QUEBEC PEGMATITE CORPORATION FORMED
Coloured Ties has established Quebec Pegmatite Corporation, a Quebec incorporated corporation to hold and develop and potentially spin out shares in Quebec Pegmatite Corporation to current Coloured Ties shareholders subject to market conditions and regulatory authority approvals. The Company is accepting expressions of interest from parties interested in pursuing potential partnership to advance Quebec Pegmatite Corporation assets. There is no guarantee Quebec Pegmatite Corporation will be advanced to spin out stage.
SUMMARY OF QUEBEC LITHIUM PORTFOLIO
On July 25, 2022, Coloured Ties reported that the Company has purchased 62 mineral claims, in the Cadillac-Pontiac region, about 50km southwest of Val-d’Or. The claims are immediately adjacent to claims currently held by Winsome Resources, a well-funded ASX listed Lithium exploration company and Vision Lithium, a TSX-V listed Lithium explorer. The Mazérac claims are accessible by a dense network of trails and other logging roads. The area also accessible through boat or seaplane within watershed of Decelles water reservoir, hosting the Rapid-7 hydroelectric dam of Decelles.
The general area has recently attracted many lithium prospecting and exploration companies such as Brunswick Exploration V.BRW, High Tide Resources, MedaroMining, NeoTerrex Corporation (private company), Renforth Resources, Sayona Mining, Vision Lithium, and Winsome Resources.
The Cadillac-Pontiac area has gained attention due to recent discoveries of several high-grade spodumene prospects. The latest discovery of high-grade lithium prospects by Vision Lithium Inc, spurred several other exploration and drill programs within the Cadillac area. Since December 2021, approximately 4000 new claims have been registered in the greater Mazerac area and the Pontiac Sub province region, south of Val-d’Or and Rouyn-Noranda.
The claims have been acquired from prospectors, Mr. Griesbach and Junita Asihto. Mr. Griesbach is a Canadian-certified geologist with more than 40 years of mineral exploration experience across Canada, Africa, China, and Southeast Asia; Mr. Junita Asihto is a Quebec-based prospector with a strong understanding of the Mazérac region. The acquisition is subject to final TSX-V exchange approval.
On August 19,2022, Coloured Ties has acquired another 46 mineral claims adjoining to the previous 62 claims from the same Vendor Group.
The current claim block provides for a sizeable lithium exploration target and the Company will seek to monetize including a joint venture or option with lithium exploration companies going forward. The current claim block is surrounded by other public companies focusing on early-stage lithium exploration and substantial exploration dollars are being expending by these companies.
The lithium claims have been acquired with 100% interest to Coloured Ties for cash consideration subject to a 2% NSR that can be reduced to 1% with $1M payout at any time in the future. No work commitments, other than as required by Ministère de l’Énergie et des Resources Naturelles to keep the claims current.
The Company is designing exploration programs based on area exploration activity and results obtained in adjoining projects within the area. The adjoining property is owned by Winsome Resources, who have provided early technical summary of the area, which will be considered in understanding of prospects of the claims acquired by the Company. Winsome News Release regarding Mazerac Area can be found here:
Quebec Pegmatite Corporation is also in discussions to acquire additional lithium properties in the Quebec lithium districts. There is no assurance that such acquisitions will be completed and the Company will update shareholders as discussions progress.
For further information please contact:
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
The forward-looking statements contained in this news release present the expectations of the Company as of the date hereof and, accordingly, is subject to change after such date. Readers are cautioned not to place undue reliance on forward-looking statements.