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Vancouver, British Columbia, April 17, 2023: Rock Edge Resources Ltd. (the "Company" or "Rock Edge") (CSE: REDG) is pleased to announce the Company has increased its land claim holdings in the Pag North Lithium Project located east of LongLac, northwestern Ontario. With the recent addition of approximately 2,413 hectares, Rock Edge now holds 6,345 hectares in the Pag North Lithium Project. For additional information on the initial acquisition, please refer to the Company’s news release dated February 7, 2023.
Charles Desjardins, CEO of Rock Edge, states, "The Georgia Lake Pegmatite field is a promising source of high-grade lithium in North America, critical for the transition to a low-carbon future. Rock Edge has continued to add to its Georgia Lake Lithium Pegmatite land position, highlighting the importance of sustainable energy solutions for electric vehicles and energy storage. With their expertise, Rock Edge aims to unlock the project's full potential and contribute to meeting the growing demand for these crucial technologies.”
Pag North Lithium Property
The Pag North Lithium Project consists of 9 mining claims. The property lies within 500 m of the terrane boundary between the East Wabigoon and Quetico subprovinces. These terrane boundaries are integrally related to the location of northwestern Ontario lithium deposits and occurrences, as they act as deep-seated sutures for parental granitic melts (Breaks et al., 20031) (Figure 1). The property hosts a S-type peraluminous muscovite granite (Pagwachaun pluton) in contact with metasediments. Metasediments make excellent exo-contact hosts for rare-element pegmatites. Several muscovite bearing pegmatites were mapped by the OGS in Map 26492 in 1983, hosted within the Pagwachaun pluton and within the metasediments. This is a promising sign that the S-type peraluminous granite has fractionated and deposited pegmatites within the exo-contact. Further to add to the merit of the property is the Pagwachaun fault along the north shore of the Pagwachaun Lake, providing structure and fracture systems for parental melts.
The Transaction
Rock Edge signed the second Pag North Lithium option agreement to acquire a 100% undivided interest in the property from two third parties, Gravel Ridge Resources Ltd. and 1544230 Ontario Inc. (the “Optionors”). Pursuant to the agreement, the payment of $10,000 and the issuance of 400,000 common shares of the Company will be made 50% to Gravel Ridge and 50% to 1544239 Ontario Inc. in accordance with the following schedule:
The Optionors will retain a 1.5% net smelter royalty ("NSR") on the property, of which Rock Edge can purchase 0.5% of the NSR for $600,000.
References
1. Breaks, F.W., Selway, J.B. and Tindle, A.G. 2003. Fertile peraluminous granites and related rare-element mineralization in pegmatites, Superior Province, northwest and northeast Ontario: Operation Treasure Hunt; Ontario Geological Survey, Open File Report 6099, 179p.
2. Amuken, S.E., 1983. Klob Lake: Ontario Geological Survey Map 2469, Precambrian Geology Series, scale 1 inch to ½ mile, Geology 1979.
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
Private Placement
Rock Edge further announces it has arranged a non-brokered private placement of up to 5.0 million units ("Units") at a price of $0.07 per Unit for aggregate gross proceeds of up to $350,000.00 (the "Offering"). Each Unit will be comprised of one common share ("Share") and one transferable share purchase warrant ("Warrant") of the Company. Each Warrant will entitle the holder to purchase one Share of the Company at a price of $0.12 per Share for a period of 24 months from the date of issuance. Proceeds raised from the Offering will be used for exploration activities on the Company’s lithium properties in Ontario and Quebec for general working capital and unallocated funds as per Tier 2 status requirements.
About Rock Edge Resources Ltd.
Rock Edge Resources Ltd. is focused on acquiring and exploring mineral property assets, with a specific emphasis on the Northwestern Ontario Lithium belt and the province of Quebec. Its objective is to locate, develop and bring to market economically viable properties that contain critical minerals, base metals and precious metals. With the support of the Ontario government's Critical Minerals Strategy, Rock Edge is poised to take advantage of the growing demand for these essential minerals and contribute to the region's economic growth.
On Behalf of the Board of Directors
Charles Desjardins
Chief Executive Officer and Director
Phone #604-808-3156
Email: info@rockedgeresources.com
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
Forward Looking Statements
This news release contains "forward-looking statements" and "forward looking information" (as defined under applicable securities laws), based on management's best estimates, assumptions, and current expectations. Such statements include but are not limited to, statements with respect to the plans for future exploration and development of the Company’s properties and the acquisition of additional exploration projects. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", "anticipates" "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such statements, including but not limited to: risks related to the receipt of all necessary regulatory and third party approvals for the proposed operations of the Company’s business and exploration activities, risks related to the Company’s exploration properties; risks related to international operations; risks related to general economic conditions, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of commodities including lithium and gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in reserves; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of exploration, development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in jurisdictions in which the Company operates. . Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements and forward-looking information are made as of the date hereof and are qualified in their entirety by this cautionary statement. The Company disclaims any obligation to revise or update any such factors or to publicly announce the result of any revisions to any forward-looking statements or forward-looking information contained herein to reflect future results, events or developments, except as require by law. Accordingly, readers should not place undue reliance on forward-looking statements and information. Please refer to the Company's most recent filings under its profile at www.sedar.com for further information respecting the risks affecting the Company and its business.
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