progressive landscape while always staying aligned with our shareholders,” said CDN Maverick CEO Adam Cegielski.
The Northwind Lake project consists of a series of mineral claims covering approximately 7,040 hectares. Pursuant to the terms of the purchase agreement, the company can acquire the project through the issuance of 500,000 common shares and completion of cash payments totalling $100,000, of which $50,000 will be paid upon closing and the balance after 120 days. The consideration shares will be subject to a hold period of four months and one day following issuance.
No finders’ fees or commissions are payable in connection with the acquisition of the project. Completion of the acquisition remains subject to receipt of any required regulatory approvals.
CDN Maverick Capital recently acquired a significant 40,000-hectare Quebec lithium prospect outright and optioned the Nevasca lithium project in Argentina. In addition to these holdings, CDN Maverick owns the Rainbow Canyon gold project in Nevada and holds over 1.6 million shares in Noram Lithium Corp. [NRM-TSXV], a leading player in lithium development. With a strong commitment to sustainable and ESG-friendly (environmental, social and governance) investing and exploration, CDN Maverick is actively seeking to expand its diverse critical minerals portfolio across the Americas.